AMC Theatres, which has increasingly courted cryptocurrencies to appeal to a younger, more crypto-friendly customer base it gained during the 2021 meme stock craze, announced on Friday that it had begun enabling cryptocurrency payments on its mobile app.
According to CEO Adam Aron, the company is using the Bitpay platform to launch mobile payment options in multiple meme cryptocurrencies, including Dogecoin and Shiba Inu, which have enjoyed substantial popularity among its customers.
Now, customers can purchase tickets, concessions, and gift cards in Dogecoin and Shiba Inu.
Tickets and merchandise can also still be purchased via traditional and alternative digital routes like a credit card or Apple Pay, Google Pay, or PayPal.
AMC first unveiled online crypto payment options like Bitcoin on November 13. The company saw that 14% of web purchases were made in cryptocurrencies, and now expects to gain an even higher percent on mobile purchases.
AMC Theatres was catapulted into the limelight in early 2021, when the company became a meme stock and revitalized a foundering business that was on the brink of bankruptcy. The legacy theater chain went and acquired a “$2 billion war chest,” according to CNBC, which it plans to deploy for upgrades and leasing new cinemas.
“Of all the meme stocks, AMC seems to be the smartest firm to take advantage and recognize the opportunity there,” Eric Wold, senior analyst at B. Riley Securities, told CNBC this January.
Amid the release of Spider-Man: No Way Home, the chain also recently introduced an NFT collection on the the WAX blockchain.
