In brief
- Movie theater chain Regal is now accepting cryptocurrency payments via the Flexa platform.
- Rival chain AMC recently enabled crypto payments and is exploring launching its own crypto token.
Movie theater chain AMC recently added cryptocurrency payments on the back of its meme stock saga success from earlier this year, and now competitors are following suit: rival chain Regal today announced that it is also accepting an array of crypto payments.
Starting today, all of Regal’s U.S. movie theaters—514 in total—accept cryptocurrency and token payments through Flexa, an app-based digital payments network. Customers can use the app to spend crypto on movie tickets and concessions alike.
Regal’s list of payment options is notably larger than AMC’s, including Bitcoin, Ethereum, Dogecoin, and Litecoin, plus stablecoinsstablecoins like USDC, DAI, and Gemini dollar (GUSD). It also includes tokenstokens like the Basic Attention Token (BAT), Cosmos (ATOM), Chainlink (LINK), and others.
The chain also plans to add rewards functionality for members of its Regal Crown Club loyalty program and bring in further crypto payment options in the future, potentially including Bitcoin’s Lightning Network.
AMC Accepts Dogecoin. Could It Soon Launch Its Own Crypto?
AMC’s stock price has soared this year on the back of the meme stock phenomenon, along with an increased focus on what its vocal social media fans demand—including accepting cryptocurrency payments. Now the movie theater chain may even be looking to roll out its own coin. Adam Aron, CEO of AMC, told CNBC at today’s Milken Conference that the theater chain is exploring ways to "issue" its own cryptocurrency. "There are a lot of reasons why AMC could be a successful issuer of cryptocurrency as wel...
Flexa’s crypto payments service has also been tapped by a number of other notable retailers, including Whole Foods, Baskin Robbins, Bed Bath & Beyond, and Home Depot.
AMC saw its stock price skyrocket earlier this year alongside GameStop and other so-called “meme stocks,” as retail investors used apps like Robinhood to pump the price of companies that they believed were undervalued or overlooked.
Although its price has fluctuated significantly over the months, AMC’s current price above $38 per share is still up about 19 times from the start of 2021. AMC currently operates about 950 theaters around the world.
The first first teased crypto payments over the summer and activated them recently, with CEO Adam Aron tweeting on November 11 that crypto already accounted for 14% of AMC’s online payments. The firm is also considering launching its own crypto token as well.
