decrypt.co
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 stablecoins like USDC, DAI, and Gemini dollar (GUSD). It also includes tokens 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.
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.