Bitcoin rewards startup company Lolli has raised $5 million in funding thanks to a push by celebrity investors.
Lolli offers a browser extension and an app that gives bitcoin rewards up to 30% for online shopping purchases, but it depends on the merchant and it’s only available in the United States. Shoppers get an average reward of 7% back in bitcoin.
CEO Alex Adelman said in a statement to Blockworks, a finance news site about digital assets, that the company plans to roll out Lolli within the next few weeks to users as well as expand their services. The company’s purpose is an altruistic one: Lolli hopes to increase access to bitcoin and educate the masses.
— Casey Neistat (@Casey) March 24, 2021
Adelman said “Most people are not investors, and even fewer are day traders. So, if we can continue to make bitcoin a part of everyday life, people are going to be way more interested in [it].”
This round of funding came from a wide variety of celebrity backers from Reddit co-founder Alexis Ohanian to tennis star Serena Williams and YouTube’s Casey Neistat and Philip Defranco. This is the second time Lolli had celebrity investors as back in May 2020 the company managed to raise seed money thanks to the help of people like actor Ashton Kutcher and beauty entrepreneur Michelle Phan.
— Poly Ape 👾🦍 (@Ecnar_Official) December 10, 2019
It’s important to note that some of the newest investors are large influencers and creators with Adelman pointing out they’re important for marketing and fundraising because they understand bitcoin as they are, as he called them, “kids of the internet.”
Lolli plans to continue growing beyond the internet browser extension as revealed in the talk with Blockworks. Adelman spilled some of the beans saying the company could introduce accounts that allow customers to earn a yield on their bitcoin and expand wallet functionality.
Adelman hopes to speed up the process of adoption and increase the amount use cases so people have more of a reason to utilize Bitcoin when buying online.
Education is Key
Educating the masses on Bitcoin is vital to its adoption going forward, especially with regards to tax. Just recently, Elon Musk tweeted in the middle of the night that Tesla is now accepting Bitcoin as payment, and while this all well and good, it could lead to a hefty tax bill.
This past year, the people of the United States got a crash course on economics and politics whether it concerned the stimulus checks, the debt relief, or even the whole GameStop debacle.
I’m a big proponent of education; it’s the number one tool for people to use to better their lives and society at large. Being home almost 24/7, people became a lot more aware of how the government treats money and how much Wall Street can influence things, and this realization has led to Bitcoin becoming more accepted in my opinion.
I’m optimistic about Lolli. I don’t know the logistics or the technology behind it, but anything that makes it easier to get cryptocurrencies into the hands of the masses is a positive.