The company will leverage the NEAR protocol due to its vision of bringing Web3 technology into the world.
Sweat Economy, a popular move-to-earn (M2E) application founded back in 2015, has recently announced that it secured $13M in a funding round led by Spartan Capital, a NY-based financial services organization.
According to the official announcement, the company will leverage the fresh capital to expand into the Web3 ecosystem and boost the usage of its native token SWEAT, which will become the new currency for the application on September 12th.
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The fundraiser also saw participation from a number of prominent investors, including the NEAR Foundation, Electric Capital, Goodwater Capital, Spartan Capital, Blockdream Ventures, GSR Ventures, Jump, and OKX. Polkadot co-founder Bjorn Wagner, Polygon co-founder Sandeep Nailwal, and founder of Civic Vinny Lingham, also backed the round.
Oleg Fomenko, the co-founder of Sweat Economy, commented on the capital and noted that it will provide the firm a significant boost in shaping the community, as its new coin will allow the 5 million users of the platform to earn crypto. He added:
"Our mission is to make the world more physically active. Anything we do with our project is there to bring in more motivation for people to put one foot in front of another."
Sweat Economy is aiming to inspire users to improve their health by exercising and earning money at the same time. Currently, the app is completely free-to-play.
The company also noted that SWEAT will be built on the NEAR blockchain and will be available as an ERC-20 (Ethereum) token and a NEP-141 (NEAR) token. To earn one SWEAT token, used for redeeming branded products, digital services, and donations, users will have to take only 1000 steps.
