E11EVEN MIAMI nightclub is known for many things. It will soon be known for one more: the first corporate nightclub in the U.S. to accept Bitcoin and other cryptocurrencies.
The move is part of the club’s grand, post-pandemic reopening on April 23. The club, 29 NE 11th St., has been shut down since Miami-Dade’s March 2020 emergency order.
“We have a very cutting-edge clientele from all over the world, and many are crypto savvy already,” said E11EVEN operating partner Gino LoPinto. “This is not just a press release — we think our guests will use it.”
E11EVEN declined to state which cryptocurrency payment processor it is choosing. Nearly all commercial ones allow service providers like E11EVEN to choose whether to instantly convert the cryptocurrency into “fiat” — cash — or keep it as is.
Though the prices of cryptocurrencies remain volatile, the owners point out that, over the longer term, their values have only increased. And as club operators, they must already deal with charge-back risks from accepting credit cards.
“There’s very little downside,” said operating partner Ken DeGori.
E11EVEN’s announcement is another step that is positioning Miami as a Bitcoin capital. Earlier, this year, Mayor Francis Suarez introduced a proposal to begin storing city funds and paying employees in the cryptocurrency. And last month, the world’s largest cryptocurrency conference announced it would be moving from Los Angeles to Miami.
Founded in 2014, E11EVEN now claims the title as the highest-grossing nightclub per square foot in the world. It also recently announced the development of the E11EVEN HOTEL & RESIDENCES, a 65-story tower that will feature 375 hotel rooms, furnished condo units, and a spa and studio designed by wellness guru Dr. Deepak Chopra; an E11EVEN VODKA, a gluten-free spirit produced in Miami; and E11EVEN Sound, a speaker system developed by DAS Audio and designed for night club venues like E11EVEN.
“The E11EVEN brand is a lifestyle,” the company said in a statement announcing its vodka, adding, “People trust E11EVEN to do things better.”