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Grubhub, an American online food delivery platform, has come up with an exciting new way to engage its users. The company has partnered with Bitcoin rewards company Lolli to allow its users to earn Bitcoin (BTC) on every order.
Integrating crypto into a simple routine activity – like ordering food online, is yet another effort at driving crypto adoption.
Related Reading | Fold Launches First-Ever AR With Free Bitcoin Rewards Experience
Lolli has partnered with many companies in various sectors to offer customers BTC rewards.
In a Wednesday announcement, Lolli said that Grubhub customers will earn $5 in BTC on their first order. Subsequently, they would get $1 in BTC on other food orders using the platform’s extension. Before users can enjoy this benefit, they must activate Lolli on web or mobile before placing an order at Grubhub. And after a user earns up to $15, or roughly 0.00026 BTC at the current price of $56,902, they would be able to transfer it to their own virtual wallet.
BTC trading at $56.9K | Source: BTCUSD on TradingView.com
CEO and Co-founder of Lolli Alex Adelman explained that Lolli’s mission is to integrate bitcoin into aspects of everyday life.
“Food delivery is a ritual for many and bitcoin rewards make bitcoin a part of that ritual. Giving users bitcoin rewards on every Grubhub order is an incredible milestone for bitcoin adoption, making earning BTC easier and more accessible than ever,” he said.
Grubhub’s Director of Growth Marketing, Bridget Scanlan, also expressed her pleasure with the partnership. For Grubhub, it is yet another way to reward its diners.
Last month, the company announced a new innovative food-delivery method to its University of Arizona customers. It now uses delivery robots known as rovers to deliver all orders from on-campus dining locations.
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Lolli is, however, not the first – nor will it be the last – company in the food industry to integrate crypto into its products. Just last month, fast-food chain Burger King, in partnership with Robinhood, gave its customers crypto prizes. Members of its Royal Perks loyalty program got to earn BTC, Ethereum (ETH), and Dogecoin (DOGE) after spending $5 or more at the fast-food chain.
According to Lolli, it is the first bitcoin rewards application that allows people to shop online and earn BTC. The company has teamed up with over 1000 top brands and merchants, including Microsoft, Kroger, Sephora, and Macy’s, to offer customers BTC rewards.
Lolli believes that bitcoin is a “global alternative currency and universal store of value and wants to share it with the world.”
Featured image by Panbeta, Chart from TradingView.com
Bitcoin rewards company, Fold, is going full on Lightning by the end of 2022 and has partnered with OpenNode to start the process soon.
In a press release sent to Bitcoin Magazine, bitcoin rewards app giant Fold confirmed that they have committed to integrating Lightning Network support by the end of 2022.
This is an effort to support the growth of the Lightning Network, a second-layer scaling solution, which is proving to be vital in bitcoin’s journey to becoming a medium of exchange (MoE). Lightning allows for low fee off-chain transactions and near instant micropayment processing, in addition to greater privacy.
With Fold integrating the Lightning Network, this will bring many new users into the mix. Fold currently has over 500,000 mobile app users with many for whom this will be their first experience using Lightning, after already being exposed to the benefits of bitcoin rewards.
“We are continuing our tradition of moving the space towards Lightning as we did before in the early days with Lightning Pizza. By incentivizing users to use Lightning and opt to receive their rewards in a Lightning wallet, we are bootstrapping LN adoption,” said Fold CEO Will Reeves.
To help make this possible, Fold struck a partnership with BTC payment processor, OpenNode, to help jumpstart this transition over to Lightning. This partnership will allow Fold users to withdraw their bitcoin rewards to their own Lightning wallet, available within the “coming weeks.” The release stated that on-chain transactions will only remain available for a limited time.
“We’re really excited to partner with Fold to drive Bitcoin adoption and Lightning Network usage through better payments experiences. OpenNode will power bitcoin payouts for Fold, enabling Fold users to withdraw the bitcoin they earn instantly, and at the lowest cost possible. We look forward to working with Fold to make many more improvements to the way people earn, transfer, and pay with bitcoin,” said OpenNode co-founder and CTO João Almeida.
Upgrade has announced their new bitcoin rewards card that offers unlimited 1.5% BTC back on every purchase paid.
Upgrade, a fintech company focused on providing credit for mainstream consumers, has announced its bitcoin rewards card launch. The new product is already available in the U.S. as a variation of the company’s standard card, offering users an unlimited 1.5% BTC rewards on every purchase paid back.
“Upgrade Card is already delivering over $3 billion in annualized credit to consumers,” said Renaud Laplanche, co-founder and CEO at Upgrade, in the announcement. “Starting today, anyone can apply for an Upgrade Bitcoin Rewards Card and enjoy the same affordable and responsible credit as with any Upgrade Card, plus the potential upside and fun of owning bitcoin.”
Like the regular Upgrade Card, the company’s bitcoin rewards card turns every balance into a fixed-rate installment plan. But by opting in for the new offering, customers can gain BTC as they pay down their balance.
Furthermore, the Upgrade Bitcoin Rewards Card is also a Visa Signature card. It can be used anywhere Visa is accepted and includes the usual benefits such as trip and baggage insurance, purchase protection, and extended warranty coverage.
In the backend, institutional bitcoin solutions provider NYDIG will be supplying Upgrade with bitcoin trading and custody solutions and enabling users to hold and sell funds.
However, cardholders are only allowed to sell earned bitcoin for dollars after 90 days, counted upon receipt of the reward. Additionally, the BTC selling transaction is subject to a 1.5% transaction fee.
Conveniences like bitcoin rewards can go a long way while the economy remains dollar-denominated and we wait for hyperbitcoinization. It is mostly a win-win situation as people can spend ever-depreciating dollars and earn a percentage back in ever-appreciating bitcoin.
But Upgrade didn’t make it clear whether cardholders will be able to withdraw funds. If users are prevented from taking full ownership of their earned coins through self-custody, they would be trusting NYDIG with the security of their assets and being prevented from enjoying and enforcing Bitcoin’s principles.
Users of the Coinbase Card can now make payments using Apple Pay and reap bitcoin rewards.
One of the leading U.S. bitcoin exchanges, Coinbase, has announced today that users can now use the company’s debit card offering, called Coinbase Card, with Apple Pay according to a news release.
“You can now use your Coinbase Card with Apple Pay and Google Pay to make it even easier to spend crypto at home and on the go,” shared Coinbase, per the release. “Starting this week, we’ll invite select customers off the waitlist to begin earning up to 4% back in crypto rewards.”
The Coinbase Card allows users to draw on their Coinbase balances of bitcoin and other cryptocurrencies to make purchases. The exchange automatically converts all cryptocurrency to U.S. Dollars and transfers the funds to the debit card ––minus conversion fees–– for usage in purchases and ATM withdrawals.
Starting next week, users will have the option to add their Coinbase Card to Apple Pay as soon as they’re approved for the card. As a result, Coinbase will indirectly allow millions of Americans to pay for their everyday purchases with bitcoin through Apple Pay via the new feature.
The news comes after Apple has recently shown interest in a “cryptocurrency specialist” through a recent job post, suggesting that the company may be working towards adding bitcoin payments to Apple Pay. But until direct transactions become a reality, Coinbase users can already enjoy paying with bitcoin while reaping some rewards.
There are some caveats to the card’s reward system; the user also has to pay a 2.75% fee for every Coinbase Card transaction. While the bitcoin exchange promises up to 4% back in rewards, that figure only applies to receiving non-bitcoin cryptocurrencies.
Those who choose to use bitcoin are awarded 1% back, which would mean losing money after accounting for the card fees. However, if one expects the earned bitcoin to outpace any other returns regardless of percentage rewards earned, then this may not be necessary to take into consideration. In addition, if desired, Coinbase Card users can avoid paying the debit card fee by using USDC, Coinbase’s dollar-pegged stablecoin.
More broadly, the combination of America’s most widely used bitcoin exchange with the most popular smartphone company in the country could spur a broader usage of bitcoin debit cards, increasing payments made with bitcoin in the U.S.
Humans are driven by incentives. For years, businesses have attracted new users and encouraged customer loyalty using fiat-denominated incentives. These rewards come in many forms: cash bonuses, points, air travel miles, purchase matches, product discounts, low introductory interest rates, and everything in between. In addition to offering this “value,” companies spend millions of dollars spamming the general public with TV and radio advertising and endless junk mail. Although it is marketed as a way to prioritize the customer, this impersonal “spray and pray” approach feels more like fishing for suckers. I’ve literally received 5+ credit card offers in my dog’s name. My dog is really excited for such an exclusive, pre-approved opportunity. He really is.
Fiat-denominated rewards align perfectly with the fiat system.
Your points will expire in 1 year—hurry up and use them! We’ve revised our tiered program, and achieving “diamond” status next year will be a little bit harder, even though the value of those rewards will be diluted. Sorry, you actually can’t redeem points at those destinations you wanted to visit. Spend your value now and work harder just to keep pace tomorrow. You’ll love it!
The bitcoin rewards scene is comparatively new but objectively better than everything mentioned above. The Bitcoin-focused companies that have had initial success share some common traits: they engage with the community, they iterate on their products in ways that continue to provide value to their customer base, and they respond to feedback by actually taking action. These things sound easy on paper, as most bitcoin concepts do, but execution is much more difficult. Bitcoiners are some of the hardest customers to please because we demand quality products that are built the right way. The companies in this space that will win are those that build their businesses accordingly.
I will share a bit about my personal experience and a friend’s success in doing business with these companies. I was an early adopter of Lolli and Fold (not shilling, do your own research) and am still a happy customer of both. In my business ventures, I generally spend a good amount. Traditionally, I’ve used credit cards that give 1%–1.5% cash back. I used to let the cash back pile up and then go spend it on something unnecessary. That was very fiat of me! As is traditional after diving down the Bitcoin rabbit hole, I ended up allocating a very (ir)responsible percentage of my net worth to accumulating bitcoin as quickly as possible. Once I saw the light, I knew I was buying at fire sale prices, but I only have so much money—I’m not a central bank, so I needed to figure out other ways to accumulate.
Although I did work out a couple of ways to earn some bitcoin, I was regularly looking for ways to accumulate it passively throughout the course of my current lifestyle. I wanted that 1%–1.5% kickback to be in bitcoin. Not only would that provide an incentive for me to stack the hardest money in the world, it would also give me extra reason to grow my spend (not consumption) and therefore my business volume. When these rewards products came to market, I jumped on them immediately, and I found myself with a fire lit under my ass trying to add value to the world as quickly as possible while also drastically reducing my frivolous spending. Value went up, and garbage went down. It’s funny how (the right) incentives work. Although my overall reward accumulation rate has slowed down because of bitcoin’s price appreciation, it feels validating to watch things work out as they should. Not to mention that the reduced rewards I’m earning today will look incredible in due time. As of today, I’ve earned over 150 million satoshis in rewards, and I still look forward to “spinning the wheel” for a few more every day.
When I have shared my experience with others, I have often heard that, because of my business, I was lucky to be in the position where I could spend more than any ordinary consumer would have. Enter my aforementioned friend. Let’s call him Chad. Chad found himself out of a job because of some recent health events you may have seen in the news. “Lucky” Chad didn’t want to wait for handouts, so he decided to make something out of nothing. He recognized that contractors were extremely busy fixing all of the houses inside which people were stuck for weeks on end. He cold-called contractors and offered to handle material orders and deliveries for a flat fee of $100 per job. Most people couldn’t be bothered to hustle for $100, but Chad quickly found himself handling well over a dozen jobs every week. In addition to that, Chad was using his Fold card to get bitcoin rewards on most of those material purchases, which were being reimbursed with other people’s money. Chad has since been hired by one of these contractors to be a project manager with a salary 50% higher than any job he’s had previously. Easy game.
The rewards industry is huge, and I expect to see a ton of growth in this area over the coming years. Companies will be forced out of their fiat mindsets and will have to realign with bitcoin incentives to remain competitive. I’ve stacked, dollar cost averaged, performed personal speculative attacks, earned, and been rewarded in bitcoin. This is a game of accumulation, and I’m here to play. If you want my business, come get it.
– Relevant P
This is a guest post by Relevant Peter Schiff. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.
Bitcoin web browser-based coupon app Lolli has secured a $5 million investment led by Serena William and her husband Alexis Ohanian’s independent venture funds, and Night Beast, the talent manager of famous YouTuber Mr Beast.
Lolli concluded its Series A investment of $5 million. It’s the firm’s second funding in less than a year after a $3 million round in May 2020 led by actor Ashton Kutcher and Youtuber Michelle Phan.
The Google Chrome, Firefox, or Microsoft Edge extension gives BTC cashback for payment at Lolli’s partner websites while the extension is in “active” mode.
During the sale season this last winter, the reward’s app added eBay to its partners’ list, including Walmart, GoDaddy, Microsoft, Nike, and many other popular brands.
The 23-time grand slam winner Serena Williams noted in the press release:
“I’m excited to announce my investment in Lolli, a company on a mission to make Bitcoin more accessible. Earning and owning Bitcoin is a step towards financial inclusivity for all people.”
The extension is only active only in the U.S., and the company plans to use the investment for “international expansion.”
Lolli is promoting Bitcoin payments to reduce the cost of payments for merchants, who otherwise would have to pay 1-5% to card companies and other payment providers.
Bitcoin transactions are made unfeasible due to the high transfer fee—currently, the average fee for sending a BTC transaction is $15. However, concerning international remittances and payments, Bitcoin’s fee is comparatively cheaper than wire transfer costs.
Lolli offers an average of 7% cashback—ranging between 2-30%—for just opening a chrome extension. Its business model is based on mainstream rewards app Honey, acquired by PayPal.
With companies like Tesla enabling Bitcoin payments and PayPal and Starbucks designing respective crypto payment products, Lolli can bridge retail merchants and payment providers.
Disclosure: The author held Bitcoin at the time of press.
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Bitcoin rewards app, Lolli, has announced the close of its pre-series A fundraising round after raising $5 million.
The round saw investment from a diverse array of participants, including Seven Seven Six — the venture capital firm co-founded by Reddit executive chairman Alexis Ohanian — Serena Williams’ Serena Ventures, management company Night Media, and various social media influencers.
The funds will be allocated towards developing Lolli’s mobile application, scaling to support a growing user base, and international expansion.
Launched in 2018, Lolli has teamed up with more than 1,000 merchants including Priceline and Macy’s to provide their customers with the opportunity to receive rewards in the form of BTC when shopping online.
Ohanian described Lolli’s business model as facilitating “a unique chance to engage with an entirely new Bitcoin user base” and drive mainstream adoption:
“As someone who has closely followed and participated in the industry, I see this as a crucial turning point to drive value and create opportunity for the mainstream.”
Serena Williams emphasized her excitement for Lolli, characterizing the platform as “leading the way for Bitcoin adoption:
“Earning and owning Bitcoin is a step towards financial inclusivity for all people.”
Alex Adelman, Lolli’s CEO and co-founder, stated: “We’re thrilled to be working with Seven Seven Six, Serena Ventures, and a fantastic team of investors in creating the easiest way for people to earn Bitcoin when they shop. This is an exciting time and opportunity to accelerate adoption and increase accessibility to bitcoin.”
Lolli’s latest raise follows a $3 million seed round that was led by PathFinder and saw participation from Digital Currency Group, and Bain Capital in May 2020.
In December, crypto lending platform BlockFi announced plans to team up with Visa to offer a credit card that rewards users with BTC.
Quontic announced that it’s now the “first FDIC-insured financial institution in the U.S. to go live with a bitcoin rewards debit card.”
The post Quontic Launches First Bitcoin Rewards Checking Account appeared first on Bitcoin Magazine.