Sweat Economy plans to make its cryptocurrency services available to users in the American market, including the Sweat Wallet app and its native coin, $SWEAT.
The Move2Earn Project Sweat Economy’s First US Web3 Launch
Move2earn is a cutting-edge idea popularized by businesses like Stepn. The concept is that by recording their steps or exercise, users can accumulate tokens. Under this mechanism, the price increase of the coin has occasionally depended on new users, with uncontrollable price spikes costing users money.
Sweat’s news comes as regulatory pressure on cryptocurrency in the U.S. is becoming more intense, with both NFTs and stablecoins being scrutinized. According to a company announcement, Sweatcoin’s non-crypto version has been available to the American market since 2016; however, customers have not yet been able to access its blockchain components because of the law. In addition, the firm said, Sweatcoin was the most downloaded health and fitness app worldwide in 2022.
$SWEAT is Now Available in the US
The change, which will formally go into effect on September 12—one year after its global launch—was announced at the ETH Denver conference. Current U.S. Sweatcoin app users can begin earning extra tokens for their steps and will receive their allocations of the cryptocurrency token, $SWEAT, proportionate to their current holdings.
“Since last year, we have been inundated by requests from our U.S. users, who have been desperate to … literally … walk into crypto. Although we wish we could have made this announcement last year – better late than never! It’s wonderful to announce the good news to our millions of U.S.-based users now.”Oleg Fomenko, Sweat Economy co-founder