Equinox, The Luxury Gym Brand, Starts Accepting Payments In Crypto

New Yorkers looking to burn off some summer calories will soon be able to use cryptocurrency to pay for a membership at Equinox, one of the world’s top luxury gyms.

Equinox health club has collaborated with BitPay to begin accepting cryptocurrency payments, according to local media reports Monday.

Equinox is well-known for its world-class fintand clubs. There are currently 40 health clubs located around The Big Apple.

By October 2012, the Atlanta-based bitcoin payment service provider BitPay had grown to 1,100 active merchants, including becoming WordPress’s bitcoin merchant.

The decision to join forces with Equinox comes as fitness centers are nearly fully recovered from the global COVID-19 health issue.

The crypto payment offering is part of Equinox's strategy to attract wealthy customers. (Image credit: Wallpaper)

Equinox Revenue Up In Q1

Equinox reported a 122 percent increase in first-quarter revenue compared to the same period last year, while Crunch gyms reported a roughly 61 percent increase in first-quarter sales.

Equinox’s monthly membership price is $250. The list of cryptocurrencies, on the other hand, remains unknown, and Equinox is scheduled to make an official announcement Tuesday.

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The American premium fitness company is far from the first luxury brand to begin accepting cryptocurrency payments.

Tesla CEO Elon Musk said in March last year that anyone in the United States may pay for their electric car with Bitcoin, and he also began accepting Dogecoin for Tesla merchandize.

The San Jose Sharks became the first National Hockey League team to enable fans to purchase season tickets and suite leases using cryptocurrency last summer.

Uber CEO Dara Khosrowshahi announced in February that the ride-hailing app would begin accepting cryptocurrency payments in the future.

BTC total market cap at $736.46 billion on the daily chart | Source: TradingView.com

A Gym For The Wealthy

Equinox was established in Manhattan’s Upper West Side 30 years ago. Apart from its expensive membership costs, it is also noted for its provocative and flamboyant advertising campaigns that emphasize wealth and excess.

One of its most recognizable posters, shot by renowned photographer Stephen Klein, depicts a nearly naked male model draped in $100 bills.

Equinox is owned by a group of investors led by Harvey Spevak, Executive Chairman and Managing Partner, as well as the Principals of The Related Companies.

Bitcoin Ban In The Big Apple

Crypto acceptance continues to grow in New York City as large investors pour money into cryptocurrencies, including Bitcoin. Mayor Eric Adams supports the crypto sector and asks regulators to recognize its benefits.

Meanwhile, the New York State Assembly is currently exploring a two-year ban on bitcoin mining because of its impact on the environment. Despite the ban on bitcoin mining, the crypto sector is gaining traction in the bustling state.

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Featured image from Inform Studio, chart from TradingView.com