As businesses all around the word continue to experience pandemic related closures, 2020 has become the year of online shopping. According to a global study by Salesforce Inc., 58% of customers do more online shopping than they did before pandemic. This isn’t surprising as shopping online is safer and more efficient. With Thanksgiving and Christmas holidays approaching, American online businesses are set to their most historic shopping season yet. One company capitalizing on online shopping trend is Lolli, an online rewards app that allows consumers to earn Bitcoin while they shop.
Bitcoin has received additional attention this November, as its price increased more than 45% in less than 30 days. Companies such as Square SQ +6%and PayPal PYPL +4.2%are making Bitcoin even more accessible to the masses.
As Bitcoin becomes more popular among consumers, Lolli has created a platform that enables anyone to earn the digital asset, through shopping. While most reward programs offer loyalty points or cash-back, Lolli sends BTC directly to the customer’s wallet whenever they shop online with Lolli’s partner merchants.
“Bitcoin is the first scarce digital asset that gives people complete control over their money. It is the currency of the future,” says CEO and Co-founder of Lolli, Alex Adelman.
Lolli works with a 1,000+ list of reputable big-name merchants including Nike, Sephora, Bloomingdale’s and Kroger. The average reward is about 7.5% of the purchase price, paid back in Bitcoin. To date, the company has introduced Bitcoin to hundreds of thousands of new clients.
“Shopping online and earning bitcoin are contactless. This is even more important right now because it means you can still buy your presents, get rewarded, and stay safe from the comfort of your home,” says Matt Senter, CTO & Co-Founder of Lolli.
With Bitcoin up over 300% since March and 200% year-to-date, Lolli may have found the winning formula by creating an easy way for shoppers to earn Bitcoin. The company’s seed round was backed by important investors Ashton Kutcher, Guy Oseary, and David Sacks’ Craft Ventures.