- Sweat Economy is launching the Sweat Wallet app and SWEAT token in the US.
- Sweat Economy’s popular Sweatcoin app has reached 130 million users since its launch.
- Existing Sweatcoin app users in the US will get an airdrop of SWEAT tokens.
The California-based crypto startup Sweat Economy is set to launch in the US, bringing its Web3 move-to-earn project to Americans.
The Sweat Wallet application and its native token, SWEAT, will launch in the US on September 12. The launch will coincide with the first anniversary of the Web3 project’s global launch.
Sweat Economy started with its popular Sweatcoin app, which incentivized users to move with in-game currency. Users can use its in-app currency to redeem branded products, digital services, or donate to various charities.
Sweatcoin became the most downloaded fitness app in 2022, reaching 130 million users since its launch.
Last year, Sweat Economy launched the Sweat Wallet app and its cryptocurrency, $SWEAT, to reward users with a tradeable asset. Over 14 million users received tokens in the massive airdrop event,.
Regulatory Hurdles for Sweatcoin
While Sweatcoin has been available in the US since 2016, regulatory barriers prevented the launch of Sweat Wallet and SWEAT tokens. Existing Sweatcoin app users will receive their allocations of $SWEAT in proportion to their current Sweatcoin holdings.
In addition to earning $SWEAT through walking, the Sweat Wallet app will allow users to generate the token with its Learn and Earn feature. Players will also have access to the NFT game, Sweat Hero in the app.
“It is a great pleasure to finally bring Sweat Wallet to the US market…It’s wonderful to announce the good news to our millions of US-based users now,” said Oleg Fomenko, Sweat Economy co-founder.
The team has emphasized that $SWEAT tokens for the US launch will not come from additional token emissions but from existing token allocations. The team hopes that the US launch will help boost demand for the application and its token.
On the Flipside
- Sweat Economy’s US launch announcement came when the country’s financial regulators were cracking down on crypto.
- The SEC has indicated that even free token airdrops can constitute a securities offering in some cases.
Why You Should Care
With hundreds of millions of users, Sweatcoin is likely the most famous crypto-adjacent project in existence. Projects like these reveal valuable lessons on crypto adoption.
Read about other move-to-earn projects in 2023:
Top 10 Move-to-Earn Projects to Try in 2023
Learn about sweatcoin’s newest features:
Sweatcoin Rolls Out Learn and Earn Ahead of SWEAT Token Unlock