Olivex And Lympo Collaborate To Integrate Lympo Tokens In 100 Squats Challenge To Prepare For First “Squat To Earn Crypto” Challenge
HONG KONG, 25 July 2017 - Animoca Brands Corporation Limited (ASX:AB1) is pleased to announce that its subsidiary OliveX (HK) Limited (“OliveX” or the “Company”) has entered into a binding term sheet (the “Agreement”) with “Latgala” OU (JCS LATGALA) (“Lympo”) to integrate the Lympo token in OliveX’s iOS mobile app 100 Squats Challenge (the “App”).
The announcement was made at NIFTY (www.nifty.gg), the world’s first dedicated conference and hackathon on non-fungible tokens, blockchain gaming, and collectibles.
OliveX, a subsidiary of Animoca Brands announced earlier this year, develops and publishes mobile apps, including apps powered by artificial intelligence (AI), that leverage gamification to improve the fitness and health of users.
OliveX’s 100 Squats Challenge is an app powered by machine learning for Apple mobile devices that challenges users to perform squats and tracks their performance using the device camera (https://itunes.apple.com/us/a
Lympo is a blockchain company developing a platform to reward people for exercising and leading healthier lives. In 2018 Lympo established partnerships with one of the most recognizable female athletes in the world – Caroline Wozniacki – and the professional NBA basketball team the Dallas Mavericks. Currently Lympo is expanding into the US and Asian markets.
Antanas Guoga, the head Lympo’s Blockchain for Sports Foundation, personally invested in Animoca Brands’ most recent capital raise. Mr. Guoga is a strong advocate for blockchain technology and a member of the European Parliament. He is the founder of the Blockchain Centre Vilnius, Europe’s blockchain gateway to the rest of the world, the founder of cryptonews.com, and advisor to various successful blockchain projects.
The Agreement paves the way for Lympo and OliveX to launch the world’s first “squat to earn cryptocurrency” challenge. Users of 100 Squats Challenge will be rewarded for exercising with Lympo tokens (LYM), whose real-world value will provide a powerful motivation to exercise. Lympo users will be able to spend their LYM to purchase sports and wellness products, such as sneakers and sports supplements, or pay for personal workout sessions with professional coaches.
The integration of LYM is expected to drive adoption and usage of the App and will provide the Company with useful intelligence on the behavior and motivation of users, as well as highlight opportunities for further development and exploration.
Ada Jonuse, CEO of Lympo, congratulated the new collaboration: “We believe that combining the Lympo reward mechanism with OliveX’s interactive exercise solution will bring great value to fitness enthusiasts around the world. We are inspired by the opportunities this joint effort will create in enabling healthier living due to a strong motivational system and novel technological solutions.”
Keith Rumjahn, CEO of OliveX, commented: “I’m excited about working with Lympo to reward users of 100 Squats Challenge for exercising. Health and fitness apps with innovative reward mechanisms could lead to better adherence and outcomes. We look forward to deeper collaboration with Lympo on this and other products.”
Yat Siu, co-founder of Animoca Brands, said: “Our collaboration with Lympo, via our subsidiary OliveX, is the first initiative in our broader strategy to leverage blockchain and AI technologies in creative and innovative ways. Following recent strategic funding initiatives, Animoca Brands is well placed to advance multiple blockchain and AI related projects which will drive value for shareholders.”