News

AMC considers creating its own cryptocurrency

The cinema chain AMC Entertainment Holdings Inc. (NYSE: AMC), which recently announced it will accept payments in the meme cryptocurrency Dogecoin (CRYPTO: DOGE) for the sale of digital gift cards, is evaluating the possibility of releasing its own cryptocurrency in the future.

What happened

Adam Aron, chief executive of AMC, said on Tuesday on CNBC’s ‘Power Lunch’ program that the company is “getting hyperactive” in the cryptocurrency industry.

“There are many reasons why AMC could be a lucky cryptocurrency issuer, as well as a cryptocurrency redeemer,” Aron said.

AMC’s CEO added that the cryptocurrency idea is just one of five or six ideas the company is currently working on.

Because it is important

AMC Entertainment revealed in August that it would start accepting by the end of this year Bitcoin (CRYPTO: BTC) as a payment method for cinema tickets and for concessions (i.e. food and drink).

The move highlights the company’s efforts to better connect with its new lenders, retail investors, who are very excited about cryptocurrencies.

Last month Aron announced that the cinema chain will also accept several other cryptocurrencies for payments.

AMC’s plans point to the growing relevance of cryptocurrencies in traditional circles as an investment solution and in daily activities.

AMC Entertainment’s year-to-date earnings stand at a whopping 1,828.3% as the company continues to see strong interest from retail investors.

Price movement

Shares of AMC Entertainment closed Wednesday’s session up 0.2% to $ 40.88.

Photo courtesy of JAH2k via Wikimedia

Kim Lee

Kim is a Chinese girl and has studied in England. Kim loves playing video games, she likes Fortnite games. Kim likes Hollywood movies. Kim's English is very good, so she became a writer. Email : kim@d1softballnews.com

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button