Sweatcoin Makes You Move To Earn Crypto in Latest Web3 Onboarding Attempt

Never give up.
Ivanko_Brnjakovic / Getty Images/iStockphoto

It’s rewarding to work up a sweat and get into physical shape, but it’s even more rewarding to earn crypto for that sweat. Tech company Sweatcoin announced the launch of SWEAT, a token designed to reward Sweatcoin app users for being physically active by converting physical movement into crypto.

Learn: 6 Alternative Investments To Consider for Diversification in 2022
Find Out: 8 Best Cryptocurrencies To Invest In for 2022

The crypto is designed to capture the value of movement and is minted purely by steps, the company said, adding that it’s “pioneering a societal shift by empowering people to improve their health, and get paid for it.”

Asked what prompted the idea of the token, Oleg Fomenko, co-founder at Sweatcoin, told GOBankingRates that, “we were worried about the problem of the increasingly sedentary, unhealthy lives we are leading and the far-reaching ramifications of this for both us, as individuals, and society as a whole.”

“We want to make a billion people more active. The question kept coming – how can we make it more incentivizing for people to  move that little bit more. Sweatcoin was the answer – an app that counts your steps and rewards you for  them,” said Fomenko.

Trade Bitcoin and other cryptos in 3 minutes.

  • Join the crypto exchange who has had industry-leading security from day one.
  • A simple, secure way to buy and sell cryptocurrency
  • Sign up for Gemini and get $7 in ETH

Fomenko explained that while the company had  the idea of a crypto reward mechanic in mind “from day one,”  crypto wasn’t ready for mass market utilization in 2015 and so Sweatcoin developed as a rewards-currency app.

“And it’s working: our 63 million users walk an average of 20% more after downloading the app. SWEAT – the token, which we’re announcing this week, is the turbo-charging of that vision…a vision to create wealth through health,” he said.

SWEAT will be built on Ethereum and use the eco-friendly NEAR as the blockchain for its token, and the Near Foundation is investing in the project. Other institutional backers include Electric Capital, Spartan Capital, Jump Crypto, OKX Blockdream Ventures (the venture arm of OKX) and GSR, as well as high-profile founders and builders like Terra founder Do Kwon, Sandeep Nailwal, founder of Polygon (MATIC) and Bjorn Wagner, co-founder of Parity (Polkadot), the company said.

The company said that each SWEAT user will be given a Sweat Wallet which will generate fees by enabling a suite of DeFi functions, such as the exchange of SWEAT into other crypto, liquidity provision and staking.

Building Wealth

The token enables people to exchange it for goods, services and experiences ranging from high-tech shoes to iPhones, from anti-gravity yoga classes to Apple Watches.

“There are many things you can do with your SWEAT, with new features being added constantly. First of all, you will be able to stake your SWEAT to receive a really attractive return on it,” Fomenko said. “You will also be able to exchange it for other cryptocurrencies, like Bitcoin, so that you are literally walking for Bitcoin.”

Additional features on the roadmap include the use of SWEAT in DeFi – whether that is for staking, liquidity provision, or other crypto opportunities, the ability to purchase NFTs, sell your personal data for more SWEAT or buy premium subscription services, Fomenko said. Users will also be able to convert the token into other cryptos or fiat currency.  

In terms of the audience the company is targeting, Fomenko said, “anyone and everyone.”

POLL:Where Have You Cut Back Most Because of Inflation?
Discover: What Is the Next Big Cryptocurrency To Explode in 2022?

“We should and can all get more movement into our daily lives.  With SWEAT, the token we’re also keen to see more Web 2 users embrace the possibilities and potential of crypto in the lowest risk way possible – by literally walking for it,” he said.

More From GOBankingRates

About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

Best Bank Accounts of July 2022

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.