How to get out of depression, stop being unhealthy, earn money and finally do something significant? For example, like this: get up off the couch and come up with a mobile application that motivates a lot of movement. The method works. Proved by Sweatcoin.
A fitness start-up with Russian roots, Sweatcoin attracted $ 5.7 million from Goodwater Capital, Greylock Partners through its Discovery Fund, Seedcamp and several other investors.
Sweatcoin was founded in the spring of 2016 by Russians Oleg Fomenko and Anton Derlyatka. According to its own data, the audience of the service is now about 2.28 million active users. The startup team has ten employees, the company's office is located in London.
The idea is to pay the user for the exercises. For these purposes, Fomenko developed a "sports cryptocurrency" - Sweatcoin.
Other financial details are not specified, but it is known that the funds raised will go to further promotion in the US, UK, and later in Europe and Asia.
Development of the Sweatcoin offers users to earn virtual currency for the steps taken: every thousand steps are exchanged for one coin, which can then be changed to fitness products and services (season tickets, sportswear, gift cards, etc.). However, for many users, coins are more of a psychological stimulus.
This is an emotional element that makes people communicate with Sweatcoin on a daily basis and open our mobile application three times a day.
- said Oleg Fomenko, co-founder of the startup.
He also said that the team plans to introduce a blockchain service into the work of the service, to allow trading in the internal currency of the application.
Since September 2017, Sweatcoin ranked first in the category of health and fitness by the number of downloads and is among the most downloadable applications of all types in the App Store and Google Play stores.
Information Source: SweatCoin