Bitcoin Rewards Program Lolli Lands $5M Investment
Bitcoin payments’ start-up Lolli closes a $5 million deal from celebrity investors.
Key Takeaways
- Bitcoin reward's app Lolli obtains second venture funding in less than a year.
- The web browser extension is promoting Bitcoin payments with free BTC cashbacks.
- Bitcoin payments begin to gather momentum with Tesla enabling car purchases with BTC.
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Bitcoin web browser-based coupon app Lolli has secured a $5 million investment led by Alexis Ohanian’s Seven Seven Six ventures, Serena William’s independent venture fund, and Night Beast, the talent manager of famous YouTuber Mr. Beast.
Bitcoin Payments Take Lead
Lolli concluded its Series A investment of $5 million. It’s the firm’s second funding in less than a year after a $3 million round in May 2020 led by actor Ashton Kutcher and Youtuber Michelle Phan.
The Google Chrome, Firefox, or Microsoft Edge extension gives BTC cashback for payment at Lolli’s partner websites while the extension is in “active” mode.
During the sale season this last winter, the reward’s app added eBay to its partners’ list, including Walmart, GoDaddy, Microsoft, Nike, and many other popular brands.
The 23-time grand slam winner Serena Williams noted in the press release:
“I’m excited to announce my investment in Lolli, a company on a mission to make Bitcoin more accessible. Earning and owning Bitcoin is a step towards financial inclusivity for all people.”
The extension is only active only in the U.S., and the company plans to use the investment for “international expansion.”
Lolli is promoting Bitcoin payments to reduce the cost of payments for merchants, who otherwise would have to pay 1-5% to card companies and other payment providers.
Bitcoin transactions are made unfeasible due to the high transfer fee—currently, the average fee for sending a BTC transaction is $15. However, concerning international remittances and payments, Bitcoin’s fee is comparatively cheaper than wire transfer costs.
Lolli offers an average of 7% cashback—ranging between 2-30%—for just opening a chrome extension. Its business model is based on mainstream rewards app Honey, acquired by PayPal.
With companies like Tesla enabling Bitcoin payments and PayPal and Starbucks designing respective crypto payment products, Lolli can bridge retail merchants and payment providers.
Disclosure: The author held Bitcoin at the time of press.
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