Lolli Secures $8 Million for Crypto Rewards Market Expansion
Lolli, a prominent player in the bitcoin and cashback rewards arena, has successfully closed an $8 million Series B funding round. The funding round, led by Bitkraft Ventures, includes participation from both new and returning investors.
Diverse Group of Investors Contribute to Funding Round
The latest funding round for Lolli saw 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 round 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.
Lolli's CEO Excited About Company's Growth
Alex Adelman, CEO and Founder of Lolli, expressed excitement about the new phase of growth for the company. With bitcoin's price surging and Lolli users' rewards increasing in value, Adelman looks forward to leveraging this period of growth and excitement to bring bitcoin to more people through Lolli's gamified earning experiences.
Bitkraft Ventures Believes in Lolli's Mission
Carlos Pereira, Partner at Bitkraft Ventures, emphasized his firm's belief in Lolli's mission. He looks forward to working with Lolli to help drive its continued growth as a leading onramp into crypto. Pereira highlights Lolli's engaging user experience, extensive merchant partnerships, and industry-leading technology as factors that uniquely position Lolli to transform how people earn, own, and understand digital assets.
Support from Seven Seven Six Founder
Alexis Ohanian, Founder of Seven Seven Six, also reiterated his support for Lolli. He recognizes Lolli's role in driving mainstream bitcoin adoption, especially for first-time bitcoin owners. Ohanian sees potential opportunities ahead for Lolli as a tool for people to understand and own sound money.
Expansion Plans and Enhanced Offerings
The influx of funds will fuel Lolli's expansion plans, including broadening 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 gain access to its rewards network of retailers and Fortune 500 companies, allowing them to offer their own branded rewards experiences using Lolli's exclusive offerings.
Additionally, the funding will enhance Lolli's Card Boost program, which was launched in 2022. The program allows shoppers to link any credit or debit card to earn bitcoin and cashback rewards in-store.
Lolli's Success in the Rewards Space
Since its inception in 2018, Lolli has made significant progress in the rewards space. The platform has partnered with over 25,000 stores, including Ulta Beauty, Groupon, and Booking.com. Lolli has rewarded users with more than $10 million in bitcoin rewards, alongside cashback benefits.
What are your thoughts on crypto rewards systems and their importance in growing access to bitcoin and other cryptocurrencies? Share your opinions in the comments section below.
Frequently Asked Questions
How much should your IRA include precious metals
You should remember that precious metals are not only for the wealthy. You don't have to be rich to invest in them. There are many ways to make money on silver and gold investments without spending too much.
You might think about buying physical coins such a bullion bar or round. You could also buy shares in companies that produce precious metals. You might also want to use an IRA rollover program offered through your retirement plan provider.
You can still get benefits from precious metals regardless of what choice you make. These metals are not stocks, but they can still provide long-term growth.
Their prices rise with time, which is a different to traditional investments. If you decide to make a sale of your investment in the future, you will likely realize more profit than with traditional investments.
Is physical gold allowed in an IRA.
Not just paper money or coins, gold is money. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Today, investors invest in gold as part a diversified portfolio. This is because gold tends do better in financial turmoil.
Many Americans are now more inclined to invest in precious metals like gold and silver than stocks or bonds. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
One reason is that gold historically performs better than other assets during financial panics. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During turbulent market conditions gold was one of few assets that outperformed stock prices.
One of the best things about investing in gold is its virtually zero counterparty risk. You still have your shares even if your stock portfolio falls. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, gold offers liquidity. This means you can easily sell your gold any time, unlike other investments. You can buy gold in small amounts because it is so liquid. This allows one to take advantage short-term fluctuations within the gold price.
What precious metals can you invest in for retirement?
These precious metals are among the most attractive investments. They are both simple to purchase and sell, and they have been around for a long time. If you want to diversify your portfolio, you should consider adding them to your list.
Gold: Gold is one the oldest forms currency known to man. It's stable and safe. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: The popularity of silver has always been a concern for investors. This is a great choice for people who want to avoid volatility. Unlike gold, silver tends to go up instead of down.
Platinum: A new form of precious metal, platinum is growing in popularity. It's like silver or gold in that it is durable and resistant to corrosion. It is, however, more expensive than its competitors.
Rhodium: Rhodium can be used in catalytic convertors. It is also used in jewelry-making. And, it's relatively cheap compared to other types of precious metals.
Palladium: Palladium is similar to platinum, but it's less rare. It is also cheaper. Investors looking to add precious and rare metals to their portfolios love it for these reasons.
Can I buy gold using my self-directed IRA
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. If you have an existing retirement account, you can transfer funds to another one.
The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals may contribute up to $1,000 ($2,000 if married, filing jointly) directly into a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments that are based on gold's price. They allow you to speculate on future prices without owning the metal itself. But physical bullion refers to real gold and silver bars you can carry in your hand.
Can I have a gold ETF in a Roth IRA
While a 401k may not offer this option for you, it is worth considering other options, such an Individual Retirement Plan (IRA).
Traditional IRAs allow for contributions from both employees and employers. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP offers tax benefits because employees can share in the company stock and any profits that it generates. The money invested in the ESOP is then taxed at lower rates than if it were held directly in the hands of the employee.
An Individual Retirement Annuity (IRA) is also available. With an IRA, you make regular payments to yourself throughout your lifetime and receive income during retirement. Contributions made to IRAs are not taxable.
What are the benefits of a gold IRA
A gold IRA has many benefits. You can diversify your portfolio with this investment vehicle. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best thing about investing in gold IRAs is that you don’t need any special skills. These IRAs are available at all banks and brokerage houses. Withdrawals are made automatically without having to worry about fees or penalties.
But there are downsides. The volatility of gold has been a hallmark of its history. So it's essential to understand why you're investing in gold. Are you looking for safety or growth? Are you looking for growth or insurance? Only then will you be able make informed decisions.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce won't be enough to meet all your needs. Depending on the purpose of your gold, you might need more than one ounce.
You don’t necessarily need a lot if you’re looking to sell your gold. Even a single ounce can suffice. But you won't be able to buy anything else with those funds.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
External Links
investopedia.com
law.cornell.edu
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
cftc.gov
forbes.com
- Gold IRA – Add Sparkle to Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Tips for Investing Gold
Investing in Gold is a popular investment strategy. There are many benefits to investing in gold. There are several options to invest in the gold. There are many ways to invest in gold. Some prefer buying physical gold coins while others prefer gold ETFs (Exchange Traded Funds).
You should consider some things before you decide to purchase any type of gold.
- First, you must check whether your country allows you to own gold. If you have permission to possess gold in your country, you can then proceed. You might also consider buying gold in foreign countries.
- You should also know the type of gold coin that you desire. You can go for yellow gold, white gold, rose gold, etc.
- The third factor to consider is the price for gold. It is best to begin small and work your ways up. You should diversify your portfolio when buying gold. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
- Last but not least, remember that gold prices fluctuate frequently. Keep an eye on current trends.
—————————————————————————————————————————————————————————————–
By: David Sencil
Title: Lolli Secures $8M in Series B Funding to Boost Crypto Adoption Through Innovative Rewards System
Sourced From: news.bitcoin.com/lolli-secures-8m-in-series-b-funding-to-boost-crypto-adoption-through-innovative-rewards-system/
Published Date: Thu, 14 Dec 2023 14:30:19 +0000
Leave a Reply