Nick Chong · 1 week ago · 2 min read · Insights via Grayscale Investments
Lympo Runs into Lithuanian Marathon to Reward Participants with Crypto Tokens
Up to 70 percent of European adults are overweight, according to the World Health Organization. Lympo is aiming to change that with the introduction of its new app, which incentives users to live a more active lifestyle by rewarding LYM tokens for completing activities.
Running for Tokens
Lympo, a blockchain company that rewards users for completing sports challenges with its LYM token, has teamed up with the Vilnius Marathon in Lithuania to release an early version of its app this weekend.
Speaking of the partnership, Vilnius Marathon race director, Darius Mikulis, expressed :
“It’s a winning combination to offer our runners a new way of motivation on their quest to achieve health goals and have the Lympo app supporting this year’s Danske Bank Vilnius Marathon.”
During race weekend, up to 15,000 runners will receive LYM tokens via the app’s digital wallet after completing different races, which will range from a 200m kids’ run to a full marathon.
Thanks to blockchain technology, Lympo can pay users who complete various fitness challenges through the app with its LYM token. The LYM crypto token can then be used to purchase sporting goods, such as athleisure and footwear, on the Lympo marketplace.
The LYM token can also be exchanged for euros or dollars on digital currency exchanges.
According to Ada Jonuse, Lympo’s co-founder and chief executive:
“This is the beginning of a great journey for Lympo. Later this year, our app will become available in the U.S., and we will enter the Chinese market with an app rewarding [users] for squats. I believe that this extra motivation to be healthy will inspire a lot of people around the world.”
Lympo has also secured several partnership deals with Caroline Wozniacki, the No. 2 women’s tennis player in the world, and the National Basketball Association’s Dallas Mavericks. However, further details of these partnerships have not been disclosed.
Taavi Rõivas Joins Lympo
In addition to the upcoming app launch, Lympo recently selected the former Prime Minister of Estonia, Taavi Rõivas, as the chairman of its supervisory board.
Speaking on the appointment, Jonuse said:
“We are thrilled to welcome Taavi Rõivas on board as the chairman of the supervisory board of Lympo. His position as a figurehead in the political and tech world will help share Lympo’s vision on how blockchain and data can help transform the fitness and healthy lifestyle industry.”
Rõivas chimed in, stating:
“Lympo’s mission is one that I can easily relate to. I ran my first marathon because of a challenge and have been a passionate runner ever since. I have seen many startups and know well that the key to success is to have a great team. Lympo’s team is one of the most inspiring, and I am certain that Lympo has huge potential.”
Lympo is set to expand its reach to the U.S. by the end of this year.