Animoca Brands announced that it has acquired the blockchain-based fitness company Lympo.
Animoca Brands is a company dedicated to digital entertainment, specializing in blockchain, gamification and artificial intelligence technologies.
Its portfolio already includes The Sandbox, Crazy Kings and Crazy Defense Heroes, as well as products that use intellectual properties from Formula 1®, Marvel, WWE, Garfield, Snoopy, Thomas & Friends ™, Power Rangers, MotoGP ™, Formula E and Doraemon.
In addition, partnerships and investments include Dapper Labs (the creators of CryptoKitties), Lucid Sight, WAX, Harmony and Decentraland.
Lympo, on the other hand, is building a digital platform with the goal of rewarding people with LYM tokens to get them to exercise and lead healthier lives through the use of blockchain technology and fitness gamification.
In February 2018, it raised about $8 million with an ICO launched on the Eidoo ICO Engine.
Today, Animoca Brands Corporation Limited disclosed that it has entered into a purchase agreement, through its wholly-owned subsidiary Animoca Brands Limited, for 100% of the shares of Latgala OÜ, i.e., Lympo’s parent company, for a total value of $1.38 million.
Lympo blockchain and the LYM token
Lympo’s goal is to motivate people to lead healthier lives by rewarding users with LYM tokens when they exercise.
This token can be purchased or sold on various crypto exchanges, or used directly to purchase sports merchandise on the Lympo Shop.
It currently has around 300,000 users, located mainly in the United States and South Korea, with a social base of over 75,000 followers.
It was also one of the first blockchain apps in the world to partner with Samsung Blockchain Wallet, which provides the transfer and storage of LYM tokens themselves.
In 2019, the Lympo project was unveiled at the Samsung Developers Conference in Silicon Valley, and in November of the same year, it collaborated for a month with Samsung Health in the US
With the acquisition by Animoca Brands, LYM tokens will be integrated within its ecosystem, and the new owner intends to create a gamified system that will tokenize established athletes with collectable NFTs that can be obtained and upgraded using LYM.