AMC records a huge increase in crypto payments

AMC integrated cryptocurrency payment options a few months ago, and it is starting to gain traction.

AMC Theatres CEO Adam Aron has revealed that cryptocurrency and digital payment options are picking up for the company.

AMC is one of the leading theatre chains in the United States and adopted cryptocurrencies a few months ago. The company’s CEO has revealed that the adoption rate has been impressive. He said;

“The same IT programming that was required for us to accept cryptocurrency also enabled us to accept other payment types, including Apple Pay, Google Pay, Paypal, Bitpay, and Venmo, among others. Taken together, these various new payment options impressively recently represented about 35% of our total online payments.”

He made this statement while speaking as part of the firm’s 2022 Q1 earnings call on Monday. 

AMC has adopted various cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE) and Shiba Inu (SHIB). The CEO revealed that the company’s entry into the cryptocurrency space was met with a lot of fanfare, and the adoption rate has been impressive. 

In addition to entering the cryptocurrency space, the theatre chain company is also into non-fungible tokens (NFTs).

Aron told investors that AMC currently has eight different programs that have either been launched or are in the works this year. He further added that the technology has helped the company stimulate the sale of movie tickets.

An example of this was the opening day release of Sony Pictures’ Spider-Man: No Way Home in November. The company issued 6,000 Spider-Man NFTs for members of its “AMC Stubs Premiere & A-List” and “AMC Investor Connect” subscriptions.

AMC’s business is slowly resuming back to normal after it was affected by the Coronavirus pandemic, which forced billions of people around the world to stay at home.

The cryptocurrency market has been underperforming, with Bitcoin now struggling above $31k per coin.