Bitcoin rewards platform Lolli announced that the company has completed a $10 million Series A financing on Wednesday. Lolli said that the new financing will help the company expand, hire and develop new partnerships.
Lolli raises $10 million in financing
According to the company, New York-based Lolli has raised $10 million from investors. announcement On July 28, the company stated that the Series A financing was led by Acrew Capital, Banana Capital, Up North Management and Animal Capital.
The venture capital company Animal was founded by social media tycoons Noah Baker, Josh Richards and Griffin Johnson. Lolli further elaborated that investors such as Baron Davis, Kenny Beecham, Logan Paul and Chantel Jeffries also participated.
Matt Senter, Lolli’s CTO and co-founder, said that Acrew Capital’s investment shows that the company understands that Bitcoin-based businesses are booming.
“Acrew’s big bet on Lolli shows two things: The Bitcoin business is booming, and as the original Bitcoin rewards platform, Lolli has the best team to increase adoption over the long term,” Senter said in a statement. The A round of financing will be used to expand the company’s scale, recruit new employees, and “further develop the recently launched mobile application.”
Douyin star and social media giant Josh Richards And Youtubers and entrepreneurs, Logan Paul, Also discussed Lolli’s investment. “I am very happy to be able to invest in and help promote the development of a company that allows users to earn and understand this new asset class,” Youtube star Logan Paul said on Wednesday. Josh Richards said his company Animal Capital believes in companies that are embracing the modern era. Richards commented in the announcement:
At Animal Capital, we believe in companies that are meeting with modern users-by providing shoppers of all ages with the opportunity to invest in Bitcoin, Lolli is ready to change the way people, especially young shoppers, think about investment.
Lolli’s competition, review scores and shortcomings
Lolli is not currently the only service that provides encrypted rewards for shopping. The application competes with prepaid encrypted cards such as Blockfi and Crypto.com’s Visa card.The company recently Review On July 13, Dean Fankhauser of bitcompare.net received a 4.5 out of 5 points. Fankhauser’s review is quite comprehensive, but mentions some shortcomings related to Lolli’s application.
“You need to wait 30 to 90 days to see any actual benefits from the application,” Fankhauser wrote. “Considering how small these incomes are, it will take a long time to wait for online shopping rewards.”
The comment also stated that “returning items that have already received bitcoin rewards will also mess up the waters of the system.” In contrast, Crypto.com has negligible waiting time for encrypted rewards purchased by prepaid encrypted debit cards. , Because crypto rewards are instant.
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