Representatives of Sweat Economy announced that they had raised $13 million in a funding round. Its leader was Spartan Capital, which wished to help the SweatCoin project’s developers in development actively. In addition, Electric Capital, OKX Blockdream Ventures, Goodwater Capital, and GSR Capital took part.
According to the project’s founders, the investment round included equity financing and a private sale of virtual assets. Sweat Economy plans to use the funds raised to expand the use of its SWEAT token in the internal ecosystem, including in the Sweatcoin application.
This site will reward users with native digital currency for completing several steps. These funds can be used for discounts or donated to charity. The developers have assured that the application has over 100 million customers, which makes it the most popular among frequently downloaded health and fitness programs in 2022, according to Apptopia.
Spartan Capital founding partner Calvin Koch said connecting a business to Web3 technology can be intimidating for casual users because it involves learning something new. Startup Sweatcoin wants to offer its clients an innovative way to earn money from individual sports while eliminating the need for experience and understanding of the technical nuances of the process.