Move-to-earn app Sweatcoin raises US$13m for Web3 expansion
Sweatcoin, a popular app that rewards users for movement, has raised US$13 million in new funding as the company plans to expand its presence in Web3.
Investors in this round include prominent blockchain investors, including Spartan Capital, Electric Capital, OKX Blockdream Ventures, Swissborg Ventures and GSR.
The move-to-earn app has around 100 million users worldwide and allows people to earn incentive coins according to the number of steps they walk or run. They can then use the coins to redeem products, digital services or donate to charity.
The total value of products and services redeemed reached US$70 million for the period between January and March this year.
With the new funding, Sweatcoin is planning to issue its own crypto asset, SWEAT, on September 12, as part of its efforts to pivot into Web3. From then on, incentive coins will be matched with the SWEAT token. The first 5,000 steps a user walks in a day will be converted into SWEAT while any further steps will be stored as coins.
In the future, the company plans to run Web3 events and campaigns where SWEATs can be obtained. Users who do not wish to convert their coins to SWEAT will also be able to store them as coins.
Oleg Fomenko, co-founder of Sweat Economy, which operates Sweatcoin, said the moves would play an important role in realising the company’s goal of bringing one billion people to Web3. He said they were also delighted to be partnering with a group of investors with rich experience and a strong track record of supporting start-ups.