Lolli, a company that aims to make it easier to acquire cryptocurrencies, has created a browser extension for Google Chrome and Safari that connects users to over 500 online merchants. Users who make purchases from Lolli’s retail partners reportedly get up to 30% cashback in bitcoin.
The cashback in cryptocurrency is sent to the online shopper’s Lolli wallet soon after they’ve made a purchase. Users also have the option to later sell their bitcoins for fiat currency which is then transferred to their bank accounts.
Bitcoin Is A “Global Alternative Currency”
Lolli’s official website explains that the 8-month-old company was launched because its founders believe Bitcoin (BTC) is an emerging “global alternative currency” and a “universal store of value.” According to the New York-based startup’s founder Alex Adelman, Lolli aims to make it “easier to earn, own, and share bitcoin.”
Some of the company’s partners include Hotels.com, Macy’s, Home Depot, Bloomingdale’s, and Jet.com. Commenting on how Lolli intends to help minimize the risks associated with transacting in cryptocurrencies, Adelman explained that:
“bitcoin is the bank of the future, and that it's going to bank billions of people across the world. Right now it’s not very user friendly, it’s not fun. The thing that's missing is the lollipop. We’re coming in and being that fun, easy way to get into bitcoin.”
Commission-Based Revenue Model
The Lolli founder added that the company’s revenue is mainly generated from receiving a commission for each purchase a customer makes from its online retail partners. A certain percentage of that commission is also given as cashback to the users in bitcoin.
Moreover, Adelman believes that his crypto e-commerce business model should remain simple as he aims to make his company’s services easily accessible and practical for daily use. The entrepreneur also noted that he named his company Lolli because his business idea reminds him of the complimentary lollipops banks often give to their customers.
Adelman remarked, “Most people hate going to the bank. I’ve always looked forward to the lollipop at the end.” He further noted that there are currently no “risk-free incentives” offered by crypto-related companies. Additionally, many people still find it challenging to understand the concept behind cryptocurrencies and how to use them due their technical nature, Adelman said.
Mainstream Adoption Of Cryptocurrencies
In order to contribute to the mainstream adoption of cryptocurrencies, the Loli founder wants to help people become more comfortable with transacting in digital currencies. Adelman is also aiming to build an active online community of users and then possibly adding support for other major cryptocurrencies on his platform in the future.
The New York resident explained his marketing strategy by noting that,
“bitcoin is the bank of the future, and that it's going to bank billions of people across the world. Right now it’s not very user friendly, it’s not fun. The thing that's missing is the lollipop. We’re coming in and being that fun, easy way to get into bitcoin.”
