Benzinga - Stepn, a fitness application utilizing blockchain technology to reward users with cryptocurrency, revealed its users can now transact in Stepn's digital assets within the app, eliminating the need for an external marketplace.
Describing this development, Stepn's Chief Operating Officer Shiti Manghani stated in an interview with The Block, “It is a very, very big step. Nothing like this has been done before. Internally we’re saying this is the biggest thing happening in crypto and not that many people know about it.”
Stepn has also rolled out a new feature enabling users to procure digital assets using conventional debit and credit cards connected to Apple Pay.
Apple's App Store policies have historically been viewed as somewhat restrictive when it comes to in-app asset transactions. Its requirement that app developers part with 30% of transaction revenues has been particularly contentious, especially for blockchain-based applications facilitating digital asset trading, where transactions can run into hundreds, thousands, or even millions of dollars.
Also Read: Crypto's Wild West Era Is Over: Here's How The Big Dogs Are Taking Over
The Australia-based firm allows users to purchase digital sneaker NFTs and earn token rewards by engaging in physical activities such as "walking, jogging, or running."
Each pair of NFT shoes possesses unique attributes that impact how users can earn rewards.
To acquire these sneaker NFTs, iPhone users must first buy in-app credits, which can then be exchanged for digital assets.
These NFT sneakers can be traded for cryptocurrency on Stepn’s marketplace.
Stepn confirmed all these transactions can be performed on an iPhone without leaving the app.
Users will have access to the company's marketplace directly within the Stepn app, the company added.
Read Next: Hong Kong-Based Hashkey's Billion-Dollar Dream: The Next Big Bang In Crypto
Photo: Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.