Notable entrepreneurs are backing the seed funding round led by Pathfinder that aims to strengthen Lolli’s app.
Bitcoin (BTC) rewards company Lolli announced on Monday the close of an oversubscribed $3 million seed-II funding round led by Pathfinder and investors such as Michelle Phan, Ashton Kutcher and Guy Oseary.
According to the announcement, the funding will help launch the company’s mobile application and expand it internationally, with a tentative launch date for the summer.
Lolli assures that the app will allow greater accessibility to Bitcoin, allowing users to earn from merchants on both web and mobile.
Making Bitcoin “more accessible” through rewards
Speaking with Cointelegraph, Alex Adelman, the CEO and co-founder of Lolli, praised the funding — which also welcomed repeat investors like FJ Labs, Version One and 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 the first quarter of 2020 is eight times what they distributed in the first quarter of 2019. 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, the chief technology officer and co-founder of Lolli, told Cointelegraph 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.”
Cointelegraph reported in November 2019 that Alibaba partnered with Lolli, enabling its shoppers in the United States 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 have maintained a relationship since May 2019 through AliExpress.
