What is Sweatcoin (SWC) all about?
Sweatcoin is a digital currency that you earn by walking or running. Simply, Digital currency backed by physical movement.
You earn SWCs through an app on your phone; it tracks your outdoor steps throughout the day; and consequently rewards you with about 1 SWC (1 Sweatcoin) per 1,000 steps you make. Redeem these coins for gifts ranging from magazines, healthy energy drinks, music downloads; to digital watches, running shoes, electronics, and more.
The concept is to incentivise you in order to get off the couch, break away from the desk at work and start moving. In addition to helping you feel better, look better and just be healthier; Sweatcoin, in effect, hopes to put a few extra bucks in your pocket.
Sweatcoin was created with the mission to motivate people to be more physically active and fight the obesity problem that costs the global economy billions of dollars in direct costs every year.
In order to motivate people to move more, Sweatcoin identified the need to overcome ‘present bias’ ; a term used in behavioural economics to describe humans tendency to ignore things that don’t have an immediate effect on us. The solution, consequently, a fitness app that converts outdoor steps into a virtual currency, which can be spent within the app’s marketplace on real goods and services (providing immediate gratification).
The Sweatcoin app converts movement into a form of digital currency called ‘Sweatcoin’. It runs in the background of your iPhone, or Android phone.
Walk & Earn
We track & verify your outdoor steps using your phone’s accelerometers and GPS location. Those steps, as a result, get converted into our currency — Sweatcoin SWC
What can I get for Sweatcoins – SWC?
Goods, services & experiences ranging from anti-gravity yoga classes to high-tech shoes, to iPhones and Apple Watches. You can also donate your SWCs to some of our amazing partnering charities; making for an easy way to help others around the world.
You can also spend them on goods, services and experiences on our market place with our partners or exchange them with your friends and family for whatever you fancy. The fitter and healthier you become the wealthier you get. Movement has value!
How can You get Featured on Sweatcoin?
Own one of 4 featured slots in front of millions of physically active and technologically savvy users, effectively, looking for the coolest new products.
Who runs this, Sweatcoin?
As of now, more than 400 vendors in the UK, US, EU, Canada, and Australia accept this as a means of payment via the app’s marketplace.
Since launch, the Sweatcoin app has had over 25M downloads with 5M users using the app on a weekly basis
SweatCo Ltd, the company behind Sweatcoin, to date has successfully raised almost £5m in venture capital funding. The most recent £4.2m round closed in December 2017; led by Goodwater Capital (a consumer technology focused Silicon Valley VC firm).
Greylock Partners, Rubylight, Seedcamp, Justin Kan (founder of Twitch and Justin.tv) and Rain Lohmus (founder of LHV Bank), also participated in the round.
Click here to see other cool stuff on Traveling W Style. Subscribe to our newsletter to get more updates on our posts.