In October, HMVOD, a publicly traded online entertainment platform in Hong Kong, would accept Bitcoin as payment for membership memberships.
Customers of HMVOD Limited (stock code: 8103.HK) will be able to pay their monthly membership fees in Bitcoin starting in early October, according to a voluntary notification made on the Hong Kong Exchange platform on Tuesday night local time.
A statement issued by HMVOD claimed it was devoted to the use of new payment platforms, including as cryptocurrency exchanges, in order to “become a trendsetter in the entertainment technology boom.”
According to the company’s official website, HMVOD Limited is an investment holding company that is primarily engaged in the development of OTT (Over-the-Top Media Services) Internet entertainment video service systems and the provision of video services to consumers. The company provides end-users with a monthly subscription plan that allows them to access almost 10,000 programme hours of online entertainment, which includes both local and foreign films.
However, despite the fact that the Hong Kong finance regulators intend to restrict cryptocurrency trading activities to professional investors and attempt to strengthen related compliance, a study has named Hong Kong as one of the most crypto-friendly regions in the world, with the highest concentration of cryptocurrency ATMs in the world.
Bitcoin is a cryptocurrency that is built on decentralisation, peer-to-peer (P2P) networking, and stigmergy. Its source code has been made available as open-source, and the blockchain technology that underpins it serves as its underlying technology.
In addition, by integrating cryptocurrencies, more entertainment platforms are diversifying their revenue streams and increasing their profitability. AMC Entertainment, the largest movie theatre chain in the United States, said on Monday, August 9, that it will accept Bitcoin for the purchase of movie tickets.
