At Christmas, many women earn their first Bitcoin unit through online purchases with a browser extension called Lolli.
Cosmetics chain Sephora revealed to CoinDesk that its brand partnered with a group of retailers where buyers can have a liquid refund in either Bitcoin or cash. The refund in cryptocurrency is given through an application called Lolli, whose 30% of users are women.
“We’ve captured a lot of these retailers who were not previously interested but now they are,” Lolli CEO Alex Adelman told CoinDesk. “One of the biggest that joined us recently is Sephora, which adds a full set of retailers in the beauty category.”
Lolli’s partners, including beauty retailers such as Ulta and fashion brands such as Everlane, pay for customer referrals and grant the fiat they receive in the first instance to convert it into bitcoin rewards for buyers. Despite the broader bear market, or perhaps because of it, this startup of 6 lean people is gaining ground while other small cryptographic companies face layoffs.
Sephora did not respond to requests for comment, but San Francisco-based marketing consultancy Thien-Kim Ngo said it obtained its first bitcoin from Everlane and Sephora using Lolli. Now Ngo wants to learn more about investing as he acquires more Bitcoin.
“A couple of years ago I was quite interested,” Ngo told CoinDesk, adding that other ways to acquire Bitcoin felt “complicated” and time-consuming.
“All the news about that volatility scared me a little. I do not know much about crypto, “he said. “Lolli felt super intuitive and with less risk.“
Also notably, the head of the Sephora Innovation Lab, Nelly Mensah is a veteran Bitcoin enthusiast and co-founder of the Crypto Devs Meetup in SF. Travel can be Lolli’s most popular category, but the most important fashion and beauty retailers are gaining ground in all areas.
Challenging the standard pattern of cryptocurrency users as uncomfortable men who pay little attention to hygiene or appearance, Adelman said that Sephora’s rival, Ulta, has already caught an important cooperation from Lolli users, and not just from women.
“People were asking Sephora,” Adelman said. “Beauty has been surprisingly great. Men and women have been buying beauty products. Ulta has been an incredible retailer for us. “
To acquire Bitcoin with Lolli, users just have to install the application in their Chrome browser, and then buy as they normally would in conventional websites. Adelman said that so far 60% of Lolli users become repeat buyers, adding:
“Having places to earn bitcoins, and not only investing or mining, but also buying, has opened a new audience.“