Place/Date: London, England - September 27th, 2022 at 2:34 pm UTC · 3 min read
Contact: Matthew Neill, Source: Qredo
Qredo is delighted to announce its custody partnership with Sweat Economy on Sweat Wallet, the fastest growing DApp of all time.
With 120 million users across Web2 (Sweatcoin app) and Web3 (Sweat Wallet), Sweat Economy is the original ‘Move-2-Earn’ and one of the largest active communities in crypto. On September 13th Sweat Economy distributed over 4.7 Billion of its new SWEAT token to 13.5M of its Sweatcoin users who opted to enter into Web3 and immediately jumped to the top of the DApp charts with its new Sweat Wallet app.
Users mint SWEAT with their physical movement and access it via the Sweat Wallet app, seamlessly incentivising increased rates of movement with financial reward, with 1000 steps equivalent to one SWEAT initially. Each SWEAT will be more difficult to mint than the last – designed as such to preserve token utility and control the rate of token release.
Qredo will provide custody services for SWEAT assets, secured by our innovative decentralized Multi-Party Computation encryption and institutional-grade governance controls.
Josh Goodbody, COO, Qredo, said:
“This partnership demonstrates the value of Qredo’s custodial network and the game-changing security it can provide to all types of stakeholders active in Web3. Sweat Wallet app users can now get moving with confidence that their assets are backed by one of the most robust security infrastructures currently available in the crypto market.”
Oleg Fomenko, Co-Founder, Sweat Economy, said:
“For a mass market crypto product such as SWEAT, wallet and key security can throw up huge adoption barriers. After testing a number of multisig custodial solutions we are excited to partner with Qredo given their innovative approach to decentralized custody and the cross platform liquidity that they offer for our millions of new crypto users.”
Qredo is a decentralized digital asset management infrastructure and product suite designed to unlock new opportunities for institutional investors in digital assets and decentralized finance.
Qredo’s Layer 2 blockchain protocol enables users to seamlessly transfer and settle BTC, ETH, BNB Chain, Solana, Polkadot and ERC-20 tokens.
Assets are secured by Qredo’s advanced Gen 2.0 multi-party computation (MPC), which provides tier-1 bank security and institutional-grade governance.
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Established in 2015, Sweat Economy is on a mission to promote healthier living by encouraging people to move more. Over 120M users rely on Sweatcoin to incentivize their daily movement with the app, currently the most downloaded Health and Fitness app in the world. The Web2 app awards ‘sweatcoins,’ dubbed “Airmiles for steps” that can be redeemed for branded products, digital services, and charitable donations.
In September 2022, they launched SWEAT, their web3 token, and achieved over 13.5M opt-ins < 4 month from within the Sweatcoin user base to whom over 4.7 Billion SWEAT were air dropped on launch. This became the largest on-ramp ever in crypto. The Sweat Wallet also launched at this time to enable the direct management of the currency including functionality such as staking and access to rewards with many additional features scheduled within the roadmap.
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