Sweatcoin’s app hooks into smartphone health data and GPS to track steps and awards users a monetary "sweat" value (about 0.95 per 1,000 steps) that can be redeemed for goods and services. The app is designed to reward outdoor walking (though the article notes it sometimes counts indoor steps on the reviewer’s phone). Users can trade accumulated sweatcoins for fitness gear, workout classes, gift cards and other offerings; the free tier caps daily earnings at five coins while paid tiers lift that limit. The company reported growing to more than 5 million users in the past year, over 2 million weekly active users, and a 266% revenue increase in the last quarter. Sweatcoin plans to expand beyond the U.S. and U.K. to other English-speaking countries and then to continental Europe and Asia. Co-founders Anton Derlyatka and Oleg Fomenko have also discussed building an open-source blockchain DLT to enable trading of sweatcoin and even the future possibility of paying taxes with the currency.

Total raised

$6M

Funding rounds

1

Latest round

Seed

Latest activity

Jan 2018