BitPay, a provider of Bitcoin and cryptocurrency payment services, has announced that due to significant demand, merchants may immediately accept Shiba Inu (SHIB) for payments and consumers may purchase, store and swap SHIB in the BitPay Wallet app.
Even though it began as a meme, the strong SHIBArmy along with the response from AMC and Newegg “moved SHIB to the top of the list of coins to add.” The increased popularity “puts SHIB in the top #15 since tracking from zero in May by market capitalization on CoinMarketCap just in time for holiday spending,” the announcement noted.
Stephen Pair, CEO of BitPay, stated:
“The Shiba Inu community is passionate about its coin and serious about giving those consumers places to spend SHIB. BitPay believes that the more community involvement from coin holders supports awareness and adoption helping to move the blockchain industry to pave the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
AMC got the SHIB community “fired up when they asked if the company should request SHIB be added as a payment option.” The announcement also mentioned that the dedicated community responded and “advocated for its decentralized meme token which has quickly evolved into a vibrant ecosystem where SHIB holders can spend at merchants who accept BitPay or where a gift card can be purchased through the BitPay Wallet.”
Adam Aron, AMC CEO, shared on Twitter:
“Attention #SHIBArmy: Our friends @BitPay decided to support Shiba Inu specifically because I asked, so AMC can take Shiba Inu for online payments of movie tickets and concessions. @AMCTheatres to be the first @BitPay client to accept Shiba Inu. Timing 60-120 days. This is a WOW!”
Newegg also made the news official and on “a grand scale with a massive digital out-of-home (DOOH) campaign displayed on The Reef, North America’s largest DOOH billboard.”
Situated at the intersection of the busy I-10 and I-110 in downtown Los Angeles, The Reef is “a larger-than-life platform for Newegg to drop its latest crypto news,” the update noted.
Andrew Choi, Director of Brand Marketing at Newegg, added:
“We are always looking for ways to innovate the shopping experience on Newegg.com, and something our customers want is greater flexibility and options, including the ability to pay with a wide range of cryptocurrencies. Through our partnership with BitPay, we have the ability to move quickly and lead the market with flexible cryptocurrency payment options. To that end, we’re excited to offer SHIB as a payment option on Newegg.com.”
The option to accept cryptocurrency expands a merchant’s sales opportunity into global markets where accepting credit cards isn’t really practical while “reducing high fees and increasing payment transparency and efficiency.” The potential global market is quite large and “combined with the market capitalization for crypto approaching two trillion, the market opportunity for crypto is ideal.”
BitPay allows businesses to accept digital currency as a form of payment “without having to buy, own or manage crypto.”
AMC, Newegg and any BitPay merchant can “accept cryptocurrency for purchases with Shiba Inu (SHIB) as well as Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Wrapped Bitcoin (WBTC), and five USD-pegged stable coins (BUSD, DAI, GUSD, USDP, and USDC).”