A luxury fitness gym in New York, Equinox, has announced accepting cryptocurrencies for membership payments. The gym will support crypto payments through BitPay, a renowned crypto payment service provider.
New York gym accepts crypto payments
The luxury fitness gym will become the first one in the sector to officially endorse cryptocurrency payments. A source close to the company said that this development would allow it to meet the needs of physical and digital members.
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The gym is yet to release an official statement on the matter, but this move could allow the business to recover from the effects of the COVID-19 pandemic. Gyms were among the worst affected businesses last year when lockdowns were imposed in different countries.
Many walk-in businesses are now recovering after the lifting of COVID restrictions. During the first quarter of 2022, Equinox reported a 122% increase in sales compared to the first quarter of 2019.
The luxurious gym charges rates starting from $250. The company believes that the sales and revenues will increase significantly during the current quarter with cryptocurrencies as a new payment method.
Growing adoption of cryptocurrencies for payments
Cryptocurrencies have recorded a high level of adoption this year. There has been a notable increase in companies and organizations accepting cryptocurrencies for payments. These businesses target the growing clientele base that is now open to crypto investments.
Media Markt, a leading electronics retailer in Europe, recently announced accepting crypto payments. On The Run (OTR) convenience store in Australia also accepts cryptocurrency payments. OTR customers can use several digital assets to buy goods, services and fuel in 170 store locations.
Dubai is currently taking the lead in attracting crypto businesses. Due to friendly crypto laws, Dubai currently has a growing number of businesses open to cryptocurrency payments. Damac Properties, a luxury real estate developer in the city, announced it would accept payments in Bitcoin and Ethereum.
Besides being used for transaction purposes, crypto assets are also getting into official payments such as taxes. In Rio de Janeiro, the city plans to be part of the trend. Towards the end of March, it was reported that the city was planning to be the first one in Brazil to enable its citizens to make tax payments in cryptocurrencies. Brazil is currently in the process of introducing new crypto-friendly laws.
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