Many big name companies have begun to incorporate bitcoin into their acceptable payment methods in an effort to capture the growing number of people who are using the cryptocurrency.

While bitcoin still remains a niche market, many firms are hoping to become early adopters in what they believe will eventually become a widely popular form of payment.

One such firm, production studio Lions Gate Entertainment Corp. (USA) (NYSE: LGF), became one of the first major entertainment firms to take an interest in making bitcoin a part of its operations.

Attracting A New Market

Lions Gate Senior Vice President Peter Wilkes confirmed to CoinDesk that the studio was partnering with bitcoin payment processor GoCoin to make bitcoin a viable way to pay for Lions Gate merchandise. The company will likely use the partnership to give its customers the option of using bitcoins to purchase items from its website.

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Mitigating Risks

GoCoin provides merchants with a unique platform that accepts a variety of cryptocurrencies but pays out in more stable currencies like the US dollar, euros and pounds. In this way, GoCoin says its payment system provides some protection against the volatile nature of digital currencies.

Mutually Beneficial

Wilkes said the partnership was a part of Lions Gate's ever evolving strategy to appeal to different markets and stay on top of consumer preferences. GoCoin is also benefiting from the partnership; the company said it is hoping Lions Gate is only the beginning of bitcoin's expansion into Hollywood.

GoCoin CEO Steve Beauregard said the company's goal is to "create more places where people can spend their bitcoin," a sentiment echoed by cryptocurrency enthusiasts around the world who hope to see the currency go mainstream in the coming years.