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  • Business - Entrepreneurship
  • Updated: March 24, 2021

Serena Williams And Husband Alexis Ohanian Fund Bitcoin Reward Firm Lolli

Serena Williams And Husband Alexis Ohanian Fund Bitcoin Rewa

Bitcoin rewards company Lolli has raised $5 million in a pre-series A funding round from a cast of notable investors, including Serena Williams and her husband Alexis Ohanian.

The funding round saw investment from a diverse array of participants, including Seven Seven Six — the venture capital firm co-founded by Reddit executive chairman Alexis Ohanian — Serena Williams’ Serena Ventures, management company Night Media, and various social media influencers.

READ ALSO: Manchester City Joins The Crypto Train, Launches Fan Token

“I’m excited to announce my investment in Lolli, a company on a mission to make Bitcoin more accessible,” said Williams, in a release. “Earning and owning Bitcoin is a step towards financial inclusivity for all people.”

The funds will be allocated towards developing Lolli’s mobile application, scaling to support a growing user base, and international expansion.

Last year, Lolli raised a $3 million seed round led by PathFinder, with participation from Digital Currency Group, Michelle Phan, and Ashton Kutcher.

Unlike other retail-facing Bitcoin apps that might rely on users spending Bitcoin to make money (which has proven difficult in the past), Lolli is in the affiliate business. And it claims to be doing pretty well for itself.

Lolli was launched in 2018 and gives its users free bitcoin when they shop at over 1,000 retailers, including Kroger, Microsoft, and Booking.com. Since launching, Adelman said the firm has provided over $3 million in merchant-funded bitcoin rewards. The rewards range from an average of 7 percent to up to 30 percent.

Ohanian described Lolli’s business model as facilitating “a unique chance to engage with an entirely new Bitcoin user base” and drive mainstream adoption:

“As someone who has closely followed and participated in the industry, I see this as a crucial turning point to drive value and create opportunity for the mainstream.”

 

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