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The move-to-earn app Sweat Economy is launching in the US.<\/p>\n
American Sweatcoin users are now able to move their SWEAT tokens into the Sweat Wallet app and trade the currency on secondary markets. The company\u2019s co-founder said the move came after the company\u2019s legal advisors said SWEAT is safe from being labeled as a security by US regulators.<\/p>\n
Sweatcoin takes phone data to count users\u2019 steps, allowing every 1000 steps to be redeemed for one SWEAT. The tokens are currently worth around a cent and are tradeable on Bybit, KuCoin, and OKX, among other exchanges<\/a>. Users can also earn SWEAT by playing Sweatcoin\u2019s NFT game and staking their SWEAT in \u201cGrowth Jars.\u201d<\/p>\n Sweatcoin was founded in 2014 but didn\u2019t go on-chain until last year, when the company launched its SWEAT token on the NEAR protocol. The 2022 launch didn\u2019t bring SWEAT to America, however.\u00a0<\/p>\n This was because \u201cparanoid\u201d lawyers advised the company against ongoing uncertainty about the legal status of crypto in the US, according to Oleg Fomenko, the Sweat Foundation\u2019s co-founder.<\/p>\n But after Ripple scored a partial court win in its long-running legal fight with the US Securities and Exchange Commission<\/a>, the company and its lawyers became \u201c100%\u201d certain that SWEAT is not a security.\u00a0<\/p>\n A federal court ruled<\/a> in July that while Ripple\u2019s [XRP<\/a>] sales to institutions constituted securities offerings, its programmatic sales did not. The case is ongoing.\u00a0<\/p>\n Move-to-earn apps have caught flack in the past<\/a> for their allegedly unsustainable economic models, but Fomenko said that Sweat\u2019s economic structure isn\u2019t based on \u201cponzinomics.\u201d Sweat, Fomenko argued, spent eight years building out its business before creating a token.<\/p>\n At the time of writing, Sweat Wallet is the #8 financial app on the app store<\/a>.\u00a0<\/p>\n The US \u201cneeds this,\u201d Fomenko added. \u201cBecause let\u2019s face it: we [don\u2019t have] an extremely fit population.\u201d<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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