New York-based startup GymCoin wants to revolutionise the fitness industry with their new peer-to-peer, decentralised digital currency. The platform allows gym users to pay gyms, personal trainers and other fitness-related businesses directly through their phones.
GymCoin uses smart contracts that let users sign in to their partnered gym and earn GymCoins (GYM) during their session to pay for their time. Progress can be tracked within their app using scales installed in each of the partner gyms. The company also uses artificial intelligence to learn users’ interests and preferences. This information is temporarily accessible to gyms users sign into so that personalised trainers can be assigned to them.
The new cryptocurrency claims to be eliminating the problem of gym-users that travel frequently and simplifying the payment process for fitness providers by reducing transaction times and fees associated with credit card payments. Payments are made via the GymCoin mobile wallet available on both iOS and Android.
GymCoin is partnered with international gym chain, Gold’s Gym, UK-based Gymbox, and McFIT, which serves locations across Europe. This currently amounts to access to over 20,000 gyms worldwide. They are also in talks with PureGym, based in the UK, international Virgin Active, and Fitness First, the largest privately owned health club group in the world.
The initial coin offering (ICO) is set to begin on 11th February and end on 6th March with a token sale cap of 100,000,000 GYM.