Sweat Economy launches in the US

Crypto’s ‘move to earn’ champion Sweatcoin is launching in the US as well as eight other global markets. 

The blockchain-based Sweatcoin app has been around since 2015. It works by incentivising people to be physically active. This is then tokenised allowing people to trade their efforts for goods and services.

The Sweat Economy platform,  launched one year ago allows users to ‘mint’ tokens as they move around, providing a type of web3 on-ramp to users using Near protocol. A previous partnership with NHS trusts saw a trial group increase walking levels by 45 per cent on average, the company says.

Alongside the US, the launch includes the Bahamas, Barbados, Botswana, Ghana, Jamaica, Pakistan, Zimbabwe, and Uganda. 

The UK-based company says its app now has 140 million users, alongside c.800 brand partners including the likes of Adidas, Paramount, Fabletics, Amazon, and Garmin. These brands provide discounts and offers to users in exchange for sweatcoins.

“Our global community of users has been instrumental in supporting this launch and we are thankful for their participation in the biggest ever governance vote that allocated nearly 700 million $SWEAT to the new community members in consideration for their verified physical activity,” Oleg Fomenko, co-founder of Sweat Economy said.

“By expanding into these markets, we aim to inspire a new wave of physical activity and incentivize individuals to lead healthier lives, while paving the way for the next billion users looking to participate in the movement economy,” he added.