Alex Adelman is the CEO and founder of Lolli, a free cash back reward app that allows you to earn free Bitcoin by just shopping online. In this Q&A, Alex goes over how he got started with blockchain/bitcoin and the vision behind Lolli.
1. Hey Alex! Thanks for doing the Q&A. Could you tell us a little bit more about what you’re working on?
Hey Wilson, thanks for having me! Lolli is a rewards application that lets people earn bitcoin when they shop online at 500+ top merchants. We partner with top retailers and get a % of every sale when we send our users to the retailer’s site to shop. We share that commission with our users, sending bitcoin to their Lolli wallets! 🙂
2. How did you initially get into Bitcoin/blockchain?
I’ve been fascinated with the democratization of commerce for most of my adult life. I was building my last company, Cosmic, an e-commerce gateway that lets people buy and sell anywhere. I was frustrated with the limitations of cross-border payments and the established but broken rails of commerce. About 5 years ago when I was bootstrapping my last company, I was crashing on couches in NY and went to a bar with a few friends. One of the people there had just learned about bitcoin and was obsessed. We ended up talking about it for hours. After our conversation, I kept thinking about it and scoured the web for more information. After about a year, I finally bought a bitcoin. I clearly wish I bought more but it gave me enough skin in the game to pay attention and learn about the space.
3. What was your main motivation behind building Lolli?
I believe in giving everyone in the world equal opportunity. I believe that commerce has the power to connect us, serving as a binding agent for the modern world. The more we are connected, the better the world will be for future generations. Bitcoin gives almost everyone in the world the ability to trade with the same currency and hold the same story of value. I realized, however, that bitcoin was not easily accessible to everyone. People had to either mine it or invest in it to own it. I wanted to share bitcoin with my family, friends, and anyone who wanted it. So, Matt (my co-founder & CTO) and I set out to create the easiest way to earn & own bitcoin.
4. I’d imagine that it is super hard for retailers to accept blockchain technology today. What strategies did you use in order to convince retailers to join forces with Lolli?
It’s important to understand motivation and leverage in any form of business. In short, retailers want new customers and incremental revenue. People want to earn & own bitcoin but as a new and volatile asset, it’s inherently risky. At this point in time, most people do not want to spend bitcoin. I went to a lot of our retailers that I met over the last 7 years from my last company (Cosmic) and ensured them I could bring them customers and would handle all the compliance and security around sending and storing bitcoin. No-risk for the retailers and they get to attract new shoppers with universal rewards.
5. There’s a saying, “Nothing in this world is free.” How does Lolli’s business model work?
haha we get that a lot. I understand it feels too good to be true but it’s actually as good as it sounds. Ebates, which acquired my last company, was one of the pioneers in the cash back rewards space. Like Ebates, Lolli partners with top merchants that pay us a commission when we drive sales to their site. We share that commission with our users, sending bitcoin to their Lolli wallets.
6. What are some ultimate goals in Lolli’s pipeline that people don’t know about?
We want to be everyone’s trusted wallet that lets them spend & earn anywhere in the world.
7. As of today, Lolli only supports Bitcoin. Do you plan on adding more crypto assets to the product in the future?
I think the Lolli community will ultimately decide that. Like bitcoin, I think big decisions should be driven through consensus.
8. What do you think is the biggest problem that’s stopping people from adopting into Bitcoin nowadays?
It’s risky, confusing, and difficult to get involved. My team and I hope to make it easier and more approachable with Lolli.
9. What are the ultimate growth/marketing strategies for Lolli for the consumer market?
We’ve got some exciting things ahead. Stay tuned. 🙂
10. Let’s add a fun question. What do you like to do for fun?
I really love cooking with friends.
11. Thanks for doing the Q&A! Please let everyone know how they could get in touch with you!
The best place to get in touch and stay updated on Lolli news is probably Twitter. My handle is @alexadelman and my DMs are always open.
Thanks Alex!!! 🙂
For those that want to give Lolli a try, you can get $1 in free Bitcoin by signing up directly here.