Just like its name suggests, Sweatcoin app tracks your outdoor steps and converts it into Sweatcoin cryptocurrency. The app verifies your steps with the help of GPS and phone’s accelerometer.
After you sign up the app and connect it to your phone’s health data, it uses GPS to track your steps. The collected Sweatcoins can be spent in more than 300 stores. For every 1,000 steps you take, you get 0.95 Sweatcoins.
As per TechCrunch, the startup has raised $5.7 million seed funding from Goodwater Capital and other angels. As per the founders, the funding would be used to expand the reach of the app to other English-speaking counties, and later to Asia and Europe.
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