American venture capitalist and tech billionaire Tim Draper has joined the team of investors behind newly launched luxury group fitness boxing chain Grit Bxng.

Draper, who is currently number seven on the Forbes Midas List, is the founder of a global network of venture capital funds – which include Draper Associates, DFJ and the Draper Venture Network.

He has specialised in tech investments and has stakes in companies such as Tesla, TwitchTV, Skype and SpaceX.

Draper's inclusion on the GRIT team coincides with the company revealing that it will accept Bitcoins as payment when it opens its first location in New York later this year.

"I'm very happy that Grit Bxng will be the first studio chain to accept Bitcoin," Draper said.

"Within three years most other fitness chains will be accepting them – and Grit will be the first."

Grit Bxng was launched earlier this year by entrepreneur Bill Zanker, alongside a team including self-styled life coach Tony Robbins and American rapper Pitbull.

Grit Bxng is set to open its first location in New York, US in June. It will offer 50-minute HIIT group classes, with the "fundamentals of boxing at its core".

The 5,000sq ft club's interior will feature giant video screens and a light and sound system designed to make a workout feel like a night out.

Classes will take place in a three-module studio with treadmills, punching bags and benches.

The classes will combine music playlists curated by Pitbull and motivational content – featuring Robbins – beamed on giant video screens.