Bitcoin rewards company Lolli is getting some attention and money from a lot of big people. The firm recently completed a $5 million pre-Series A funding round that garnered cash from the likes of Serena Williams and her husband.
Lolli Just Keeps Getting Bigger
Alex Adelman is the co-founder and CEO of Lolli. In a recent interview, he stated that his reasoning behind the firm’s creation was that he wanted to reinvent how people earn rewards for their daily shopping. His company has since partnered with the likes of big names such as Nike and Sephora.
I believe in everything about bitcoin. We want to make it as simple as possible for people to get bitcoin for their everyday purchases.
At 32 years of age, Adelman first began getting involved with startups when he opened Cosmic a few years back. The company delved in e-commerce technology and allowed users to purchase items and services from multiple retailers through a single transaction, thereby simplifying the online buying process. It was acquired by PopSugar in the year 2015 and then by Rakuten two years later.
For a long time, Adelman worked very hard with the retailers that sold items through Cosmic. He tried to no avail to get them to accept bitcoin and other forms of crypto as methods of payment. In the end, they kept turning their backs on digital currencies, believing they were too risky and presented too many hazards. He states:
It was just not the right time… I just kept coming back to this idea of cashback for bitcoin to teach people about bitcoin, distribute bitcoin to more people and ultimately make it more accessible to everyone. I felt like this is sort of my calling.
In 2018, Adelman turned away from his company and ultimately began work on Lolli, which is turning into the ultimate bitcoin rewards platform. The name stems from the good old days when kids would get lollipops after visiting the bank, he stated in his interview. The idea is to make people feel good about bitcoin and help them to feel the impact of their rewards.
While in certain cases customers can earn as much as 30 percent back in bitcoin, the average is seven percent. Either way, at the time of writing, the company is enjoying more than 250,000 users. It boasts more than 1,000 retail partners and has given its customers more than $3 million in BTC rewards.
We Want Amazon in the Picture!
Now that the company is getting even bigger, large firms such as eBay and Microsoft have sought ways to hop aboard the Lolli train. The company is also working on a potential partnership with Amazon. In 2019, Lolli issued the following tweet:
We are working closely with the decision makers at Amazon. They are impressed with our early traction.