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Lolli, an online shopping app that rewards users in Bitcoin for shopping at different stores, just expanded its reach to a lot more people.
Bringing Its Services To A New Crowd
According to CoinDesk, the application is no longer just a web app but is now available in over 900 retail locations across the United States.
Alex Adelman, the CEO of Lolli, revealed a partnership with Safeway, a subsidiary of Albertson, to Yahoo! Finance this past Thursday. This is what helped Lolli expand into retail on top of web services.
Now, anybody can order groceries, beauty products, or pharmaceuticals via Safeway.com for picking up in-store.
Speaking to CoinDesk was Adelman himself, stating that they “saw a demand from users to earn bitcoin for every day expenses like food and pharmacy.”
As of now, users gain a 3-5% return on their purchases. The goal is for getting Bitcoin “to the masses” by making it as accessible as possible and integrating the asset into everyone’s daily lives.
Lolli reports that around 40 percent of its userbase are new to buying cryptocurrency.
The application has only been around for about a year now, and has since worked with Walmart, Macys, Priceline, and other online retailers. Adelman already has experience in the retail market too, considering his previous company, Cosmic, was bought by Ebates. “So we know the merchants and understand the business model well,” he says.
Adelman gathers that a typical user has gathered around $26 in Bitcoin assets. After each purchase, the reward is generated within “a few minutes to a few days,” he continues. That said, it can take anywhere from 30-90 days for a rebate to process. So, Lolli has to account for the return period here.
Otherwise, he didn’t share the company profits but did say that they get some amount of every sale. That’s how they pay Bitcoin out to all of their users, via their cryptocurrency wallet.