AMC Entertainment CEO says the firm could launch its own cryptocurrency

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 22, 2021
  • AMC CEO says the company could develop its own cryptocurrency.
  • The CEO said there are several reasons why the company could become a successful issuer of cryptocurrency.
  • This comes shortly after the company announced it would endorse crypto payments.

AMC Entertainment is one of the largest movie theatre chains globally. Shortly after announcing plans to allow crypto payments to purchase online tickets, the company’s CEO, Adam Aron, has suggested that AMC could soon launch its own cryptocurrency.

Aron made these suggestions during an interview with CNBC. The firm stated that it was “getting hyperactive in cryptocurrency.”

AMC on launching its own cryptocurrency

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During his interview with CNBC, Aron stated that,

There are a lot of reasons why AMC could be successful as well as a redeemer of cryptocurrency. That’s just one of half a dozen ideas that we’re working on right now.

Aron did not confirm whether his plans for a cryptocurrency would actually lead to the development of one.

While Aron’s move could be good for the crypto sector, there are instances where that move could actually not materialize but only end up being on paper alone. This is due to a tough regulatory framework that could prevent the token from unveiling itself in the United States.

While AMC is one of the popular companies in the entertainment sector, previous attempts by companies to launch their own currencies show that the move is nearly impossible. A good example is the failed Libra project by Facebook. The social media giant was barred from issuing its cryptocurrency due to regulatory concerns.

AMC’s relationship with crypto

AMC Entertainment has been open to embracing the cryptocurrency boom. The CEO is active on Twitter, and last month, he announced that the firm was planning to accept Bitcoin (BTC/USD), Ethereum (ETH/USD) and other cryptocurrencies that would be used to purchase movie tickets and concessions online.

The CEO later created a poll asking if the company should accept Dogecoin (DOGE/USD) payments after high demand from his followers. The poll results showed that the majority of his followers supported dogecoin for payments. The CEO later announced that AMC would accept dogecoin for gift card payments.

AMC Entertainment was on the verge of bankruptcy before its venture into the blockchain and crypto sector. The company’s stocks have been increasing this year due to the increased demand for meme stocks by retail investors. These meme stocks are similar to those offered by GameStop, a video game retailer.

If AMC successfully launches its own cryptocurrency, it will go a long way in helping the company’s stocks gain in value, which was a similar case that happened earlier this year.

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