Bitcoin rewards company Lolli has announced on May 11 the close of an oversubscribed $3 million seed II funding round led by Pathfinder and investors like Michelle Phan, Ashton Kutcher and Guy Oseary.
According to the announcement, the funding will help launch the company’s mobile app and expand it internationally, with a tentative launch date for the summer.
Lolli assures that the app will allow greater accessibility to Bitcoin (BTC), allowing users to earn from merchants on both web and mobile.
Making Bitcoin “more accessible” through rewards
Speaking with CryptoNewspeople, Alex Adelman, CEO and co-founder of Lolli, praised the funding, which also welcomed repeat investors like FJ Labs, Version One, Digital Currency Group, among others, and issued the following comments:
“We plan to continue our mission of making bitcoin even more accessible to all through our website and extension. With the new funding, we will be accelerating the launch of our upcoming mobile app and subsequent international expansion. Expect to see some exciting new ways for people to both earn and learn about bitcoin.”
Regarding the landscape in terms of crypto adoption today, Adleman said the company is seeing a “dramatic” increase in Bitcoin adoption through rewards.
The CEO also assured that the amount of Bitcoin they have awarded to their users in Q1 2020 is eight times what they distributed in Q1 2020. Since its launch, Adelman states that they’ve brought on hundreds of merchants and “tens of thousands” of new users into Bitcoin.
Entrepreneurs backing the app
About Lolli’s app, beauty entrepreneur Michelle Phan said the following:
“The moment I learned about Lolli, I knew this was the right platform that will help make bitcoin accessible to all, and I needed to invest in it. I’m thrilled to work with Lolli to help educate and bring Bitcoin to the masses.”
Looking ahead, Matt Senter, CTO and co-founder of Lolli, told CryptoNewspeople that they would be introducing some new features within the extension and web experience, plus they are working with the engineering team to expand internationally “this year.”
CryptoNewspeople reported in November 2019 that Alibaba partnered with Lolli, enabling its shoppers in the U.S. to earn 5% back in Bitcoin. However, Alibaba denied any partnership with the rewards app.
Days later, Lolli’s CEO refuted Alibaba’s denial of partnership with them, stating that they maintain a relationship since May 2019 through AliExpress.