Sweatcoin (SWEAT) Raises $13M for September Token Launch

08/02/2022

2 minutes read

2022.08.02 21:22

Sweatcoin, the free to use health & fitness app is stepping into crypto. Sweatcoin is getting ready for the grand opening of its native token $SWEAT in September. The expansion is powered by a recently completed round of funding, which collected $13 million for the step counting app’s ecosystem. On top of that, Sweatcoin is now officially the most downloaded Health & Fitness app worldwide.

What an amazing 6 months!The No.1 global H&F app 2022 (first half of…)Here’s to the second halfhttps://t.co/fMz0ydDVTH

— Sweatcoin (@Sweatcoin) July 28, 2022

First Round of Funding With Established Names in Crypto

Despite being relatively new in the market, Sweatcoin app already has nearly 100 million active users worldwide. If compared to another popular step-counting app, STEPN, that’s 97 million more already. Moreover, the Sweatcoin app’s transition into Web 3 won’t require users to pre-purchase a sneaker NFT, while the SWEAT wallet is also created for free upon the completion of registration.

The NEAR Foundation is among the top investors in the inaugural funding round for Sweatcoin. The foundation was the first one to report the completion of the funding round. What’s more, the company’s transition to Web 3 is also supported by JUMP, another company that’s prominent in the ‘earn to’ app sector. For instance, JUMP is behind the micro mining app HoneyGain, which pays out in the firm’s native JUMPT token.

10/ @SweatEconomy completes $13M funding round. The team behind the most downloaded Health and Fitness app in the world — @Sweatcoin — has completed $13M in funding, including a private token sale, to accelerate their move into #Web3. More info https://t.co/ivqLA1xTet

— NEARWEEK | NEARCON 2022 Ⓝ (@NEARWEEK) August 1, 2022

Moreover, well-known players in the crypto game Polkadot co-founder Bjorn Wagner and Polygon co-founder Sandeep Nailwal joined the funding campaign. The list of investors goes on with huge crypto hedge funds like Spartan Capital & Electric Capital adding their piece, totalling to $13 million in the pot for the new Sweatcoin (SWEAT) Web3 Ecosystem.

A Coin for Every Thousand Steps

The Sweat Economy is ready to launch its own DAO (decentralized autonomous organization). As the ecosystem is built on NEAR protocol, users will be able to carry on being on the network after the upgrade. However, Sweatcoin (SWEAT) announced they’re also working on Ethereum (ETH) support. As Ethereum’s blockchain is a lot more popular among crypto fans, this could bring the step counting app to a wider audience.

Ultimately, now every time you go for a relaxing walk or a stroll, you’ll be able to earn crypto. Every 1000 steps is converted into 1 Sweatcoin. In spite of that, there’s no information yet of the conversion rate to $SWEAT. The conversion will happen on September 12th and every user will be able to trade the brand new coin for goods, services, other popular cryptocurrencies, donations or minting of exclusive NFTs.

As the app proudly describes, with Sweatcoin ‘You’re walking for crypto’. Even though it is not known yet how much the fresh coin is actually worth, the app’s Web3 entrance looks promising and could become one of the most motivating health & fitness apps ever seen.