• Sweat Economy is a web3 project that seeks to unlock the economic value of movement.
• They have an existing Web2 app called Sweatcoin app and launched a native token, SWEAT, alongside their Web3 wallet application, Sweat Wallet in September 2022.
• US customers were unable to receive their SWEAT allocations or start generating new SWEAT tokens by walking but this will change on September 12, 2023 when the app launches in the US.
Sweat Economy Re-Launches in US
Sweat Economy is a web3 project that seeks to unlock the economic value of movement through its applications and native token, SWEAT. The venture had previously launched its Web3 wallet application and native token in September 2022, however US customers were unable to access these services due to regulatory barriers.
Web2 App Available Since 2016
The venture also operates a Web2 application called Sweatcoin app which rewards users with loyalty points known as ‘Sweatcoins’ for every step they take when walking. The app has been available in the US market since 2016 and will be relaunching its Web3 wallet application and native token later this year on 12th September 2021.
SWEAT Token Distribution
Starting from the launch date, all Sweatcoin app users from the United States will receive their allocations of SWEAT tokens proportional to their current ‘Sweatcoin’ holdings so they can start earning more tokens for taking steps right away. These tokens will not come from additional emissions but from existing allocations.
Commenting on this development, Founder of Sweat Economy Oleg Fomenko said: “It is a great pleasure to finally give our US userbase access to our platform after having fulfilled all the necessary legal requirements.“ He further added that they are looking forward to providing American users with an entirely new way of participating in digital economy through rewarding physical activity with cryptocurrency rewards.
In conclusion, Sweat Economy is set to re-launch its Web3 wallet application and native token SWEAT in the United States later this year on September 12th where American users will be able access these services at last after meeting all necessary legal requirements.