Lolli, a bitcoin (BTC) rewards shopping app has joined hands with Safeway, an American grocery chain in a crypto deal. This deal will see the shop give customers 3.5 percent back in BTC on all their purchases. Lolli unveiled this news via a blog post on July 25.
Alex Adelman, the co-founder, and CEO of Lolli noted,
I’m extremely proud to partner with Safeway, one of the most well-recognized food retailers in the United States. Americans are already shopping for groceries at least once a week, why not earn some bitcoin off those frequent purchases? I’m excited to now offer Safeway, a top food retailer, as another option for our users to earn bitcoin. Hopefully this will give people to ability to get involved in holding and owning bitcoin — perhaps for the first time.
Using Reward Systems to Help Crypto Reach Mass Adoption
Per Adelman, bitcoin cannot attain mass adoption by being used as a means of payment. He believes that earning BTC will be the “first wave that gets Bitcoin in the hands of the masses”. Also, Adelman believes that crypto rewards are better than fiat-dominated loyalty cards. This is because crypto is a better store of value compared to traditional currencies. Furthermore, he cited that long-term holders could reap big rewards from this system.
Points, as you know, are deflationary, and Bitcoin is non-deflationary, so I think it’s a better store of value than an arbitrary points system.
This news comes as different firms continue incorporating crypto into their loyalty systems. Prior to Safeway and Lolli’s deal, Long Blockchain, China Unionpay, and IMB teamed up in a similar agreement.
Commenting on this move, Long Blockchain’s CEO, Andy Shape noted,
Creating stronger loyalty with customers who are engaged in loyalty programs through advancements in technology is the key to future growth and massive scalability.
According to previous reports, Lolli partnered with Hotels.com, a leading booking service. Through this partnership, the firms presented global travelers with a chance to earn 3.5 percent of their BTC back from purchases made on Hotel.com.
Prior to this, Lolli raised $2.25 million in November last year in a seed round. Investors in this funding round included Version One and Digital Currency Group among others.
Do you think Safeway’s and Lolli’s partnership will have a positive impact on BTC’s price? Let us know in the comments below.