Regal Cinemas, a movie operator of more than 500 locations and 7,000 screens in the United States, has announced through a press release it’s set to accept payments in various cryptocurrencies, including in bitcoin ($BTC), Litecoin ($LTC), and dogecoin ($DOGE).
The company will accept dozens of cryptocurrencies, including stablecoins like USDC, DAI, and GUSD for payments. It will accept these payments through the Flexa Network, a cryptocurrency payment processor that guarantees crypto transactions go through for real-world applications.
The Flexa Network leverages its Amp ($AMP) token to power instant and secure transactions. Token holders “insure the value of any transfer” while it hasn’t yet been confirmed on the blockchain, allowing actions dependent on these transactions to be processed. If the Bitcoin network is congested at the time of payment, for example, Flexa ensures the payment goes through leveraging AMP as collateral.
AMP token holders are then rewarded for their funds being put at risk. In a press release Ken Thewes, Regal’s chief marketing officer said:
This exciting partnership enables us to easily and seamlessly accept digital currencies – including dogecoin, stablecoins and bitcoin – across our theatre footprint in a simple and completely contactless way, providing our guests with the flexibility and safety they deserve as we embark on a new era.
Regal’s move follows that of leading leading U.S. movie theater chain AMC, which started accepting cryptocurrency payments earlier this month. As CryptoGlobe reported, AMC is set to add the meme-inspired cryptocurrency Shiba Inu ($SHIB) for payments in Q1 2022.
SHIB is a rival to Dogecoin, which AMC is set to accept for gift cards worth up to $200 per day. AMC’s CEO Adam Aron has hyped up meme cryptocurrency investors through polls asking whether AMC should add their tokens.
Several brick-and-mortar chains including Whole Foods, Crate and Barrel, and Nordstrom have also added bitcoin as a payment method. Notably, in May of this year, Flexa helped a major restaurant and convenience store chain in the U.S. start accepting $DOGE and other cryptocurrencies as a payment method as well.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash