Billionaire Bitcoin supporter and venture capitalist Tim Draper has invested in Grit Bxng, a luxury group fitness boxing chain. Grit’s flagship location in Manhattan will accept Bitcoin when it opens its doors this summer.
Grit offers high-intensity 50-minute fitness classes by world class trainers with a full service bar on site. According to its website, Grit is a place to hang, sweat and work hard.
“Grit is feeling invincible and hot and cool and in control and sexy and confident.”
“It’s a connection. A vibe. An attitude that you can have fun and be intense and work out and drink with fun people.”
After workouts, guests can have a drink at the bar and, like Uber, rate instructors and pay tips through a mobile app. Co-founder Dylan Zanker, a graduate of Draper University, attributes a lot of his knowledge of business and blockchain to his time at the university.
The company is offering $1,000 per hour to its instructors.
“In an unprecedented move, Grit Bxng is also currently auditioning best-in-class trainers from around the world, offering fitness superstars a paycheck of $1,000 an hour. Guests will also be able to provide a star rating for their class instructor, and pay them tips through the Grit Bxng app just like Uber.”
“I’m very happy that Grit Bxng will be the first studio chain to accept Bitcoin. Within three years most other fitness chains like Soulcycle and Barry’s Bootcamp will be accepting Bitcoin. Grit Bxng will be the first of many.”
The boxing and blockchain world have intersected in the past with Litecoin becoming the official sponsor of mixed martial arts league UFC. The sponsorship serves as a gateway for Litecoin to grow its brand and attract mainstream exposure beyond the crypto curious.
Serving clientele in the US, the world’s largest health and wellness market with 38,477 clubs and an annual growth rate of 3.6%, Grit is expected to expand in an industry that’s worth an estimated $30 billion and has an annual growth rate of approximately 6.1%.
Crypto evangelist Draper is standing by his bullish $250,000 Bitcoin price target in 2022.