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#Sweatcoin pays #Brits #digitalcurrency to #getfit

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Image from Reuters shows Co-founder of sweatcoin Oleg Fomenko poses for a photograph with the sweat coin app open at his office in London, Britain May 4, 2016.


A new #smartphone application available in the #UK pays users to be physically active, rewarding them with #digitalcurrency that can be exchanged for goods or traded like money, reported Reuters.

In the Reuters article it states - It's the latest initiative in an emerging #fitness economy that includes all manner of monitoring devices, apps that reward activity with vouchers and even experiments in offering cheap insurance to people who can demonstrate they exercise.....

Currently available for Apple devices (iPhone 5s or newer), the #Sweatcoin app tracks and verifies a user’s steps through their phone’s accelerometers and GPS location, according to the product website. Those steps are translated into Sweatcoins, with 1,000 verified steps equaling 1 SWC. Users can spend earned Sweatcoins in an in-app shop, where they can purchase fitness apparel and pay for workout classes....

.....Sweatcoin has raised £610,000 ($890,000) from various investors. The company has also received a small grant and promotional support from London Sport, part of the Greater #London Authority that outgoing former Mayor Boris Johnson has pushed to encourage resident to boost their physical activity.....

Read More @CoinReport>>

Read Full Article@reuters>>



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