Congratulations to the Sweat Economy team on completing a $13 million fundraising!
On 26th July 2022, Sweat Economy, the company behind Sweatcoin, the world’s most downloaded Health and Fitness app, raised $13 million in funding, including a private token sale, to expedite their entrance onto Web3. Electric Capital, Spartan Capital, OKX Blockdream Ventures, and GSR Ventures are among the prominent blockchain investors who have joined. Goodwater Capital, an existing investment, also contributed.
Electric Capital, Spartan Capital, Jump, GSR, NEAR Foundation, and industry figures Bjorn Wagner (co-founder of Polkadot), Sandeep Nailwal (co-founder of Polygon), and Vinny Lingham have contributed a total of $13 million.
The investments will be used to extend the Sweat Economy ecosystem and make it the Web3 on-ramp for health and fitness fanatics. Sweat Economy hopes to attract the next billion crypto users by paying them for their everyday physical activity with SWEAT, a new cryptocurrency.
Sweat Economy was founded in 2015 with the objective of incentivizing better living by rewarding people for their movement. Sweatcoin is already trusted by over 100 million people to add value to their daily activities, and the app is the most downloaded Health & Fitness app in the world. The Web2 app gives out “sweatcoins”, also known as “Airmiles for steps” which can be redeemed for branded products, digital services, and charity donations. In the first quarter of this year, users exchanged nearly $70 million in value for their Sweatcoins. Besides, Sweat Economy has created over 11M non-custodial wallets since its April launch, as anticipation for its Web3 application grows — the largest ever on-ramp of users.
Users do not need to make an initial deposit or acquire an NFT to begin earning. Users’ steps are counted, confirmed, and converted into sweatcoins simply by downloading the program. All Sweatcoins held by users on the date of the TGE will be matched with SWEAT, the cryptocurrency, but all previously earned sweatcoins will be retained. Following the TGE, a user’s first 5,000 daily steps will be converted into SWEAT, with all steps above the 5K daily limit still being accumulated in Web2 sweatcoins.
Web3 opt-ins will also be able to download the free Sweat Wallet App, from which they will be able to stake their SWEAT to take advantage of a variety of Web3 offers, deals, and incentives from a variety of partners, as well as engage with the soon-to-be-launched NFT offering and many other exciting features on their roadmap. Users who do not desire to use the Web3 Sweat Wallet will continue to collect sweatcoins on all of their previous steps.
Sweat Economy is now focusing on exploiting Web3’s numerous capabilities to provide even more rewards to its members. SWEAT and the Sweat Wallet App will be released in 2022, with a Token Generation Event slated for September 12.
The Sweat ecosystem’s quick expansion impressed investors. It has already generated a global Web2 Movement Economy with millions of participants. Because of the simplicity of participation in the Sweat ecosystem, it has the potential to enable millions of people worldwide to engage in the decentralized Web3 economy.
Sweat Economy is on a mission to encourage people to move more in order to live healthier lives. Sweatcoin is used by over 100 million users to motivate daily movement, and the app is presently the most downloaded Health & Fitness app in the world. You can read more information about Sweatcoin here.
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