In a significant development for digital payments, the Sui Foundation has announced a strategic partnership with MoviePass, the prominent subscription-based movie ticketing service in the United States. This collaboration will see MoviePass integrate USDC, a stablecoin pegged to the U.S. dollar, into its payment options.
The integration will allow MoviePass subscribers to use USDC for their subscription payments, offering a more secure and versatile payment method within the Sui blockchain ecosystem. Additionally, Sui will make an equity investment in MoviePass, reflecting its confidence in the company’s growth trajectory.
MoviePass CEO Stacy Spikes emphasized the importance of Web3 technology in expanding the moviegoing experience, stating, “Web3 is key to making moviegoing more accessible, reaching a broader audience through enhanced fan engagement and rewarding them with digital assets that can be converted into tangible value.”
Historically known for its $9.99-a-month unlimited movie viewing plan, MoviePass has transitioned to a credit-based model. This new partnership underscores MoviePass’s commitment to innovation and technological advancement.
USDC, being a stablecoin, offers less volatility compared to traditional cryptocurrencies due to its fixed value. This collaboration not only enhances payment flexibility but also paves the way for potential innovations, such as fan staking and NFTs.
The introduction of Web3 technology by MoviePass aims to revolutionize the movie-watching experience by enabling direct consumer funding for movies and providing incentives. The partnership highlights MoviePass’s dedication to leveraging blockchain technology to offer modern payment solutions, while Sui’s investment reinforces its belief in the long-term success of MoviePass.
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