I'm not the right demographic for this sort of thing. I don't do brands, so wouldn't make much in savings. Normal clothes generally, due to riding a recumbent. Do you have to convert miles to Km?
If it tracks you automatically I find that a little uncomfortable, being someone who blocks location tracking on my phone, but as they say, if something is free, you are the product, let alone if they're actually giving you some nebulous bonus for letting them do whatever it is they do with your data. I'd read the T and Cs minutely to see what they're getting out of it.
Although not actually cryptocurrency, it feels like that sort of idea. Something for nothing. Maybe it's all perfectly legit, and you might make some savings if you do enough km, but I'd go into something like that with an expectation of doing no more than breaking even. Are they charging for having the app? That would start you off with a deficit. If it's free, see previous paragraph.
Suspicious? Distrustful? Cynical? Moi? Well, maybe.