Lolli, a leading player in the bitcoin and cashback rewards sector, has announced the successful completion of an $8 million Series B funding round. The funding will allow Lolli to further improve and expand its cryptocurrency rewards market.
New Funding Round and Investors
The Series B funding round was led by Bitkraft Ventures and saw participation from a mix of new and existing investors. Notable new investors include Sfermion, Ulta Beauty's Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, and others. 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 also renewed their commitments.
Growth and Excitement in the Ecosystem
Alex Adelman, CEO and Founder of Lolli, expressed his excitement about the company's growth and the increasing value of bitcoin rewards for Lolli users. He emphasized the opportunity to bring bitcoin to more people through Lolli's gamified earning experiences.
Support from Bitkraft Ventures
Carlos Pereira, Partner at Bitkraft Ventures, highlighted his firm's belief in Lolli's mission. He stated that Lolli is uniquely positioned to transform how people earn, own, and understand digital assets with its engaging user experience, extensive merchant partnerships, and industry-leading technology.
Mainstream Bitcoin Adoption
Alexis Ohanian, Founder of Seven Seven Six, reiterated his support for Lolli and its role in driving mainstream bitcoin adoption, especially for first-time bitcoin owners. He recognized the potential opportunities for Lolli as a tool for people to understand and own sound money.
The newly raised funds will fuel Lolli's expansion plans, which include expanding its 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 provide their own branded rewards experiences using Lolli's exclusive offerings.
Enhancing the Card Boost Program
Furthermore, the funding will enhance Lolli's Card Boost program, which was launched in 2022. This program allows shoppers to link their credit or debit cards to earn bitcoin and cashback rewards when making in-store purchases.
Lolli's Success and Partnerships
Lolli has made significant progress in the rewards space since its establishment in 2018. It has partnered with over 25,000 stores, including Ulta Beauty, Groupon, and Booking.com. The platform has rewarded users with over $10 million in bitcoin rewards, in addition to cashback benefits.
Importance of Crypto Rewards Systems
Do you believe that crypto rewards systems are essential for increasing access to bitcoin and other cryptocurrencies? Share your thoughts and opinions on this subject in the comments section below.
Frequently Asked Questions
What are the benefits of a gold IRA
A gold IRA has many benefits. It's an investment vehicle that lets you diversify your portfolio. You can control how much money is deposited into each account as well as when it's withdrawn.
You have the option of rolling over funds from other retirement account into a gold IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best thing is that investing in gold IRAs doesn't require any special skills. These IRAs are available at all banks and brokerage houses. You do not need to worry about fees and penalties when you withdraw money.
There are also drawbacks. Gold is known for being volatile in the past. Understanding why you want to invest in gold is essential. Is it for growth or safety? Are you trying to find safety or growth? Only when you are clear about the facts will you be able take an informed decision.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce won't be enough to meet all your needs. Depending upon what you plan to do, you could need several ounces.
If you're planning to sell off your gold, you don't necessarily need a large amount. You can even manage with one ounce. These funds won't allow you to purchase anything else.
Can I buy gold with my self-directed IRA?
While you can purchase gold from your self-directed IRA (or any other brokerage firm), you must first open a brokerage account such as TD Ameritrade. Transfer funds from an existing retirement account are also possible.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide to invest in gold, you'll want to consider purchasing physical bullion rather than investing in futures contracts. Futures contract are financial instruments that depend on the gold price. They let you speculate on future price without having to own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
What is a Precious Metal IRA (IRA)?
A precious metal IRA allows you to diversify your retirement savings into gold, silver, platinum, palladium, rhodium, iridium, osmium, and other rare metals. These are called “precious” metals because they're very hard to find and very valuable. These are excellent investments that will protect your wealth from inflation and economic instability.
Bullion can be bought through many channels, including online retailers, large coins dealers, and some grocery shops.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. You'll get dividends each year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. You pay only a small percentage of your gains tax. Additionally, you have access to your funds at no cost whenever you need them.
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 contributions from both the employer and employee. A Employee Stock Ownership Plan, or ESOP, is another way to invest publicly traded companies.
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.
A Individual Retirement Annuity (IRA), is also available. An IRA allows for you to make regular income payments during your life. Contributions to IRAs do not have to be taxable
What proportion of your portfolio should you have in precious metals
This question can only be answered if we first know what precious metals are. Precious metals refer to elements with a very high value relative other commodities. They are therefore very attractive for investment and trading. Gold is by far the most common precious metal traded today.
There are many other precious metals, such as silver and platinum. The price of gold fluctuates, but it generally remains stable during times of economic turmoil. It also remains relatively unaffected by inflation and deflation.
The general trend is for precious metals to increase in price with the overall market. But they don't always move in tandem with one another. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. This is because investors expect lower rates of interest, which makes bonds less attractive investments.
However, when an economy is strong, the reverse effect occurs. Investors are more inclined to invest in safe assets, such as Treasury Bonds, and they will not demand precious metals. Because they are rare, they become more pricey and lose value.
It is important to diversify your portfolio across precious metals in order to maximize your profit from precious metals investments. Because precious metals prices are subject to fluctuations, it is best to invest across multiple precious metal types, rather than focusing on one.
Do you need to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. If you lose money in your investment, nothing can be done to recover it. This includes any loss of investments from theft, fire, flood or other circumstances.
Protect yourself against this type of loss by investing in physical gold or silver coins. These items have been around for thousands of years and represent real value that cannot be lost. These items are worth more today than they were when first produced.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
You won't get any returns until you retire if you open an account. So, don't forget about the future!
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement funds
A rising trend in gold IRAs
Investors are increasingly turning to gold IRAs as a way to diversify and protect their portfolios from inflation.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. It is tax-free and can be used by investors who aren't concerned about stocks and bond.
A gold IRA allows investors to manage their assets without worrying about market volatility. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also enjoy the benefits of owning physical gold, which includes its unique properties such as durability, portability, and divisibility.
In addition, the gold IRA offers several other advantages, including the ability to quickly transfer ownership of the gold to heirs and the fact that the IRS does not consider gold a currency or a commodity.
This means that investors who are looking for financial safety and security are becoming more interested in the gold IRA.
By: David Sencil
Title: Lolli Raises $8 Million in Series B Funding for Crypto Rewards Market Expansion
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