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MIAMI (CBSMiami) – Tracking your fitness is all the rage right now and there are a number of apps that will count your steps for you.

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Now a new free app developed in London, Sweatcoin, rewards users who exercise.

The app offers one coin for every 1,000 steps they take. The coins can then be traded in for deeply-discounted goods, services, and experiences like apparel, massages, healthy meals, and life-coaching lessons.

For instance, five thousand steps could get you a free yoga class. For fifteen thousand steps you can score new workout clothes.

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Russian entrepreneur Oleg Fomekno helped develop the app.

“Sweatcoin really does function like money. Vendors are accepting it as payment. And I can send Sweatcoins to you. You can send Sweatcoins to me,” said Fomekno.

Fomekno said unlike other fitness programs and apps, where people lose interest or the motivation to exercise, this app incorporates incentives and rewards to keep people moving and engaged in their training.

The app’s creators have also created a complex algorithm that prevents users from cheating.

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The app is available now for iPhones and should be available for Android phones in a couple of weeks.