Lolli, Sephora Shoppers First Bitcoin Crypto Startup

bitcoin volatility

With the holiday shopping now in full swing, hundreds women can earn their first Bitcoin (BTC) by making purchases with the new in-browser application known as Lolli. The cosmetics chain Sephora, according to the report has now joined a long list of retailers that allowers customers to earn cash (or Bitcoin) back through its new Lolli application.

According to Lolli, the collaboration was as a result of data indicating that 30% of the users of the application are women.

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Lolli Gaining Traction Despite Bear Market

Lolli’s partners, including the likes of beauty retailers, like Ulta and fashion brands like Everlane, pay it for client referrals and gives the e-commerce startup fiat currency, which is, in turn, converts, to Bitcoin (BTC) as rewards for customers. Despite the wider bear market, or because of it, the startup is gaining traction while other startups in the crypto space face layoffs. Sephora failed to respond to any requests for comment.

However, Thien-Kim Ngo a San Francisco-based marketing consultant said she has now earned her first Bitcoin (BTC) from Sephora and Everlane using Lolli. Ngo said she now wants to know more about investing in crypto as she acquires more BTC tokens. In Ngo’s words:

I had been interested in digital tokens for a few years now. But the other ways of getting Bitcoin (BTC) felt time-consuming and complicated. The frequent news of market volatility freaked me out. Even though I have very little knowledge of digital currencies, Lolli felt intuitive and less risky.”

It is essential to indicate that Sephora’s head of innovation lab who is also the co-founder of SF Crypto Devs Meetup and Bitcoin (BTC) veteran, Nelly Mensah declared that although travel is Lolli’s most popular category, fashion and beauty retailers are now gaining traction as well.

Beauty and Fashion Retailers are Gaining Traction From Lolli Users

The report shows that Sephora’s rival Ulta has attracted significant traction from customers who are Lolli users already, and these people are not just women alone. Men are included. In order to acquire Bitcoin (BTC) using Lolli, users have to install the application in their Chrome browser. After doing this, they will be able to make purchases as they normally would via mainstream websites. So far, about 60% of Lolli users typically become repeat shoppers.

Lolli Has Raised $2.35 Million and Paid Users 0.0029 BTC/$10 Per Purchase

Since Lolli began operations in September this year, the company has raised $2.35 million and paid users 0.0029 bitcoin per purchase, which is roughly $10 on the average. However, the rewards may vary dramatically. This depends on the brand acquired or the amount spent to make purchases. One user earned $132 worth of BTC in a single travel purchase of $4,400.

Later this month Lolli is going to offer its users the ability to cash out funds to users’ who have separate crypto wallet addresses. According to Adelman said the holiday shopping had drawn many first timers including Ngo into the crypto space. Concluding:

We have doubled our sales this November. I think Sephora will add much more. We have seen an early trend there.”

 

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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