Code Bytes: The startup says it has accumulated more than 5 million users in the past year and increased revenue by 266 percent in the last quarter. There are more than 2 million weekly active users on the app, and growing, making it one of the fastest-growing fitness apps in the App Store and second to the top in the free apps, next only to the Google Arts & Culture app that blew up over the weekend.
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.
The app says you can only earn these coins by walking outside so it theoretically doesn’t count if you are walking on a treadmill at the gym, though the app on my phone seems to count steps inside my apartment, as well. That’s at least something.
Note: I’m in my third trimester of pregnancy so I’m not exactly going the distance (just walking up the stairs feels like I’m trying to climb Mount Everest some days). That makes it a bit hard to earn my coins — I’ve only earned .33 in sweatcoins today, for instance, so don’t feel badly if you aren’t hitting that 10,000 step stride.
Another reason you may hit a wall of motivation in the app is that the free version limits you in how many coins you can earn a day to just five. However, you can earn more if you’re willing to fork over some of those sweatcoins per month to get you in the upper tiers and make some real sweaty moolah toward that coveted Fitbit or whatever fitness gear you’ve got your eye on.
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.