• Sweat Economy is a web3 project that seeks to unlock the economic value of movement.
• It operates a Web2 application called Sweatcoin app which has been available in the US market since 2016 and it launched its native token called SWEAT and its Web3 wallet application called Sweat Wallet.
• Starting September 12th, 2023, US residents will be able to install the Sweat wallet application and receive their allocations of SWEAT in proportion to their current ‚Sweatcoin‘ holdings.
Sweat Economy: Unlocking The Economic Value Of Movement
Sweat Economy is a web3 project that seeks to unlock the economic value of movement. Since 2016, it has operated a Web2 application called Sweatcoin app which rewards millions of US users with loyalty points called ‚Sweatcoins‘ for the steps they make when walking. Last year in September, Sweat Economy launched its native token called SWEAT alongside its Web3 wallet application called Sweat Wallet but was unable to pass regulatory barriers in the US.
US Launch Date Announced
The launch of Sweat Wallet and its native token, SWEAT, is scheduled to coincide with the first anniversary of the venture’s global launch on September 12th 2023. Starting on that date, US Sweatcoin app users will receive their allocations of SWEAT in proportion to their current ‚Sweatcoin‘ holdings and can start earning more SWEAT tokens for their steps right away. Tokens will come from existing token allocations rather than additional emissions.
Commenting on the new development, Founder Oleg Fomenko said: „It is a great pleasure to finally bring our services to US customers after being unable to do so due to regulatory hurdles we faced last year.“ He went on further expressing his excitement about bringing liquidity solutions such as asset-backed lending pools powered by $SWEAT tokens for both individuals and institutions in 2021/22 roadmap goals.
In addition to providing economic incentives for physical activities through its loyalty point program, Sweat Economy also focuses on sustainability initiatives such as carbon offsetting programs and partnering with organizations working towards making cities greener places. These initiatives are now available globally including United States following successful negotiations with various governments regarding local regulations related to digital assets trading and utilization within this region.
Following a previous unsuccessful attempt at launching its Web3 wallet applications and native token (SWEAT) in the United States due to regulatory hurdles, Sweat Economy is set re-launch itself later this year coinciding with its first anniversary launch date – September 12th 2023 – allowing US residents access into receiving their allocations as well as start earning more tokens through physical activities tracked by the app’s loyalty point program.