Innovative Bitcoin rewards startup Lolli has reportedly raised $2.25 million in a recent funding round. The company attracted support from a variety of investors, including Bain Capital Ventures, Forerunner Ventures, and Version One.
Lolli’s creative approach to Bitcoin involves a platform that enables users to earn Bitcoin rewards for shopping at any of the company’s more than 500 partners. Current Lolli partner brands include some of the most well-known companies in the world: Walmart, Mariott, Hilton, and many others.
The program gives those customers an opportunity to earn rewards of as much as 30 percent of their purchase price, according to the company’s website. The Lolli platform uses a Chrome or Safari browser extension to provide notification when customers are visiting any partner website.
Bitcoin rewards are calculated and assigned during the purchase checkout process and transferred to the customer’s Lolli wallet where they can be held, spent or converted into fiat currency.
In August, the company’s chief technology officer, Matt Senter, suggested that the Lolli platform was a way to help retail businesses become more familiar with the technology:
“The retailers have been wanting to figure out some kind of cryptocurrency for a while. They realize they get an opportunity to kind of dip their toe in through us. There’s very little for the retailer to do.”