AMC Chief Says There Has Been 'Immediate Benefit' To Business From Enabling Crypto Payments

AMC Entertainment Holdings Inc. AMC CEO Adam Aron said that the movie theater chain has already seen a benefit from accepting cryptocurrencies such as Bitcoin BTC/USD and Ethereum ETH/USD for online payments.

What Happened: “Apple Pay, Google Pay and PayPal already are 15% of our online ticketing. So already there has been an immediate benefit. Only time will tell how big cryptocurrency is,” Aron said during an interview with Fox Business on Monday, pointing out these payment options were added only as an after-thought to cryptocurrencies.

The CEO also said AMC might issue its own cryptocurrency if the company sees “enormous opportunity” in the sector.

Aron noted that the regulatory framework around cryptocurrencies was rapidly changing and AMC will stay “very far on the right side of the law.”

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Aron’s comments are a reiteration of the updates he provided about cryptocurrencies during AMC’s fourth-quarter earnings call earlier this month.

Aron had said AMC will enable online payments in Dogecoin DOGE/USD and Shiba Inu SHIB/USD this month.

AMC also made its foray into the non fungible token (NFT) space last year.

Its move underscores its intentions to better connect with its newfound backers and retail investors who are highly enthusiastic about cryptocurrencies.

Price Action: AMC shares closed 8.2% lower in Monday’s regular trading session at $15.21, but rose 0.2% in the after-hours session to $15.24.

Bitcoin is up 1.5% during the past 24 hours, trading at $38,583.59 at press time, while Ethereum is up 0.5% to $2,536.77.

Read Next: Shiba Inu Gets Listed On London-Based Wirex

Photo Courtesy: AMC Entertainment Holdings