Regal Cinemas, a theater operator with more than 500 units and 7,000 screens in the United States, has announced that it will accept payments in a variety of cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC) and Dogecoin (DOGE).
Furthermore, stablecoins like USDC and DAI will also be included in the list. The company entered into a partnership with Rede Flexa to process payments in cryptocurrencies. The partnership will allow the cinema network to easily transform cryptocurrencies into local currency.
Flexa will use its native AMP token to speed up transactions and make them more secure. According to the company, tokens will be used as payment guarantee when problems arise on the network. This will serve as a “loan” until the payment is processed.
If the BTC network is congested at the time of payment, for example, Flexa guarantees that the payment passes through the use of AMP as a guarantee. AMP token holders will be rewarded for their funds being put at risk.
According to Ken Thewes, Director of Marketing at Regal, “This exciting partnership allows us to easily and seamlessly accept digital coins – including dogecoin, stablecoins and BTC – throughout our theater area in a simple and completely contactless way, providing to our guests the flexibility and security they deserve as we embark on a new era.”
Approaching the competition
Regal’s decision follows that of leading American movie theater chain AMC, which began accepting cryptocurrency payments earlier this month. In addition, AMC still anticipates adding the SHIB cryptocurrency to its list by early 2022.
SHIB is a rival to Dogecoin, which AMC must accept for giftcards up to $200 per day. The inclusion was made after the CEO of AMC conducted a Twitter poll about meme coins.
In addition, several brick-and-mortar chain stores have included cryptocurrencies as payment. Among them, stores like Whole Foods, Crate and Barrel and Nordstrom.