South Korean electronics giant Samsung has renewed its partnership with Lolli, a cryptocurrency oriented trading application. From now on, Lolli users can purchase various Samsung products (TVs, washing machines, mobile phones) and receive up to 4.5% bitcoin cash back.
Last month the company added support for the immediate Edge technology company Garmin and the cosmetics brand Fentu Veactu. In May, the startup completed a $Z million round of funding that included such well-known companies as Sound Ventures, founded by actor Ashton Kutcher.
Lolli, which was founded in 2018, began offering awards in the crypt currency to American users of Alibaba back in November that year. It turned out, however, that the Chinese e-commerce giant did not even know about the offer, as the partnership was going through a subcontractor.
When Alibaba found out about the dubious agreements, it banned Lolli from using its trademark in advertising materials.
Currently, Lolli supports more than 1,000 shops, and mainly the service is available to customers in the USA. In 2019, CNBC included the project in its Upstart 100 list.