By Liza Tetley on Thursday 14 April 2022
A quarter of a million users have signed-up to what will be the largest crypto giveaway in history, with currency minted by users’ step count.
Getting into crypto just got a whole lot cheaper (and healthier), as London-based tech company Sweatcoin prepares to launch a new token, SWEAT, that allows users to mint currency using just their shoe leather.
The company says its mission is to “inspire a healthier planet by incentivising people to move more” and has partnered with BVI headquartered crypto business, the Sweat Foundation Ltd, to offer the token.
With over 63 million users, who have collectively walked over 20 trillion steps, the company claims that SWEAT represents the world’s largest crypto giveaway ever.
Within 24 hours of the announcement, over 150,000 Sweatcoin users opted-in, and the numbers now stand at a quarter of a million.
Each user will be given a Sweat Wallet that will generate fees by enabling a suite of DeFi functions, such as the exchange of Sweat into other crypto, liquidity provision and staking.
The currency – which is built on Ethereum and uses NEAR as its blockchain provider – can be spent at over 600 partner brands or used as charity donations.
“For every 1,000 steps you take, you earn a Sweatcoin that can be redeemed for goods and services in the app from brands including Sonos and Reebok, or to donate to important charities such as Save the Children via Sweatcoin for Good,” says Anton Derlyatka, co-founder at Sweatcoin.
“From the start, there was also a greater ambition: to make a global, open crypto currency, to more tangibly realise the value of movement — Blockchain wasn’t sophisticated or fast enough back in 2015, but it is now.”
The company says that SWEAT will become harder to mint over time, giving early users an advantage in terms of obtaining the most value.
“For those that are new to the space, it’s the simplest way to gain access to an asset that’s both challenging and expensive to tap into,” says Oleg Fomenko, co-founder at Sweatcoin.
“The inherent issue with traditional cryptocurrency is that you have to use your own money. While SWEAT will be available to purchase, the key difference is that for everyday users, you invest your steps, which we hope is going to encourage people around the world to want to be more active.”
The firm says the launch will consist of a ‘Token Generating Event’ at which users will be rewarded with a once-only offer to match the number of Sweatcoins they hold in their wallet with an equal number of SWEAT.
For example, a user who has opted in with 1,000 Sweatcoins on the day of launch, would be given an additional 1,000 SWEAT by the Foundation.
The company did not confirm the launch date – which will be sometime in the summer – though said that further details will be released in May.