New York’s luxury fitness club Equinox will start accepting payments for gym services in cryptocurrency, according to local media reports.
This makes the gym the first in the Big Apple to endorse digital currencies in its business, an anonymous source said. To do so, 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. Nevertheless, the decision is now pending an official announcement by Equinox.
Many walk-in businesses, including gyms, saw a major hit in sales following the pandemic-fueled economic downturn. Recuperation, though gradual, has been present. Equinox itself reported a 122% surge in sales in Q1, 2022, compared to Q1, 2019.
With services starting at $250 and its new cryptocurrency payments scheme, Equinox is reportedly expecting an even better improvement in sales this quarter.
Businesses Adopting Crypto for Payments
With the massive growth of the cryptocurrency industry experienced in the past few years, the number of companies, organizations, and even cities starting to accept such assets for payments has skyrocketed.
Some of the most recent examples include the giant European electronics retailer – Media Markt – and the Australian convenience store chain – On The Run (OTR). Customers of the latter will be able to pay with digital assets for fuel, goods, and services in over 170 company locations in South Australia.
eBay also dabbled with the idea of allowing crypto payments. The company’s CEO hinted recently that the firm wants to work more with younger generations, and one of the ways it could do so is by allowing them to pay with digital assets.
Rio de Janeiro also wants to be a part of this ongoing trend. Reports emerged in late March claiming that the city aims to become the first in Brazil to allow its citizens to pay taxes in crypto. This came after speculation that Brazil will incorporate new regulations on the digital asset industry.