Home Finance Move-to-earn Sweatcoin Raises $13 Million

Move-to-earn Sweatcoin Raises $13 Million

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Sweatcoinan application that rewards physical activity of its usershas just completed a fundraising from Swissborg Ventures, Electric Capital and the foundation Near.

Web2 application in repurposing, Sweatcoin claims over 60 million users worldwide. The principle is simple: reward its users’ trips by giving them points that can be exchanged for offers from its 600 partner brands.

The startup founded in London in 2015 is now expanding to Web3 with the upcoming launch of a reward token named SWEAT and based on the Near blockchain. And for that, it gives itself the means of its ambitions.

Earlier this week, Sweatcoin has indeed announced a 13 million dollar financing roundincluding a token sale. Several venture capital firms specializing in the crypto participated in the operation. We count in particular the presence of Electric Capital, Spartan Capital, OKX Blockdream, Swissborg Ventures or GSR. The Near Foundation also took part in the fundraising.

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Sweatcoin will use the newly raised funds to “expand the ecosystem” of Sweat Economynow claiming the creation of more than 11 million wallets.

We are thrilled to partner with such an illustrious group of investors with their deep domain experience and strong track record of investing in and supporting game-changing startups. These partners support our vision of how to bring the next billion into Web3, and we are confident that Sweat Economy will play a key role in achieving that goal,” Sweat Economy co-founder Oleg Fomenko praised in a statement.

Unlike the flagship blockchain application in this area StepN, Sweatcoin indicates that its users do not need to purchase a NFT to start using its service.

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In an interview with RoyalsBlue.com Earlier this spring, Marieke Flament, CEO of the Near Foundationsaid its partnership with Sweatcoin led to the creation of 700,000 new wallets in the first five days after the announcement.

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