Serena Williams Invests in Bitcoin Rewards App Lolli

Bitcoin rewards company Lolli has raised $5 million, with investment from tennis star Serena Williams and her husband, Alexis Ohanian, a co-founder of Reddit.  Other notable investors include Night Media, the management company that represents YouTuber MrBeast, and other influencers like Casey Neistat, Phil DeFranco, Cody Ko, Noel Miller, Ian Borthwick and Gabriel Leydon..

“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,” Williams said in a statement. Williams’s investment was made through her Serena Ventures firm. Lolli is at least the second crypto-related platform Williams has invested in; she unveiled in a 2019 Instagram post to have invested in cryptocurrency exchange Coinbase.

The funding round, which included several other investors, will go toward development of Lolli’s mobile app, which lets users earn bitcoin when they shop online at partnered retailers. Kroger, Best Buy, and Nike are among the 1,000 retailers to offer bitcoin rewards for purchases on Lolli. Lolli co-founder Alex Adelman says the company currently offers an average of 7% bitcoin-back rewards at retailers such as Kroger, Microsoft, Booking.com and Ulta. Lolli users have earned more than $3 million in bitcoin rewards to date, Adelman said.