Skip to main content

Bitcoin Rewards Firm Lolli Raises $10M in Funding Led by Acrew Capital, Social Media Moguls

Bitcoin Rewards Firm Lolli Raises $10M in Funding Led by Acrew Capital, Social Media Moguls

The bitcoin rewards platform Lolli has announced the company has closed a $10 million Series A funding round on Wednesday. Lolli says the new financing will help the firm expand, hire and develop new partnerships.

Lolli Raises $10 Million

The New York-based Lolli has raised $10 million from investors, according to the company’s announcement on July 28. The company said that the Series A was led by Acrew Capital, Banana Capital, Up North Management, and Animal Capital.

The venture capital company Animal was founded by social media moguls Noah Beck, Josh Richards, and Griffin Johnson. Lolli further detailed that investors like Baron Davis, Kenny Beecham, Logan Paul, and Chantel Jeffries participated as well.

The CTO and co-founder of Lolli, Matt Senter, said that Acrew Capital’s investment shows the company understands that bitcoin-based businesses are blossoming.

“Acrew’s sizable bet on Lolli says two things: bitcoin business is booming, and as the original bitcoin rewards platform, Lolli has the best team to increase adoption in the long run,” Senter said in a statement. The Series A funding will be used to expand the firm, recruit new employees, and “further development of the recently launched mobile app.”

Tiktok star and social media giant Josh Richards and the Youtuber and entrepreneur, Logan Paul, also discussed the Lolli investment. “I’m thrilled to be investing and helping to fuel the growth of a company that allows users to earn and learn about this new asset class,” Youtube star Logan Paul said on Wednesday. Josh Richards said that his firm Animal Capital believes in companies that are embracing the modern age. Richards remarked during the announcement:

At Animal Capital, we believe in companies that are meeting modern users where they are – by bringing opportunities to invest in bitcoin to shoppers of all ages, Lolli is poised to transform the way that people, especially young shoppers, think about investing.

Lolli’s Competition, Review Score, and Drawbacks

Lolli isn’t the only service that offers crypto rewards these days for shopping, and the app competes with pre-paid crypto cards like Blockfi’s and Crypto.com’s Visa cards. The company was recently reviewed on July 13 by bitcompare.net’s Dean Fankhauser and achieved a score of 4.5 out of 5. Fankhauser’s review is fairly comprehensive but mentions some drawbacks tied to Lolli’s application.

“You’ll need to wait between 30 and 90 days before seeing any actual earnings from the app,” Fankhauser writes. “Considering how small these earnings are, that’s a long time to wait for an online shopping reward.”

The review also says that “returning items on which you’ve already earned bitcoin rewards can also muddy the waters of the system.” In contrast, Crypto.com’s wait time for crypto rewards on pre-paid crypto debit purchases is negligible because the crypto rewards are instant.

What do you think about Lolli raising $10 million from investors in a Series A funding round? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3l8YbSs
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more