AMC Theatres to accept bitcoin for ticket payments

The American cinema chain AMC Theatres will roll out its first cryptocurrency as a method of paying for tickets. The cryptocurrency payment system will be ready by the end of the year, The Wrap reports, citing remarks by chief executive Adam Aron.

The initiative is aimed at boosting sales amid the coronavirus pandemic. In January 2021, the company, which owns 593 theatres in the US and 335 abroad, raised $917 million to avoid bankruptcy.

AMC reported losses of $344 million for March through June 2021. The figure surpassed Wall Street analysts’ expectations of $440 million.

In January, the cinema chain was supported by retail investors in the r/WallStreetBets subreddit. Since the start of the year, the company’s shares have surged 1,600%, from $2 to $34.

Earlier in March 2021, Thailand’s Major Cineplex Group began accepting bitcoin for ticket payments.

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