• Sweatcoin App Expands into Web3.0 with $13M in New Funding

  • Oleg Fomenko, co-founder of Sweatcoin Economy, stated that the company will create a totally new application while preserving the existing one.

    Sweatcoin, an ecosystem that rewards people for physical activity, has raised $13 million in new funding as it seeks to expand its reach into the Web3.0 realm. The investment round was supported by some of the most renowned crypto investors, including Electric Capital, Spartan Capital, Jump, GSR, and the NEAR Foundation.

    Angel investors include Polkadot co-founder Bjorn Wagner, Polygon co-founder Sandeep Nailwal, and Civic co-founder Vinny Lingham. The Sweatcoin app’s Web3.0 investors profile demonstrates how much innovation the firm is bringing to the move-to-earn ecosystem.

    Sweatcoin is a functional platform with up to 100 million users that have signed up to use the app to incentivise their daily outdoor exercises. The software works by calculating the number of steps performed and earning Sweatcoins, which can be redeemed for branded products, digital services, and charitable donations.

    Sweatcoin plans to establish a new digital currency called SWEAT with the help of the new funding, and Sweatcoins created in the parent app will now be interchangeable with the Web3.0 version.

    Sweatcoin Web3.0 is based on the NEAR protocol, but it may now now be accessed via Ethereum. The SWEAT token validates both the ERC-20 and the NEP-141 (NEAR) token standards. According to the firm, the token will also be compatible with any EVM-compatible protocol.

    With the SWEAT Foundation’s assistance for the Web3.0 transition, the startup will establish a Decentralized Autonomous Organization (DAO) in which Sweatcoin community members will be responsible with controlling the system. Prior to the DAO’s launch, the company stated that it will retain a legislative framework in which decisions such as the minimum threshold of activities will be tied to what is available in the primary app.

    Sweatcoin Will Keep Its Old App Despite Web3.0 Transition

    Sweatcoin Economy co-founder Oleg Fomenko stated that the company will create a totally new application while preserving the previous one. He stated that this technique is intended to retain its initial users, as many may be unable to deal with cryptocurrency due to constraints in their country.

    “We chose not to integrate the crypto offering into the existing app because it is an entirely new product,” Fomenko said. “The Sweatcoin app remains the movement-validator app, but the Sweat Wallet App will provide a new portal to Web3. it will offer people a host of crypto services, from purchasing popular cryptos with fiat to crypto-to-crypto exchange, NFTs, gamification, and more.”

    As of now, 11 million people have “opted-in to build their non-custodial wallet associated with the app.” The administration of the Sweatcoin Web3.0 version is bound to offer a low barrier to entry because, unlike StepN, users will not need to acquire a Non-Fungible Token (NFT) to get started.

    If users do not migrate, a modest penalty may be imposed, with the DAO determining the threshold.

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