Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Watch here.
Dating apps are part of our everyday lives, for better or worse, and there is room for everyone — even millionaires. Luxy, which matches business individuals who share a luxurious lifestyle, announced today that it will now accept cryptocurrencies, starting with Bitcoin, as a form of payment.
The Hong Kong-based startup claims to have 3 million users around the globe, a number that pales in comparison to Tinder’s 50 million or so users. But the target audience is drastically different, as Luxy focuses on the one percent “elite.”
Individuals from this demographic can sign up and start using Luxy if and when they have been approved. After registering, new users can verify their income to join immediately — a minimum yearly salary of $200,000 is required, whether you’re a man or a woman. 41 percent of income-verified Luxy members earn more than $1 million per year, according to the startup’s website.
If users choose not to disclose the number of zeros on their bank accounts, they enter a vouching process, which allows members to screen applicants and vote them in or out. Through this option, more than 50 percent of new applicants are refused by existing members, according to Luxy. If you have under 50 percent approval after 24 hours, you are unable to join. An additional 20 percent of applicants are rejected by Luxy’s staff to ensure only qualified people are using the site.
Even though you basically need to be a millionaire to access Luxy’s network, the app is free. But like many other dating apps out there, there are upgrades and paid memberships that provide extra perks, like the ability to message any user or get your very own personal matchmaker to help you find what you’re looking for.
“The main purpose of introducing crypto was to align ourselves with the current lifestyles of the successful entrepreneurs and business people within our community,” wrote Luxy cofounder and CEO Tim.T, in an email to VentureBeat.
According to a spokesperson, Luxy’s CEO does not want to publicize his full name, or any personal information, due to some of the criticism the app has received. Bitcoin believers will revel in this mystery as it echoes Bitcoin founder Satoshi Nakamoto’s desire to remain anonymous.
Luxy users can continue to pay for the app with traditional currencies, but they now have the option to pay with Bitcoin, as well. This new feature also allows users to view the net worth of individuals in cryptocurrency.
Founded in 2014, Luxy claims to have received no outside capital, to date. It currently has 50 employees.
Other exclusive dating apps include Raya, The League, and Beautiful People.
On whether allowing the use of cryptocurrencies is a ploy to lure more engineers and data scientists onto the platform, Tim T. said: “As people are becoming increasingly successful by means of investment in crypto and involvement in blockchain, we may well see an increase in highly skilled engineers and scientists who have found success as a result of blockchain.”
Owners of Bitcoin can buy a Lamborghini with their cherished tokens. So why not look for that special someone to share the $170,000 ride with?
VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.