BTC Rewards App Lolli Raises $3M From Ashton Kutcher, Michelle Phan, and Bain Capital
Lolli, an e-commerce app that rewards shoppers with Bitcoin, has successfully raised $3 million in its seed funding.
The latest funding round was participated by Ashton Kutcher through his firm Sound Ventures as well as Michelle Phan from YouTube. Now, Lolli has so far managed to raise $5.4 million in capital.
The round was also participated by Pathfinder which is the early-stage investment outfit, Bain Capital Ventures, Digital Currency Group which owns CoinDesk as well as Craft Ventures.
According to Alex Adelman, Lolli’s CEO, explained that there are various incredible strategic partners which will play a pivotal role in enhancing the mass adoption of Bitcoin and Lolli going forward.
— Alex Adelman 🍭 (@alexadelman) May 11, 2020
Starting this week, Phan’s fans can utilize Lolli in earning Bitcoin rewards after shopping from her Em Cosmetics website. Adelman explained that the current funding is set to be utilized in introducing Lolli’s mobile app during the upcoming summer as well as expand the firm globally this year.
Since Lolli was started in 2018, the e-commerce sector has changed tremendously. The majority of people in the world are shopping online as well as managing their own funds via apps. For instance, Shopify reported that its revenues have increased by 47% in the first quarter of 2020.
In addition, Square, a fintech startup that provides Bitcoin, is now taking part in mainstream programs such as the Paycheck Protection Program run by the US government. This is evidence that it is becoming easier as days go by for individuals to earn as well as use various forms of currencies from the comfort of their home.
Adelman praised Square’s latest patent to enable fiat to crypto conversion as a ‘game-changer’ that will be beneficial to the retail sector. He explained:
“It’s arguably the most important patent in the payments space that will affect cryptocurrency over the next 10 years. It’s an air-swap where someone can pay with whatever currency they want and also the merchant can accept whatever currency they want.”
Lolli will benefit immensely from Square’s patent as the startup teams up with merchants and retailers that emanate from homepages apart from Amazon. You can learn more about Lolli BTC Rewards App here.