Beginning March 19, the AMC Theatres chain in the United States will accept payments in Dogecoin and Shiba Inu meme-based cryptocurrency.
These transactions will be handled by BitPay, a cryptocurrency payment service provider. AMC Theatres is the world’s largest movie theatre business, with over 1,000 sites, according to a regulatory filing in December 2020.
AMC Theatres To Accept Doge And Shiba Inu Coins Via Bitpay
AMC Theatres CEO Adam Aron tweeted that BitPay-powered Dogecoin and Shiba Inu purchases would be allowed for Web first, and then for app users on April 16.
BitPay didn’t even support Shiba Inu when AMC Theatres originally started accepting DOGE and SHIB payments in November of last year. Aron said at the time that the crypto payment processing business opted to support SHIB at his request.
Dogecoin and Shiba Inu are now valued at $0.14 (about Rs. 10.40) and $0.002018 (approximately Rs. 0.15), respectively. Tesla CEO Elon Musk, a DOGE backer, has frequently referred to the meme-coin as “people’s crypto.”
Musk suggests that transaction costs for Dogecoin should be decreased even more in order to make ordinary purchases “feasible” for the average customer. Transaction costs on crypto payments, also known as Gas Fees, are fees that crypto users pay to miners on a blockchain system in order for their transaction to be included in the block.
According to BitInfoCharts, the average Dogecoin gas charge is about $0.386. (roughly Rs. 29). Furthermore, AMC Theatres offered Bitcoin, Ether, Litecoin, and Bitcoin Cash payment options for online ticket purchases via PayPal.
What Else Has Been Happening With AMC Theatres
During November, the firm, a subsidiary of AMC Entertainment Holdings (AMC), began taking bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and litecoin (LTC) as payment methods, with the promise of DOGE shortly following.
AMC also stated at the time that it will investigate the use of shiba inu. AMC shares were up approximately 4% today, but are still down more than 30% year to date.