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Health App Sweat Economy Secures $13M in Funding Round

Health App Sweat Economy Secures $13M in Funding Round

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The company uses the NEAR protocol in its vision to bring Web3 technology to the world.

Sweat Economy, a popular earn money (M2E) app founded back in 2015, has recently announced that it will secure 13 million dollars in a funding round led by Spartan CapitalA financial services organization based in New York.

According to the official announcement, the company will use the new capital to expand into the Web3 ecosystem and increase the use of its original SWEAT tokenwhich will become the app’s new currency on September 12.

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Several prominent investors also participated in the fundraising event, including NEAR Foundation, Electronic capital, Goodwater Capital, The capital city of Sparta, Blockdream Ventures, GSR Ventures, Jumpand ALRIGHT. Founder of Polkadot Björn WagnerFounder of Polygon Sandeep Nailwaland founder of Civic Vinny Linghamalso supported the tour.

Commenting on the capital, Sweat Economy co-founder Oleg Fomenko stated that it will give the company a significant push to shape the community, as its new coin will allow the platform’s 5 million users to earn. crypto. He added:

“Our mission is to make the world more physically active. Everything we do in our project is to motivate people to put one foot in front of the other.”

Sweat Economy aims to inspire users to improve their health by working out and making money at the same time. Currently, the app is completely free to play.

The company also stated that SWEAT will be built on the NEAR blockchain and will be available ERC-20 (Ethereum) token and NEP-141 (NEAR) token. To earn one SWEAT token, which is used to redeem branded products, digital services and donations, users only need to take 1,000 steps.

Gyth L. - cryptanalyst

by Gyth L. – Crypto Analyst, BitDegree


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