Virtual Shopping Application Lolli Goes Beyond Web to 900 Retail Outlets

July 29, 2019 / by Crypto.IQ

Bitcoin startup app Lolli has witnessed exceptional growth and managed to expand beyond the web into more than 900 retail outlets.

Users can make online purchases

On Thursday, the Lolli CEO Alex Adelman, while speaking with Yahoo Finance, indicated that the company is partnering with Safeway, one of the largest grocery chains in the U.S. and a subsidiary of Albertsons. 

With the expansion, users will now be able to make their orders for pharmaceutical and beauty products as well as groceries online at then pick them up.

In an interview with CoinDesk, Adelman said the motivation behind the move is the growing demand among users who want to be earning Bitcoin for their daily expenditures. Users are expected to earn between 3% and 5% return in Bitcoin for their online expenditures in what Adelman has termed a “rail to get Bitcoin to the masses.” 

There is the addition of around 40% new cryptocurrency users to the Lolli platform, according to the company.

Partnership with over 750 online dealers

Lolli, which was unveiled a year ago, has partnered with close to 750 online dealers such as Priceline, WalMart, and Macys. Adelman understands the business model after witnessing the acquisition of his previous company Cosmic by Ebates.

According to Adelman, an average user on the platform has so far earned an average of $26 in Bitcoin, which is equivalent to 263,661 Satoshis. He further explains that the mechanism through which the reward system works after a purchase is simple and occurs within a few minutes. However, it can take some days and typically ranges between 30 and 90 days for the user’s return to be available. This is so because Lolli has to wait for the closing of the returning period before rebates come through.

The CEO also indicated that for each sale, Lolli is entitled to a particular percentage of the sale although he did not provide the company’s revenue estimates. The percentage the company receives from each sale is then shared with its users.

The firm was launched in September last year through a $2.35 million backing from renowned venture capital companies Digital Currency Group and Bain Capital Ventures.

Those interested in participating can sign-up now and start earning Bitcoin on everyday purchases.