According to local media reports, New York luxury fitness club Equinox will start accepting payments for gym services in cryptocurrency to accept.
This makes the gym the first in the Big Apple to support digital currencies in its business, an anonymous source said. To that end, the company will partner with BitPay, a popular crypto payment service, for the new infrastructure.
Equinox customers can now pay in cryptocurrency
The development is in line with Equinox’s goal of meeting its members “where they are, both physically and digitally,” the source added. However, the decision is still subject to an official announcement by Equinox.
Many walk-in businesses, including gyms, have seen a large drop in sales following the economic downturn caused by the pandemic. Recovery, albeit gradual, was there. Equinox itself reported a 122% increase in revenue in the first quarter of 2022 compared to the first quarter of 2019.
With services starting at $250 and its new cryptocurrency payment system, Equinox is reportedly expecting even better revenue growth this quarter.
Companies adopting crypto for payments
With the massive growth of the cryptocurrency industry over the past few years, the number of companies, organizations, and even cities that are beginning to accept such assets for payments has skyrocketed.
Recent examples include giant European electronics retailer Media Markt and Australian convenience store chain On The Run (OTR). Customers of the latter will be able to use digital assets to pay for fuel, goods and services at over 170 corporate locations across South Australia.
eBay has also dabbled in the idea of allowing crypto payments. The company’s CEO recently hinted that the company wants to work more with younger generations, and one way to do that is by allowing them to pay with digital assets.
Rio de Janeiro also wants to be part of this ongoing trend. Reports surfaced in late March claiming that the city wants to be the first in Brazil to allow its citizens to pay taxes in crypto. This comes after speculation that Brazil will introduce new regulations for the digital asset industry.
Source: Crypto News Deutsch