The step-counter application Sweat Economy brought $13 million up in a private token sale driven by Electric Capital, Spartan Capital, OKX Blockdream Ventures, Goodwater Capital and GSR Ventures.
The financing will be utilised to speed up the application’s move into the Web3 space, and with native token SWEAT, clients can start acquiring crypto for their everyday activity.
Sweat Economy’s co-founder Oleg Fomenko, stated, “There is a huge amount of opportunity to create the economy of movement by creating this token.”
Established in 2015 as Sweatcoin – as of late rebranded Sweat Economy – means to rouse clients to work on their wellbeing through remaining dynamic. In doing so, they acquire in-app tokens that can be reclaimed for products, services and donations.
Following seven years of looking for the progress into Web3, Sweat Economy is cooperating with Near Protocol to help the application in its token generation. SWEAT will turn into the new cash for the application that users can procure through day to day activity.
Fomenko said various chains were thought of, however Near Protocol was picked for its vision on carrying Web3 to the world, its team members and its eco-friendly and speedy transactions.
Sweat Economy users – which at present number around 5 million – will have the chance to make an in-application Near wallet following the token generation event (TGE) scheduled for September 12.
Once finished, they can then begin procuring, with 1,000 steps enough to earn one SWEAT token. The Sweat app, however, is completely free to play and access
“Our mission is to make the world more physically active” commented Fomenko.
Fomenko further said, “Anything we do with our venture is there to acquire more inspiration for individuals to place one foot before another.”
For the present, users may have the option to hold their SWEAT inside the application. The tokens can ultimately be taken outside the app and utilised for saving, staking and buying NFTs.