What if cashback comes in bitcoin?

What if cashback comes in bitcoin?

It is the idea of ​​some startups that work as plugins or extensions of web browsers that are activated on the ecommerce of partner brands. The venture capital of Serena Williams and the founder of Reddit finance Lolli

(photo: ROSLAN RAHMAN / AFP / Getty Images) A ​​bitcoin cashback for online purchases: this is the innovation of some startups born with ambition to reinvent the reimbursement program with the most famous cryptocurrency to easily spread it among consumers, putting it directly in their wallet. Not only crypto-enthusiasts believe it, but also thousands of ordinary users and hundreds of global and non-global brands who have already joined the BitcoinRewards, Pei and CoinRebates projects. The idea also appeals to institutional investors who at the end of March disbursed a $ 5 million Series A loan in favor of Lolli, the platform invented by 32-year-old Alex Adelman.

The round was attended by the venture capitalists of Alexis Oahnian, founder of Reddit (Seven Seven Six), tennis player Serena Williams (Serena Ventures) and youtubers like Cody Co and Casey Neistat (one and 2.9 billion views each). Founded in 2018, Lolli had already raised three million seed dollars and has since distributed the same amount in bitcoin-back. The platform is a simple extension of the web browser, for use in the ecommerce of partner brands: Nike, Adidas, Microsoft, eBay, Groupon, Sephora, are some. The user does not need to have a crypto-wallet, the Lolli plugin takes care of the account: having reached a minimum of $ 15 equivalent, bitcoins can be translated into the current account, for a fee of 25 cents.

The company, currently active only in the United States, stated that in 2019 the average user had thus obtained $ 26 (today it would be 0.00045 bitcoins). The cashback is worth an average of 7% of the purchase and consists of small fractions of cryptocurrency, satoshi from the name of the pseudo-inventor. The platform finances it with a graduated percentage rate on the brands, from where it obtains a second source of income, converting the refund money into bitcoin. BitcoinRewards (active in the United States, Australia, Canada, United Kingdom, New Zealand and Brazil) also provides an internal bulletin board to keep track of outstanding cashback, but other applications such as Pei require the use of an external wallet. CoinRebates proposes for example the use of Coinbase.

The global digital acceleration has favored a greater diffusion and evaluation of cryptocurrencies, favoring the performance of the most famous exchange service in the world. Not for nothing, Coinbase has obtained from the Sec the authorization for the direct listing, which will take place on April 14 on the Nasdaq.

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