“Paying us to walk? Turning steps into currency?” We get it. It sounds too good to be true. But we assure you, Sweatcoin has no strings attached. Let us explain.
How did we start up?
To deliver a revolutionary new currency, we needed a few basics – like a roof over our heads.
Ambitious start-ups are powered by a few simple ingredients – passion, energy, determination and…money! So at the start of our journey, we raised money from angel investors. This helped us build our first version of the app and launch it in 2016.
Last year we secured another round of funding from investors who believe in our mission and the potential of Sweatcoin. What do they get out of it? They own a piece of the company and (hopefully) will make a return on their investment.
Sure, but how do you make money?
Easy. Our brand partners pay us to be featured in our marketplace. Why? Because they want to connect with people like you. We select brands, products, and experiences with you in mind, that we think you’ll love.
We’re not the only ones who believe your steps have value. We are already teaming up with insurance companies and local governments. Health is big business, and it doesn’t come cheap. Insurers and governments spend billions of dollars a year in healthcare costs and payouts, with a lack of physical activity a key contributor in increasing a person’s risk profile. In the UK alone, physical inactivity costs the country £7.4bn each year. Given that Sweatcoin has been shown to increase physical activity, insurers and governments are excited to partner with us and reward healthy behavior, just as we are!
But why there is a 5% commission fee?
When we pay for friend invites and other bonuses, these funds come from the Sweatcoin bank. Unfortunately, sweatcoins don’t grow on virtual trees, and we can’t magic any up or ‘print’ out a bunch – they are earned by physical movement and that’s it. Yes, you’ve heard it right: no sweatcoin in existence has been created out of thin air. They’ve all been generated by one of you walking at some point in the past. Sharing 5% commission with us from each sweatcoin you generate allows us to give more back – to you and everyone in the Sweatcoin community.
So there you have it! How Sweatcoin makes money has been revealed. And it doesn’t involve any dark magic or funny business. It just makes good old fashioned sense. Anyway, that’s enough about making money. It’s time to make some sweatcoins!