Lolli Secures $8 Million for Crypto Rewards Market Expansion
Lolli, a leading player in the bitcoin and cashback rewards industry, has successfully closed an $8 million Series B funding round. The round was led by Bitkraft Ventures, with participation from a mix of new and returning investors.
Diverse Group of New Investors
This latest funding round attracted contributions from a diverse group of new investors, including Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, and others. The raise also secured renewed commitments from previous backers such as Alexis Ohanian’s Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Williams’ Serena Ventures, Michelle Phan, Logan Paul, Pir Granoff, Mrbeast’s Night Media, and Animal Capital.
Excitement for the Future
Alex Adelman, CEO and Founder of Lolli, expressed excitement about the company's new phase of growth, stating, "As bitcoin’s price continues to surge and Lolli users’ rewards increase in value, we look forward to leveraging this period of growth and excitement in the ecosystem to bring bitcoin to more people through our gamified earning experiences."
Carlos Pereira, Partner at Bitkraft Ventures, emphasized his firm's belief in Lolli’s mission, saying, "We look forward to working with Lolli to help drive its continued growth as a leading onramp into crypto. With its engaging user experience, extensive merchant partnerships, and industry-leading technology, Lolli is uniquely positioned to transform how people earn, own, and understand digital assets."
Alexis Ohanian, Founder of Seven Seven Six, also reiterated his support, highlighting Lolli’s role in driving mainstream bitcoin adoption, especially among first-time bitcoin owners. He noted the potential opportunities ahead for Lolli as a tool for people to understand and own sound money.
Expansion Plans
The influx of funds will fuel Lolli’s expansion plans, which include expanding its patented multi-currency rewards offering to enterprise partners such as neobanks, exchanges, payment companies, search engines, and card networks. Lolli’s enterprise partners will have access to its rewards network of retailers and Fortune 500 companies, enabling them to offer their own branded rewards experiences using Lolli’s exclusive offerings.
Additionally, the funding will enhance Lolli’s Card Boost program, launched in 2022, which allows shoppers to link any credit or debit card to earn bitcoin and cashback rewards in-store.
Lolli's Achievements
Since its establishment in 2018, Lolli has made significant progress in the rewards space. It has partnered with over 25,000 stores, including Ulta Beauty, Groupon, and Booking.com. The platform has rewarded users with more than $10 million in bitcoin rewards, along with cashback benefits.
Importance of Crypto Rewards Systems
Do you believe that crypto rewards systems are crucial for increasing access to bitcoin and other cryptocurrencies? Share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions
Are precious metal IRAs a smart investment?
The answer depends on how much you are willing to risk an IRA account losing value. You can use them if your cash balance is $10,000, as long you don't expect it to grow quickly. These may not be the best option if you are looking to save for retirement over many decades and invest in assets that will increase in value (e.g. gold). These fees can reduce any gains.
Are gold IRAs a good investment?
Purchase shares in mining companies to invest in precious metals like gold. You should buy shares in these companies to make money from investing in gold and other precious metals such as silver.
There are however two problems with owning shares directly.
First, you can lose money by holding onto your stock for too long. Stocks will fall faster than the underlying asset (like a gold mine) when they drop. It could lead to you losing your money, instead of making it.
Second, you could miss out on potential profit if you wait for the market to recover before you sell. It is possible to wait until the market recovers before selling your gold.
But if you prefer to keep your investments separate from your finances, you can still benefit from owning physical gold. A gold IRA can help diversify your portfolio and protect against inflation.
Visit our website to find out more about investing in gold.
How to open a Precious Metal IRA
It is best to open an IRA with precious metals through a Roth Individual Retirement Account.
This account is better compared to other types because you don’t need to pay any taxes until you withdraw the investments.
People who are looking to save money and still need a tax break will find it attractive.
You don't have to invest in silver or gold. If it meets the IRS guidelines, you can invest in any asset that interests you.
Many people think only of silver and gold when they hear the word “precious metallic” but there are other types.
These include palladium, platinum, rhodium,osmium,iridium, andruthenium.
There are several ways you can invest in precious metals. The two most popular options include buying bullion coins and bars and purchasing shares of mining companies.
Bullion Coins or Bars
One of the best ways to invest in precious metals is by buying bullion bars and coins. Bullion is a general term that refers to physical ounces of gold and silver.
You get actual bullion bars and coins when you purchase bullion coins.
While you may not immediately see any change after buying bullion coins and bars in a store, there will be some long-term benefits.
For example, you'll get a piece of history in a tangible form. Each coin or bar has its own story.
When you look at face value of the coin, you'll often find that it's worth far less than its nominal value. For example, the American Eagle Silver Coin was only $1.00 per ounce when it was introduced in 1986. Today, however, the price of an American eagle is closer to $40.00 per ounce.
Bullion has had a tremendous increase in its value since its introduction. This is why many investors choose bullion bars and bullion coin over futures.
Mining Companies
For those who want to purchase precious metals, another option is investing in shares of mining companies. When you invest in mining companies, you are investing in the company's ability to produce gold and silver.
You will then be entitled to dividends which are based upon the company’s profit. These dividends will then go towards paying out shareholders.
The company's growth potential will also be of benefit to you. As demand for the product increases, so should the share prices of your company.
It is crucial to diversify your portfolio because these stocks are subject to price fluctuations. This is how you spread your risk across different companies.
It's important to remember, however, that mining companies can still be subject to financial losses, just as any other stock market investment.
Your share of ownership may be worthless if gold prices fall significantly.
The bottom line
Precious metals like gold and silver can provide safety during economic uncertainty.
Gold and silver can fluctuate in price. You might be interested in long-term investments in precious metals. Consider opening a precious metals IRA with a reputable company.
This way, you can take advantage of tax advantages while benefiting from owning physical assets.
Statistics
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
External Links
wsj.com
takemetothesite.com
en.wikipedia.org
forbes.com
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
How to Open a Precious Metal IRA
Precious Metals are one of today's most desired investment vehicles. Precious metals have a higher return than traditional investments like bonds or stocks, which is why they are so sought-after. However, investing in precious metals requires careful planning and research before purchasing. These are the first things you need to know if you're looking to open a precious metal IRA.
There are two types of precious metal accounts. They are paper gold and silver certificates (GSCs) and physical precious metals accounts. Each type comes with its own set of advantages and disadvantages. For example, physical precious metals accounts offer diversification benefits, while GSCs are easy to access and trade. To learn more about these options, keep reading below.
Physical precious metals accounts can be used to hold bullion, coins and bars. Although this option can provide diversification benefits, there are some drawbacks. You will need to pay a lot of money for precious metals, whether you are buying, selling, or storing them. Due to their size, it can be difficult for them to be transported from one place to another.
On the other hand, paper gold and silver certificates are relatively inexpensive. In addition, they're easily accessible and traded online. They're a great choice for people who don’t want precious metals. But, they're not as well-diversified as physical counterparts. They are also backed by government agencies like the U.S. Mint so their value could decline if inflation rates rise.
Make sure you choose the right account to suit your financial situation when opening a precious Metal IRA. Before doing so, consider the following factors:
- Your tolerance level
- Your preferred asset allocation strategy
- How much time will you invest?
- Consider whether you will use the funds to trade short-term.
- What tax treatment do you prefer?
- Which precious metal(s) you'd like to invest in
- How liquid should your portfolio be?
- Your retirement date
- You'll need somewhere to keep your precious metals
- Your income level
- Current savings rate
- Your future goals
- Your net worth
- Special circumstances that might affect your decision
- Your financial overall situation
- Preference between paper and physical assets
- Your willingness to take risks
- Your ability to deal with losses
- Your budget constraints
- Your desire to become financially independent
- Your investment experience
- Your familiarity with precious and rare metals
- Your knowledge of precious metals
- Your confidence in the economy
- Your personal preferences
Once you have decided which type of precious-metal IRA is best for you, it's time to open an account at a reputable dealer. These companies are often found by word of mouth referrals or online research.
After you have opened your precious metal IRA account, you will need to decide how much money to put in it. Every precious metal IRA account will have a different minimum initial deposit amount. Some accounts only require $100, while others may allow you up to $50,000.
The amount you invest in your precious-metal IRA is entirely up to you, as stated above. A higher initial deposit will help you build wealth over a prolonged period. A lower initial deposit may be better if you plan to invest smaller amounts of money each month.
There are many types of investments that can be purchased, as well as precious metals you can use in your IRA. Here are some of the most common:
- Bullion bars and rounds of gold, as well as coins
- Silver – Rounds or coins
- Platinum – Coins
- Palladium – Round and bar forms
- Mercury – Round and Bar Forms
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