Launch of the SWEAT token will allow the 60 million strong Sweatcoin community to earn crypto through walking 

Sweatcoin, the London-based tech company on a mission to inspire a healthier planet by motivating people to move more, will announce the imminent launch of SWEAT: the Token at the Paris Blockchain Week Summit tomorrow. 

Sweatcoin’s ongoing mission is to launch a global currency based on the value of steps and movement. The 63+ million Sweatcoin users, who’ve walked over 20 trillion steps together, will have the opportunity to have their in-app sweatcoins matched 1:1 with SWEAT tokens at a token generation event (TGE) timed for this summer. This will be one of the biggest onboarding of people into crypto in history. 

Designed to capture the value of movement, this revolutionary cryptocurrency will be minted purely by steps. SWEAT will be issued by the Sweat Foundation, a BVI headquartered crypto entity and Sweatcoin’s partner in launching the Sweat Economy, after the Token Generation Event (TGE) scheduled for this northern hemisphere summer.

Sweatcoin’s innovative model has been developed to radically incentivise the single most important part of people’s lives - their health. In creating the world’s first crypto token earnt through walking, Sweatcoin is pioneering a societal shift by empowering people to improve their health, and get paid for it. 

“We’re turning movement into a valuable, recognisable currency with SWEAT: the token, and for those that are new to the space, it’s a little-to-no-financial-risk option to get on board and gain access to an asset that’s becoming increasingly harder to mint, helping us to achieve the mission of making the world more physically active by unlocking the value of movement,” said Oleg Fomenko, Co-founder at Sweatcoin.

Sweatcoin has selected eco-friendly NEAR as the blockchain for its token and the NEAR Foundation is investing in the project. Other institutional backers include Electric Capital, Spartan Capital, Jump Crypto, OKX Blockdream Ventures (the venture arm of OKX) and GSR, as well as high-profile founders and builders like Terra founder Do Kwon, Sandeep Nailwal, Founder of Polygon (MATIC) and Bjorn Wagner, Co-Founder of Parity (Polkadot).

By building the token on top of NEAR’s super fast, incredibly secure and infinitely scalable blockchain, SWEAT will be a unique showcase of a blockchain working at scale without fuss. 

“One of NEAR’s core missions is to help onboard the world to Web3, collaborating with the Sweat Foundation allows us to take a step closer to that mission.” says Marieke Flament, NEAR Foundation’s CEO. “The company also aligns with our core values of sustainability. Building SWEAT, the token on NEAR’s carbon neutral blockchain empowers more people to work towards a more sustainable future.