GameStop Corp. is now accepting dozens of cryptocurrencies including Bitcoin and Dogecoin, per a report from Investor Place yesterday.
These cryptocurrencies can be used at any one of GameStop’s locations or online. GameStop is using the Flexa network, which supports a wide variety of cryptocurrencies.
This comes shortly after AMC Entertainment Holdings, Inc. began accepting crypto payments, including Bitcoin and Ethereum.
Meme stocks trying to draw in the adjacent crypto community is a wise move. All marketing costs money, but accepting crypto provides a bunch of press attention for the minimal cost of joining the Flexa network.
Flexa appears quite robust, with tens of thousands of retail locations on its platform. It reminds me of a Square for crypto; easy payment acceptance for merchants.
If GameStop ever delivers streaming games on its own platform, crypto payments could be particularly useful. Unlike with credit cards, customers from all over the world could purchase access with no foreign exchange fees.
Will accepting crypto payments make or break GameStop or AMC’s business? Of course not.
But for businesses that rely on foot traffic, anything that builds buzz at low cost is a huge win!
What do you think of GameStop and AMC accepting crypto payments? And who do you think will be next?
Let me know in the comments below.
This is the last blog for this week. I’ll see you again on Monday.
More on markets:
Hedge Fund Paid Researcher to Write Misleading Reports on Seeking Alpha
Parody Site Sues Citadel to Stop Shutdown
How Did High Dividend Stocks Perform In the Last Crash?
Photo: Photo: “Retail GameStop” by ccPixs.com is licensed under CC BY 2.0
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