Barbarian Investors

Oleg Fomenko is our guest on the podcast today. He is the co-founder and CEO of an ingenious new health and fitness app called Sweatcoin. Simply speaking, Sweatcoin allows you to turn movement into currency and it does so by monitoring the steps you take when you walk in order to reward you with 'coins' that you can then spend on real life goods, service and experiences, available through the Sweatcoin platform. The app has proven extremely popular with over 10,000 active users since its launch in May this year. According to Oleg, Sweatcoin's success is rooted in 'Behavioural Economics' and Sweatcoin' ability to overcome a prevalent condition known as 'Present Bias' i.e. a tendency to underestimate the future consequences of our actions and ignore things that do not have an immediate effect on us. So by rewarding exercise with 'instant' coins, Sweatcoin 'gamifies' our exercise regime, which in turn hits our 'present bias' instant gratification hot-spot with immediately quantifiable bene