2021-09-16 08:00:00

AMC Entertainment Holdings Inc to take Ethereum and Litecoin payments as well as Bitcoin

The Reddit ‘meme stock’ was again in focus as the cinema operator said it would accept crypto payments later this year.

AMC Entertainment Holdings (NYSE:AMC) Inc has said it plans to accept a broader range of cryptocurrencies in the coming months, expanding on its pledge to start taking Bitcoin as payment in its cinemas.

Chief executive Adam Aron, in a Tweet, revealed the plan to allow customers to pay for tickets and snacks using Ethereum, Litecoin and Bitcoin Cash before the end of the year. The tweet appears to be real, unlike this week’s #fakenews story that WallMart was going to accept Litecoin.

It is part of a broader strategy to modernise its operations and it will also start taking payments through Apple Pay and Google Pay.

AMC is among the so-called ‘meme-stocks’ favoured by retail investors and the online community of day traders on Reddit, so management is somewhat playing to the crowd with such an announcement.

But, it is not the only mainstream company to consider adopting crypto as payment.

Elon Musk earlier this year wrote the headlines as Tesla accepted began taking Bitcoin as payment for its electric vehicles – before rowing back the scheme amid increasingly publicised concerns about Bitcoin’s negative environmental impact.

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