By Nathan Ferguson
Regal Cinemas has collaborated with a venue for digital payments, Flexa, to incorporate Bitcoin Ethereum, Litecoin, Basic Attention Token, and Dogecoin, along with the others for confectionery and tickets. DAI and USD Coin will additionally be incorporated. The respective service will be accessible in Regal Cinemas across 42 of the US states which comprise 6885 screens in 514 theaters. As the consumers recompense at Regal via Flexa applications, guests become capable of connecting to their loyalty account of Regal Crown Club for rewards.
Flexa is known to be a merchant-centric venue, that utilizes the ERC-20 token of Flexa which is named Amp and the consumers can stake it as collateral. The respective collateral gets additional Amp in the form of a staking benefit. Regal is moving in consistent collaboration with Flexa to assist in enabling better payments throughout the multiple products and assets such as the Lightning Network. Flexa permits to receive the digital assets through the utilization of existing hardware and software.
Flexa’s working
More than 80% of the US retail spending is carried out through the physical stores, and acquiring crypto to be integrated with the fiat payment methods utilized by the physical stores have been seen as being expensive and cumbersome providing minimum benefit to the retailers until the arrival of Flexa to eliminate the complexities existing in engaging with digital wallets and distributed ledgers. In 2019, some well-recognized retail players such as Starbucks and Whole Foods have been selected by Flexa to collaborate with to enable payments by utilizing the application of Flexa.
When a trade is needed to be done, the Spedn app of Flexa creates a barcode named Flexacode which is to be scanned by merchants to guarantee and authorize the transactions immediately. Merchants are paid by Flexa in a convertible digital currency providing a range of choices in fiat currencies. The software development kit of Flexa deducts the charges in crypto from the wallets of the users made in the Flexa application. Consumers require loading the digital assets, which are supported by the app, to be secured in the SPEDN wallets. Flexa has initiated a partnership with Gemini (a crypto exchange owned by Winklevoss) which controls the on-chain transfers which are cumbersome, permitting the in-store system to function quickly.
AMC and Dogecoin
The cinema chain AMC initiated accepting BTC (Bitcoin), ETH (Ethereum), Litecoin, and Bitcoin Cash as payment forms. This November, Adam Aron (the AMC’s CEO) started a poll on Twitter inquiring about the willingness of people about utilizing Dogecoin as a payment type where almost 70% out of 120000 respondents replied in affirmative.