Slovenian start-up FitBeat secures US$25m investment

Ljubljana, 5 October - FitBeat, a Slovenian blockchain startup, has secured a US$25 million investment from the Bahamian-based digital asset investment firm GEM Digital Limited. The funding will support development of an app stimulating an active lifestyle and its own virtual environment called FitBeatverse.

Ljubljana
Slovenian tech start-up FitBeat secures a US$25 million investment from GEM Digital Limited to assist it in the development of an app stimulating a healthy life style that will later operate in its metaverse.
Photo: FitBeat.io website

Fit&Beat is currently still in the phase of development and will be available for Android and iOS smart phones, the company said in a post on its web site.

"As the prevalence of inactive and obese populations continues to rise, our main goal is to incentivize individuals to live a healthier and more active lifestyle by rewarding them for their workouts," Mark Kalin, a co-founder of Fit&Beat, was quoted as saying.

Based on the model Move2Earn, the app combines the most advanced principles of mobile gaming, using Blockchain technology paired with virtual and augmented reality solutions.

With the help of artificial intelligence the app will analyse data from users and coaches in the FitBeat network. The data collected will be used to create individualised exercise plans for users. The data are to be stored securely on the network using blockchain technologies.

The company says the app is unique to provide undeniable proof of exercise and financial rewards based on the interaction between users and workouts, initially in the form of augmented reality and in the future in virtual reality as well. Users will earn an FTB coin with every calorie consumed, which can be traded and purchased across all branches of the FitBeat ecosystem.

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