Sweatcoin: how to turn your worst moments into your best, with Co-Founder Oleg Fomenko

Secret Leaders with Dan Murray-Serter

English - August 02, 2022 06:00 - 58 minutes - ★★★★★ - 20 ratings
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Previous Episode: How I failed: the gym business which went under, with Shares Co-Founder Benjamin Chemla

Next Episode: How I failed: Launching a website no one visited with Founder Chris Donnelly

What makes you want to exercise? Would you do it more if you were paid to do it?
Oleg Fomenko thinks we aren’t naturally disposed to want to exercise, that we have evolved to preserve our store of calories rather than spend them. So, he built Sweatcoin, along with his Co-Founder Anton Derlyatka, an app that will literally pay you for taking steps outside. Specifically it will pay you a certain amount of ‘sweatcoin’ for every thousand steps you take. This digital currency can then be switched for products, as well as their new cryptocurrency, SWEAT.
Oleg came up with Sweatcoin in 2015 when he was struggling to find the motivation to exercise after his startup, a music streaming service called Bloom.fm, suddenly went under. Recovering from the end of that company also led him to a key realisation that he says is important for every entrepreneur to know. And it must work, because Sweatcoin is growing fast. It currently has over 100 millions users, and has no signs of slowing down.
Listen to find out: how the current war in Ukraine is affecting him as a Russian-born entrepreneur; why cryptocurrencies are going to change the face of Sweatcoin; and what advice he would give to other entrepreneurs that want to replicate his success.
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What makes you want to exercise? Would you do it more if you were paid to do it?

Oleg Fomenko thinks we aren’t naturally disposed to want to exercise, that we have evolved to preserve our store of calories rather than spend them. So, he built Sweatcoin, along with his Co-Founder Anton Derlyatka, an app that will literally pay you for taking steps outside. Specifically it will pay you a certain amount of ‘sweatcoin’ for every thousand steps you take. This digital currency can then be switched for products, as well as their new cryptocurrency, SWEAT.

Oleg came up with Sweatcoin in 2015 when he was struggling to find the motivation to exercise after his startup, a music streaming service called Bloom.fm, suddenly went under. Recovering from the end of that company also led him to a key realisation that he says is important for every entrepreneur to know. And it must work, because Sweatcoin is growing fast. It currently has over 100 millions users, and has no signs of slowing down.

Listen to find out: how the current war in Ukraine is affecting him as a Russian-born entrepreneur; why cryptocurrencies are going to change the face of Sweatcoin; and what advice he would give to other entrepreneurs that want to replicate his success.