In what is believed to be the first-of-its-kind deal in the fitness industry, boutique chain TRIB3 has sold a franchise with the transaction being carried out using cryptocurrency.

The franchise fee for a studio in Madrid – the fourth site in the city – was paid in Bitcoin.

Chief financial officer, Thomas Moran, said: "As a brand, we’re known for making our services as accessible as possible.

"When we were approached about the possibility of securing a franchise through Bitcoin we worked alongside our prospective franchise partners to make it happen.

"Many other major brands have been developing, or are currently operating, cryptocurrency payment options, so we’re keeping abreast of how this will look for our future partners too.”

The fourth Madrid location will open in Q4 2021 alongside the two corporately owned sites in Basilica and Cuzco and the original franchised location in Goya.

As well as the Madrid franchise, the company has secured a franchise deal for its central Barcelona location, TRIB3 Balmes.

Kevin Yates, CEO, said: “The TRIB3 brand is going from strength-to-strength across Spain with some exciting announcements to come, and with great partners, I'm confident each and every customer in our community will have a next-level workout experience with us.”