Lolli Rewards App CEO Hopes To Bring Bitcoin ‘Into Your Daily Life’

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Lolli co-founder and CEO Alex Adelman joins Yahoo Finance to discuss the latest cryptocurrency innovations and new innovations for its Bitcoin rewards app.

Video transcript

SEANA SMITH: Let’s talk crypto. Because in the crypto market, the buying momentum returns to Bitcoin this week. We have seen Bitcoin rise back above $ 40,000, although it is currently trading just below that level. Let’s bring in Alex Adelman. He is the CEO and co-founder of Lolli.

Now, this is a Bitcoin rewards app that we’ll talk about a bit more in a second. But Alex, more broadly, the movement we’ve seen in Bitcoin over the past seven days, certainly a very different story than we’ve seen going back to the week before. Guess, what’s your assessment of the moves we’ve seen over the past couple of days?

ALEX ADELMAN: Yeah, the momentum is good. I think the world is finally realizing the power of Bitcoin, and they are realizing how anti-fragile it is. You know, you have whole countries adopting it, companies adopting it. You have, you know, top investors who are very public about adopting it in their personal holdings. So all the things that we, you know, predicted about Bitcoin are coming true now. And so yes, the price is going to continue to rise as the momentum builds, and so far so good.

ADAM SHAPIRO: Tell us about the platform, though, because – I blame myself because we bought a new set of mattresses, and one of your partners is Macy’s. How it works? I … airlines do this all the time. You use a credit card, you have the deal, and then you get points for your airline miles. Is this the same basic model for cryptocurrency and what do you do?

ALEX ADELMAN: Very similar. So instead of getting an arbitrary point that you don’t know how much is worth, you get Bitcoin. So if you don’t know, there’s only 21 million Bitcoin that will be created, and so there’s this idea of ​​digital scarcity, or digital real estate, that Bitcoin owns. So when you win, let’s just say 5% back at Macy’s or a mattress company, in your case you’re going to be earning Bitcoin, and that’s your Bitcoin then. You can keep your Bitcoin in your own secure wallet. And you can trade it. You can sell it. You can do whatever you want with it.

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SEANA SMITH: Alex, when we talk about the future of Bitcoin, I think a lot of it depends on whether it’s adoption on Main Street. When you look at this, I guess, what’s the key factor in developing this adoption on Main Street?

ALEX ADELMAN: Yeah, great question. So the first phase of adoption was mining, and that – you know, that was around when Bitcoin first started. The next phase was to invest, and that’s really what Coinbase really paved the way for. What we are actually working on is actually attaching Bitcoin to your daily life. So everyone is shopping, everyone is spending, and everyone wants rewards when they do that. So we tie Bitcoin to every purchase you make so that when you shop as you normally would, you get Bitcoin back. And you are really, like, the average dollar cost in Bitcoin with this free cash rewards platform.

ADAM SHAPIRO: I look at some of the partners, the top brands – Chewy, Nike, eBay, Priceline, Groupon, Sam’s Club. I could go on … Staples. But it occurred to me, since you have the wallet, could there be growth for you to partner with a Robinhood, where people could then use what is in their wallet to perform? transactions on a brokerage?

ALEX ADELMAN: Yeah, you did. So right now we’re really focused on adopting Bitcoin. But as the world begins to transition into this inevitable future of crypto, we believe that by having the wallet and having relationships with these amazing merchants and having, you know, consumer adoption on the market. front of the wallet, we are really positioning ourselves to give users the ability to actually spend Bitcoin, to spend stablecoins at their favorite merchants.

And you know, as many of us know, crypto, in many ways, especially as a medium of exchange, is a better way to deal with money. There are very, very few costs. It’s seamless. You can simply send from wallet to wallet. There are very few intermediaries, if any, to carry out transactions. So you can imagine in the future paying at Macy’s or paying at Best Buy with your crypto which is held in your Lolli wallet and even being incentivized to do so because you are going to get more back because it is a more medium of exchange. efficient and provides cost savings for the merchant which are then passed on to cost savings for the consumer.

SEANA SMITH: Alex, what about the regulatory issues? Because it could be a huge challenge here for this industry in the future. I know it’s a huge unknown at this point, but I guess what position could this potentially put your business in?

ALEX ADELMAN: So we’re in a great position with that. You know, we’re a rewards company that offers, you know, Bitcoin. And so where we’re at is like, you know, people don’t take their money and don’t invest in it. So, and we’re super focused on Bitcoin, which has proven its value to society. And it would be very surprising if Bitcoin would be banned and – you know, and stop trading.

We work with legitimate merchants. We have legitimate consumers. We have built a legitimate business. And so yeah, we do feel really good where we are at with this.

As far as incentives go, the government doesn’t – if a government, a fiduciary system chooses to ban Bitcoin, it’s essentially preventing its people from moving forward with society. Crypto is absolutely inevitable at this point in history. There is no way to stop it. It connects 4 billion people with an Internet connection with secure money and an incredible medium of exchange and store of value.

So if a government chooses to ban it, it is actually regressing as a country, as a civilization and as a society. And there is currently no real incentive for many of these governments to do so, and a lot of governments have really punished their citizens by letting – making it illegal or banning it because they didn’t let them play. a role in this future economy.

ADAM SHAPIRO: Alex, I can’t help but notice that behind you on the shelf you have the Leonardo da Vinci – if we can pull the picture of Alex – the biography of Walter Isaacson. And you know, he created something amazing. You have created something amazing. The book is good. I don’t know if you’ve cracked it yet. I read it two years ago. It’s definitely a boost.

ALEX ADELMAN: Thanks for noticing. Yes.

SEANA SMITH: Alex, it’s great talking to you. Alex Adelman, CEO and Co-Founder of Lolli, thank you very much for taking the time. We look forward to seeing you here on Yahoo Finance again in the future.

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