Bitcoin’s rewards app, Lolli, announced the conclusion of its pre-Series A fundraising round after raising $ 5 million.
The tour was funded by a wide range of participants, including Seven Seven Six, a venture capital firm founded by Reddit CEO Alexis Ohanian and Serena Ventures of Serena Williams, management of Night Media, and several social media platforms.
Funds will be allocated to developing a scalable Lolli mobile app to support a growing user base and international expansion.
Launched in 2018, Lolli has teamed up with more than 1,000 merchants including Priceline and Macy’s to enable customers to earn BTC rewards when shopping online.
Ohanian described Lolli’s business model as “a unique opportunity to meet an entirely new Bitcoin user base” and drive mass adoption:
“As someone who has followed and participated in the industry, I see this as an important turning point for increasing value and creating opportunities for the mainstream.”
Serena Williams highlighted her admiration for Lolly by describing the platform as “the pioneering path for Bitcoin adoption”:
“Earning money and owning Bitcoin is a step towards financial inclusion for all people.”
“We are delighted to partner with Seven Seven Six, Serena Ventures and an amazing team of investors to create the easiest way for people to make Bitcoin when trading. An exciting time and opportunity to accelerate Bitcoin adoption and increase availability,” said Alex Adelman, CEO and co-founder of Lollis.
The latest Lollis crop comes on the heels of an initial $ 3 million round hosted by PathFinder and attended by Digital Currency Group and Bain Capital in May 2020.
In December, cryptocurrency lending platform BlockFi announced plans to partner with Visa to offer a credit card that rewards BTC users.