CAPE TOWN – A new start-up, Sweatcoin rewards users with cryptocurrency for being physically active.
The app boasts an increase of more than 5 million users in the past year, with its revenue experiencing a grwoth of 266 % in the last quarter.
The app is home to more than 2 million weekly active users and currently ranks as one of the fastest growing fitness apps in the App Store.
How it works is users sign up on their smartphone; they then connect their smartphone’s health and fitness data and GPS location to the app.
The app tracks your movement, from how many steps you take in a day and rewards you a monetary “sweat” value.
For every 1 000 steps walked, a user is rewarded .95 in sweatcoins.
Users can then trade in these coins for fitness gear, workout classes and several other offerings.
However, there are certain guidelines.
For example, you only earn coins when walking outside. Therefore, physical activity at the gym does not count.
The app is available in a free and paid version. The free version however limits users to earn just five coins a day.
The startup raised its own coin to R69.8 million in seed from Goodwater Capital.
According to Sweatcoin founders, the funding will be used to expand outside the U.S and U.K markets to other English-speaking countries, then to Europe and Asia.
Co-founder, Anton Derlyatka, says he would like to “even include the ability to pay taxes with sweatcoin” in the future.
Fellow co-founder, Oleg Fomenko also divulged plans to develop an “open-source blockchain DLT technology that will allow Sweatcoin to be traded like any other major crypto- or fiat currency.”
“We are out to fundamentally change the value ascribed to health and fitness and provide the motivation for people to lead better lives”, said Fomenko.
The app can be downloaded on iOS and Google Play.
Meanwhile, in South Africa, there are already a number of stores where cryptocurrency, Bitcoin, can be used as regular money. People can buy goods, clothes and even pay for their holiday using Bitcoin.
Here are some of the stores that you can use your bitcoin at:
1. RunwaySale is the largest fashion online shopping club in South Africa. They offer up to 70% affordable designers brands that you have exclusive access to. The sales last for online a few days and the stock is limited, so you have to be early to get the best choices.
Earthchild Clothing is a proudly South African national retailer and design house that offers clothing that is natural and made of organic cotton of the best quality and comfort.
This company is the biggest smart device repairers in South Africa. weFix, formerly known as iFix, repairs and services all Apple products an some Samsung devices. the devices range from iPods, iPhones, to Macs as well as Samsung smartphones and tablets.
This online shopping is the biggest e-commerce retailer in South Africa. Takealot boasts of a large product variety that is split into 23 departments. when paying with bitcoin on Takealot select instant EFT when you checkout to pay for your purchase with bitcoin.
5. Cape Coffee Beans
Cape Coffee Beans is an online store for the coffee lovers in South Africa. This online shop is the answer to all your coffee needs.
– BUSINESS REPORT ONLINE