Bitcoin Rewards Startup Lolli Raises $2.25M In Seed Funding Led By Bain Capital
A Bitcoin rewards platform called Lolli has raised $2.25 million USD in a recent seed funding round from investors which was led by Bain Capital Ventures and by the Digital Currency Group. Other companies that participated were Version One, Forerunner Ventures, 3K VC, SV Angel, FJ Labs, Alex Chung, Gokul Rajaram, Brian Sugar and other minor investors.
The platform is set to allow users to earn Bitcoin when they shop at partners of the company. The firm already has over 500 partners like Hilton, Marriot, Walmart and Forever 21. The idea is to give the users up to 30% of the money that they spent back in Bitcoin.
Alex Adelman, the creator of Lolli, which also acts as its current CEO, has expectations that the company will create a strong use case for Bitcoin. The service will work via browser extensions in popular browsers like Chrome (and Safari) and will notify the users when they get rewards for buying.
All the money can be put back into their Lolli wallets later. They can spend their money, save it or convert it back to fiat from their wallet. The wallets will have the option for cold storage, which will keep the Bitcoins of the user safe and offline.
The CEO affirms that people do not really think a lot about the consumer and that is how the company wants to make something different. He says that people want to earn Bitcoin instead of spend it. This way, the platform can help them by letting their earn it while they spend money and everybody gets happy and satisfied.
By making it really simple for people to get Bitcoin, this program will boost the adoption of the token. Also, the company has been very successful so far as it already has thousands of clients and processed six figures in sales so far.
— Alex 👽 (@bnkly) November 14, 2018