Sweatcoin, a London, UK-based provider of a free smartphone app that allows users to earn cryptocurrency in exchange for working out, raised $5.7m in seed funding.
The round was led by Goodwater Capital with participation from Greylock Partners, Rubylight and Seed Camp.
The company intends to use the funds to expand to English-speaking countries beyond USA and UK, to continental Europe and Asia.
Co-founded by Anton Derlyatka and Oleg Fomenko, Sweatcoin is a digital currency backed by physical movement. The app verifies and converts movement into currency. Users can then donate it to charity, transfer to other users or spend on products, services & experiences provided by Sweatcoin vendors and user community.