It is the first gym in the NYC to endorse digital currencies in its business, according to an anonymous source. In order to accomplish this, the company will partner with BitPay, a popular cryptocurrency payment service, in order to implement the new infrastructure. Equinox aims to meet its members “where they are both physically and digitally,” according to the source. Even so, Equinox has yet to make an official announcement about the decision.
The pandemic-fueled economic downturn caused sales at many walk-in businesses to plummet. Since then, there has been a gradual, but noticeable recovery. According to Equinox, its first quarter sales increased by 122% compared to the first quarter of 2019. The company is reportedly expecting even better sales growth this quarter with its $250 services and new cryptocurrency payments scheme.
Due to the rapid growth of the cryptocurrency industry, the number of companies, organizations, and even cities starting to accept these assets for payment has skyrocketed. eBay has also expressed its interest in accepting cryptocurrency, the CEO of the company has recently hinted at a desire to work more with younger generations, and one way to do that is to allow them to pay with digital assets.
Also, Rio de Janeiro is seeking to be a part of this trend that is currently underway. The city was reportedly considering becoming the first city in Brazil to allow its taxpayers to pay their taxes in crypto, according to reports published in late March. The announcement was made after speculation that Brazil would enact new regulations on the digital asset industry in the near future. It was announced last summer that the San Jose Sharks became the first team in the NHL to allow fans to pay for season tickets and suite leases by using Bitcoin.
According to Dara Khosrowshahi, Uber CEO, in February, the ride-hailing app will in the foreseeable future accept cryptocurrency as a form of payment. As the Post reported in April, Equinox made its decision at a time when Bitcoin is suffering, which may soon fall to $30,000 as investors switch from speculative assets to safer ones, according to market watchers.
