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Sweatcoin app launches crypto token

Sweatcoin app launches crypto token

Sweatcoin, an app that pays people to walk, is set to launch its own crypto token.

The UK-based company has signed up 64 million registered users for its app that lets users earn sweatcoins by recording their daily steps.

These coins can then be used to donate to charity and to get deals when buying goods and services from over 600 brand partners, covering everything from iPhones to Tidal subscriptions to yoga classes.

Now, the firm is offering users the option to have their in-app sweatcoins matched 1:1 with Sweat tokens at a token generation event timed for this summer. Each 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.

Sweat will be built on Ethereum and use the eco-friendly Near as the blockchain for the token, with the Near Foundation investing in the project, alongside a host of other institutional backers.

Oleg Fomenko, co-founder, Sweatcoin, says: "We’re turning movement into a valuable, recognisable currency with Sweat: the token, and for those that are new to the space, it’s a little-to-no-financial-risk option to get on board and gain access to an asset that’s becoming increasingly harder to mint, helping us to achieve the mission of making the world more physically active by unlocking the value of movement."

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