Lolli, the bitcoin rewards platform, made an announcement on Wednesday about completing a series A funding round after accumulating $10 million. According to the company, this new financing will come in handy for expanding, hiring, and developing new partnerships. The New York-based company disclosed that the Series A funding round was led by Acrew Capital, Up North Management, Banana Capital, and Animal Capital. Social media moguls Griffin Johnson, Josh Richards, and Noah Beck founded Animal, the venture capital company. Lolli also revealed that a number of prominent investors had also participated in the funding round, which included names like Chantel Jeffries, Logan Paul, Kenny Beecham, and Baron Davis.
Matt Senter, the co-founder, and CTO of Lolli, said that the investment from Acrew Capital indicates that the company understands how bitcoin-based businesses are flourishing. The sizable bet made by Acrew on Lolli highlights two important things; first, the Bitcoin business is obviously booming and second, Lolli has a great team for increasing adoption in the long run, considering that it is the original bitcoin rewards platform. Senter said that they will use the new funds for expanding the company, hiring new employees, and will also develop their newly launched mobile app further.
Social media giant and Tiktok star, Josh Richards, and Logan Paul, the entrepreneur and YouTuber, also discussed their investment in Lolli. On Wednesday, Logan Paul said that he was thrilled to be investing in and furthering the growth of a company that enables users to learn about this new asset class and earn from it. According to Josh Richards, his company i.e. Animal Capital is a strong believer in companies that are welcoming the modern age. During the announcement, Richard said that they were about companies serving modern users by providing them opportunities of investing in bitcoin, catering to shoppers of all age groups.
He said that Lolli was at the point where it could transform how people think about investing, particularly young shoppers. These days, Lolli is no longer the only company that gives rewards in crypto for shopping. The app is now competing with Crypto.com’s Visa cards and prepaid crypto cards, such as Blockfi’s. While Lolli is mostly known for its advantages, the app does have a few downsides. It takes anywhere between 30 and 90 days for users to start seeing any earnings from the app. Given that these earnings are really small, it is a very long time for people to wait for getting an online shopping reward.
Moreover, if you return items on which you have already gotten bitcoin rewards can create a problem in the system. In comparison, you don’t have to wait for receiving crypto rewards when you go with prepaid crypto debit purchases with Crypto.com’s Visa cards because the wait time is negligible. You will receive your crypto rewards instantly and this is undoubtedly a big incentive in today’s times where people have gotten used to instant gratification and do not like waiting for anything.