AMC, the American multinational entertainment conglomerate, is very excited about blockchain, and the company’s CEO has publicly discussed the possibility of issuing its own cryptocurrency.
AMC CEO Adam Aron discussed the company’s crypto ambitions in an interview on October 20. There were no concrete details, but the company’s CEO did make some telling remarks.
“In the last few months, we’ve made a lot of noise about becoming hyperactive in cryptocurrency.”
“There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency,” he said of the possibility of AMC issuing its own coin. He went on to say that this is just one of a half-dozen ideas that the company is working on right now.
AMC is very forward-thinking when it comes to digital assets. The company stated in August that it planned to have the infrastructure in place to accept Bitcoin payments for movie tickets by the end of the year.
The theater chain expanded its crypto payment options the following month, adding Ethereum, Litecoin, and Bitcoin Cash. Aron stated at the time that moviegoers were eager to use cryptocurrency as a payment method for tickets and concessions at AMC theaters.
Following a Twitter poll created by Aron, which resulted in 68 percent voting for DOGE from more than 140,000 participants, AMC added Dogecoin to the list of crypto payment options in early October.
I sincerely want to hear your opinion, via this Twitter Poll. By year-end 2021, AMC will take Bitcoin, Etherum, Litecoin and Bitcoin Cash for online payments. I hear from many on my Twitter feed we should accept Dogecoin too. Do you think AMC should explore accepting Dogecoin?— Adam Aron (@CEOAdam) September 21, 2021
On October 6, the company announced the availability of digital gift cards that can be purchased with cryptocurrency and redeemed for tickets and AMC e-cards.
Token issuance for publicly traded companies in the United States may be a difficult task, with ever-increasing regulatory hurdles to overcome. Facebook, the world’s largest social media company, is learning the hard way as scrutiny of its cryptocurrency issuance plans intensifies.
AMC rose to prominence among momentum investors earlier this year after becoming a meme stock favored by retail traders on Reddit’s infamous WallStreetBets forum. At the time of writing, AMC stock was trading at $40.86, down slightly from the previous week but up 6.2 percent since the beginning of October.