Home Technology Crypto Asset Technology Is “More Powerful Than It Has Ever Been,” Says Lolli CEO

Crypto Asset Technology Is “More Powerful Than It Has Ever Been,” Says Lolli CEO

Crypto Asset Technology Is “More Powerful Than It Has Ever Been,” Says Lolli CEO

Lolli Founder and CEO Alex Adelman joins Yahoo Finance Live to discuss the recent crypto rally, how users can earn bitcoin when shopping, investing in crypto, and more.

Video transcript

RACHELLE AKUFFO: Alright, now let’s take a look at how the changes in the crypto landscape are affecting retail investors. Joining us now is Alex Adelman, founding CEO of Lolli. So, Alex, how have your platform users fared during this crypto winter?

XANDER ADELMAN: Yeah. So people are currently looking to save money wherever they can. And we created the easiest way for them to save money in the form of Bitcoin. So we’ve partnered with over 1,000 merchants that allow you to go both in-store and online to earn Bitcoins on your everyday purchases. So, over the past four years, we’ve made it as easy as possible to access Bitcoin.

Now we are talking about all the institutions that are coming. And we tried to give everyone a head start. Now the institutions are coming and people have to stock up, I think.

AKIKO FUJITA: What does that mean, though – Rachelle sort of asked the question, given what we’ve seen in terms of the overall crypto pullback – what kind of traffic have you seen going to your app?

XANDER ADELMAN: Yeah. So I think unfortunately a lot of people are investing the wrong way. They invest up and at the top. But they forget, for example, the investment at the average cost in dollars. And so, you know, generally it makes sense to invest down and up if you believe in the technology and the asset.

Me personally, I believe in bitcoin and believe it’s a huge piece of the future. It connects 4.5 billion people with the same asset, the same technology. And so it’s not going anywhere. And so if you believe in technology, these things that have happened over the last 13 years that have driven prices up and down really don’t make sense.

The technology is exactly the same as before. He does exactly the same thing he promised to do. And he’s just as powerful as he’s ever been.

RACHELLE AKUFFO: And, Alex, it’s a reward system that Lolli uses. So how does this correlate with some of the price changes you’ve seen with Bitcoin?

XANDER ADELMAN: Yeah, so Bitcoin, we have a whole set of users who are your Bitcoin devotees, your Bitcoiners. And they try to stack the trough. They are trying to get as many Satoshis, as many Bitcoins as possible.

And so they don’t care. There are a lot of retail investors or individuals who maybe didn’t have bitcoin before, didn’t believe in bitcoin, they are harder to attract. But over the past four years, we’ve attracted over 500,000 people who want to earn rewards.

So we are constantly trying to educate our users and teach them about Bitcoin so they can weather the storms where it dips. And we really try to instill the principles of Bitcoin that are so important to holding on long term and winning in the long run.

AKIKO FUJITA: We were just talking about some of the partners you already have in place. What was the reception from the retailers? Because it’s a partnership. And obviously they don’t take Bitcoin directly, per se. But they need to watch that volatility. Is it easier for them to partner with an app like yours to create this cushion? What do you mean?

XANDER ADELMAN: Yeah. It’s extremely simple – I mean, one thing I talked about is, for example, we’re trying to make it the easiest way for consumers to access bitcoin and we’ve done that. It takes 30 seconds. You start earning in no time.

The thing that we – somehow not obvious – is that we also created the easiest way for merchants to get on board. So if you look at all of our 1000+ merchants, there are less than 10 – not 10% – less than 10 of them actually accept cryptocurrency. So for many of them, we are the first crypto company they have ever worked with.

And it’s like the non-obvious piece is, like, it’s so easy for merchants to get on board and get a consumer interested in bitcoin and be able to do it risk-free. Our users do not buy Bitcoin. They just arrive and earn on their daily purchases.

And if you think about what marketers actually optimize for, they optimize for sales. So if they can use that as an incentive for you to go shopping at CVS, shop at Ulta, book your trip on booking.com – whatever you’re looking to do, you’re going to direct it because you want bitcoin.

RACHELLE AKUFFO: And we just got some photos up there from some of the notable investors, including Serena Williams and Logan Paul. But a lot of them got backlash – some of those celebrities who kind of became the face of some of those crypto companies. Especially at a time when inflation is high, people wonder, should I get a cash reward? Should I try turning to crypto? What do you tell them to really invest in this space and, maybe, use Lolli as a way to get into crypto?

XANDER ADELMAN: So I’ve never seen any of our investors have negative reactions to Lolli. I think some people said the wrong thing about things like NFTs. There’s a whole scheme around what’s called a pump and dump. And it’s a whole new space.

So I think, like everyone else, people are experimenting in public. The good thing is that Bitcoin is that safe asset. You know, it has never been hacked. It’s very nice. And so all of our investors were applauded for investing in Lolli and being aligned with a company, right now, only Bitcoin.

AKIKO FUJITA: Very quickly, we had another bill released last week regarding the regulatory element – ​​specifically, considering the CFTC as the agency responsible for overseeing assets like Bitcoin, as well as Ether. And your co-founder, Matt Senter, came out and said, look, he thinks this is the right move. And it’s actually good for innovation. Why is the CFTC the right agency to oversee this, as opposed to the SEC?

XANDER ADELMAN: Yeah. So I think ultimately regulation – some form of regulation will be good. As a founder of a crypto company – as a co-founder of a crypto company – I think it’s very difficult to operate in gray areas. So when all the states say something different, when all the agencies say something different, it’s very difficult to innovate and build.

And I think some form of acknowledgment of what the actual rules are is good. I think the more recent proposals, it shows that they have a lack of understanding of space and what they can and can’t do. So there are some things you just won’t be able to control.

There are some things with, like Tornado Cash, that it just doesn’t make sense to regulate and take away the human right to privacy. So there are some things that I find very frustrating to watch. But at the end of the day, I think in the long run they have to represent the people.

And if people want a private way to send transactions around the world for next to nothing, the government can’t keep fighting innovation. It can’t fight better technology. And in the end, he will lose to the people he should represent.


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