The cryptocurrency rewards platform Lolli has introduced a new feature that allows users to earn bitcoin automatically through linked debit and credit card purchases. This initiative is a result of a collaboration with the commerce media network Kard, aiming to simplify bitcoin accumulation for its user base.
Key Takeaways
- Lolli has launched automatic bitcoin cashback rewards by linking user debit and credit cards.
- This new functionality is a result of a partnership with commerce media network Kard.
- Users can earn bitcoin at thousands of participating merchants without needing extensions, codes, or altering their checkout process.
- The upgrade enables passive bitcoin accumulation from everyday spending, integrating seamlessly into users’ financial habits.
The new card-linking functionality enables Lolli users to automatically receive bitcoin rewards on qualifying purchases made at a wide array of merchants within Kard’s network. Notable participating brands include Dropbox, Hydro Flask, and Stanley 1913, among many others. This strategic enhancement is positioned as Lolli’s most significant product development since its acquisition by the bitcoin-focused venture studio Thesis* in July of the previous year. The platform asserts that this upgrade removes the friction associated with activating individual offers, transforming routine consumer spending into an automated bitcoin accumulation mechanism.
Matt Luongo, co-founder of Thesis*, commented on the development, stating, “Most people don’t want to think about earning bitcoin. They want to live their lives and have it happen. Kard lets us deliver that. Our users link a card once, and bitcoin shows up in their wallet from spending they were already going to do.” This underscores a commitment to making bitcoin rewards more accessible and less cumbersome for the average consumer.
Facilitating a Bitcoin-Centric Economy
Users can connect their eligible Visa or Mastercard directly through the Lolli application. Following qualifying purchases at integrated merchants, the earned bitcoin rewards are automatically deposited into the user’s Lolli wallet. These rewards can subsequently be withdrawn via the Lightning Network or utilized within the broader Thesis Bitcoin ecosystem, including integrations with services like Bitrefill. This integration aims to create a more cohesive experience for users looking to spend and utilize their earned bitcoin.
Lolli anticipates that this partnership will expand its merchant offer network without incurring substantial additional overhead. Concurrently, Kard will gain access to a consumer demographic specifically interested in bitcoin, extending its reach beyond conventional rewards programs. Ben Mackinnon, CEO of Kard, expressed enthusiasm for the collaboration, noting, “Lolli’s audience is one of the most distinctive consumer cohorts in the rewards space. We’re excited to power infrastructure that lets them earn bitcoin in the background of their everyday spending, and to give our merchants a meaningful new channel into that audience.”
Lolli has previously secured significant funding, including an $8 million Series B round in 2023 led by Bitkraft Ventures, bringing its total funding to approximately $28.3 million. The company reports that it has distributed over $20 million worth of bitcoin in rewards to its users to date, with some early adopters accumulating substantial amounts of the cryptocurrency.
Original article : www.theblock.co