Bitcoin Rewards Site Lolli Raises $ 10 Million, Seeks Growth in Gaming Industry

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Bitcoin rewards firm Lolli has raised $ 10 million in a Series A funding round led by Acrew Capital. Social media influencers Logan Paul, Chantel Jeffries and Sway House participated in the round.

Lolli will use the funding to grow the business and expand its recently launched mobile app with the intention of being more active in the gaming community, according to an announcement released Wednesday.

Lolli CEO Alex Adelman told CoinDesk that influencers are more interested in crypto. Many of those who invest in the app also help “distribute bitcoin to as many people as possible” and “get Lolli’s message out,” Adelman said.

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(It’s a model that Lolli used with beauty influencer Michelle Phan after her round-up in May 2020.)

Read more: Ashton Kutcher and Michelle Phan invest in Lolli’s $ 3 million funding round

Lolli’s mobile app launched a few weeks ago and currently offers an average of 7% bitcoin rewards. Users have earned more than $ 3.5 million in bitcoin rewards to date, Adelman said.

Lolli plans to become more active in the gaming community, Adelman said, seeing it as a major opportunity to add more users.

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“We have a few investors like Up North Media run by the Hock brothers who specialize in gaming talent,” Adelman told CoinDesk. “They represent Formula, which is one of the greatest players in the world, and NoisyButters, Coconut Brah, KO24Q and a lot of great players who have also come in the round.”

Lolli has direct partnerships with 1,000 merchants who typically offer fiat rewards on various e-commerce sites. Lolli converts this to bitcoin for crypto connoisseurs.

The company has 20 employees and plans to double its workforce over the next year by hiring more engineering, marketing and support staff, Adelman said.

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Other investors in Lolli include re-engagements from early investors including venture capital firm of entrepreneur Alexis Ohanian, Seven Seven Six, Third Kind Venture Capital, Gabriel Leydon, CEO and founder of video game company Machine Zone, and Forerunner Ventures. In March, Lolli raised $ 5 million thanks to contributions from tennis star Serena Williams, Serena Ventures.

Read more: Serena Williams backs $ 5 million in Bitcoin Rewards Lolli start-up

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