PR: Bithumb Celebrates Its Fifth Anniversary with BTC Air Drops



This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The global cryptocurrency stock exchange Bithumb is holding its third commemorative event in celebration of its fifth anniversary.

The ‘Super Airdrop Festival’ event has two parts, the Login Event and Air Drop Event, and is open to participation for anyone who is a Bithumb member.

Members can participate in the Login Event until December 11th by logging into Bithumb and clicking on the enter event button. In this event, 15 Bitcoins (valued at USD 97,789 as of today) are provided to one winner, who is selected by lottery after the event is concluded. The winner is scheduled to be announced on December 24th.

In the Air Drop Event, prize money is given to top 500 with the greatest amount of accrued transactions in the past week. As for prize money, 7 Bitcoins are given to first place (1 person), 100 Ethereum coins are given to second place (4 people), and 8,000 Ripple coins are given to third place (10 people) every Wednesday.

In addition, Bithumb is selling a coupon for 10,000 KRW that allows holders to use Jet Cash, Monero, Dash, Bitcoin Gold, OmiseGO (total of 5 Coins) for free for one hour.

The Air Drop Event is to be continued until further notice, and the event conclusion date is expected to be announced prior to the date.

Furthermore, Bithumb plans to extend the new membership event that it has been holding since last month for foreign members. Bithumb will give out 20,000 Bithumb cash for those who sign up for membership and pay for 20,000 KRW (based on Bithumb cash) worth of transactions within the event period, from November 15th to December 19th.

According to Head of Marketing Department of Bithumb, Andy Choi “interest towards not just Bitcoin and Ethereum, but cryptocurrency as a whole is increasing worldwide,” and stated that “We are happy to hold various events to return Bithumb members’ support who always trust and use our service.”

On the other hand, Bithumb joined forces with a US based fintech company SeriesOne on the 31st of last month and plans to build a stock-type token exchange in the US during the first half of next year. It is strengthening its position as a global firm specializing in block chain by also opening a decentralized exchange site ‘Bithumb DEX’ on the 15th of last month through its foreign subsidiary.
For inquiries, please email at global_mkt@bitcash.com / +82-2-6978-7156

Contact Email Address:
global_mkt@bitcash.com

Supporting Link:
https://www.bithumb.com/merchant/gwbanner?bsid=P_BWA1112&utm_source=btc&utm_medium=PR&utm_campaign=ww

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.



Ripple vs SWIFT: Brad Garlinghouse Feels Good About Ripple’s Chances of ‘Taking Over’ As Global Leader in Cross Border Payments

/latest/2018/11/ripple-vs-swift-brad-garlinghouse-feels-good-about-ripples-chances-of-taking-over-as-global-leader-in-cross-border-payments/

Ripple vs SWIFT: Brad Garlinghouse Feels Good About Ripple’s Chances of ‘Taking Over’ As Global Leader in Cross Border Payments

ripple-vs-swift-brad-garlinghouse-feels-good-about-ripples-chances-of-taking-over-as-global-leader-in-cross-border-payments

In a recent interview with Bloomberg, Ripple CEO, Brad Garlinghouse, denied the rumors about Ripple partnering with SWIFT: “I think what we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”

Some Background Information About SWIFT

On its website, the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a co-operative which was founded in 1973 and is headquartered in Belgium, describes itself as “a global member-owned cooperative and the world’s leading provider of secure financial messaging services,” and says that its “messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories.”

On 10 December 2015, probably as a response to the growing threat from Californian Fintech startup Ripple, SWIFT announced a global payments innovation (gpi) initiative to “dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.” At the time, it said that gpi would enable corporates to “receive an enhanced payments service directly from their banks” with these features:

  • “Same day use of funds”
  • “Transparency and predictability of fees”
  • “End-to-end payments tracking”
  • “Transfer of rich payment information”

SWIFT said that the pilot for the gpi initiative would start in early 2016.

Currently, SWIFT claims that the benefits for banks and corporates that adopt gpi are as follows:

  • Fast payments (“Credit international beneficiaries in seconds and, at most, minutes”)
  • End-to-end tracking (“Track payments end-to-end in real-time”)
  • Fee and FX transparency (“See bank fees charged and FX rates applied”)
  • Unaltered remittance information (“Ensure remittance data is unchanged when payment arrives”)
  • Reduced Costs (“Benefit from reduced enquiry costs due to ability to track payments”)
  • Optimised liquidity (“Make the most of your liquidity through greater payments visibility”)
  • Ease of implementation (“Use your existing SWIFT setup and go live within three months”)
  • Confirmed credit (“Receive a credit confirmation message when your beneficiary has been paid”)

SWIFT also is reporting the following numbers for gpi:

  • “USD 100 billion+ are being sent every day using SWIFT gpi”
  • “gpi payments are being sent over 220 international country corridors”
  • “Banks’ enquires are reduced by as much as 50% as gpi payments are faster and fully traceable”
  • “Nearly 50% of SWIFT gpi payments are credited to end beneficiaries in less than 30 minutes”
  • “55+ payment market infrastructures are already exchanging gpi payments, enabling domestic exchange and tracking”

One number that it is not so easy to find on its website is the number of member banks that are currently using gpi; as of November 2018, this number is believed to be under 200.

According to a report in The Global Treasurer, one of the key takeaways from the SIBOS 2017 conference in Toronto was that corporates “do not want to pay excessively for access to SWIFT gpi.”

What Ripple Thinks About 

Ripple is not a big fan of SWIFT in general.

According to a report published on 26 March 2018 in The Global Treasuer, Marcus Treacher, Senior Vice President of Customer Success at Ripple, told them:

“SWIFT doesn’t really compete [with Ripple] in our view. SWIFT gpi has been around for a long time and it is making the SWIFT process a little less painful by adding more messaging and control into a 20th-century model… We are thinking about how money moves in a very different way. We are creating an internet of value… SWIFT gpi will improve things a little bit but it won’t really match the speed, efficiency and visibility that we create with the Ripple network, so we don’t look at them as a serious long-term competitor.”

As covered by CryptoGlobe, on 14 June 2018, Ripple’s Chief Market Strategist, Cory Johnson, in an interview with Yahoo Finance (as part of the “Yahoo Finance All Markets Summit: Crypto”), had this to say about SWIFT:

“Our competition is this banking consortium that came together in 1973… It’s called SWIFT… You know what it isn’t? It is not ‘swift’! It takes 3-5 days to move money… It’s one-dimensional messaging… It has about a 4% error rate… You send a message to move money, and then you wait, and maybe you get something back… It’s more akin to a homing pigeon than a text message or email.”

According to a report in Global Trade Review (GTR), later that month (on June 27th), Emi Yoshikawa, Ripple’s Director of Joint Venture Partnership, while speaking at an event in Hong Kong (EmTech Hong Kong), said that “the innovation cannot compete with the fintech company’s ‘near real-time’ settlements”:

“Swift was built 40 or 50 years ago, before the internet was created. So their architecture is very old. They realise that this is a big problem and they consider us a big competitor. They’re also trying to make a big improvement based on the existing architecture, called Swift gpi. We consider it just a marginal improvement of their existing architecture,”

Rumors About Ripple and SWIFT

On 6 November 2018, Finance Magnates reported that XRP fans were “excited by speculation that a competitor could soon be a partner,” and that this “appears to have been driven at least partially by a popular rumour on the internet – that an upcoming upgrade on the SWIFT network will make Ripple products available to around 4,000 extra banks.” However, Finance Magnates was told by a SWIFT spokesperson that these rumors were false:

“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time.”

Ripple CEO’s Interview With Bloomberg

During the interview with Bloomberg, Brad Garlinghouse, the CEO of Ripple, was asked if “there is a possibility that Ripple could take over SWIFT one day.” He replied:

“Well, I think what we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT, in that we’ve now signed well over 100 banks, some of the largest SWIFT-enabled banks in the world are now using Ripple’s technology. Just last week, we saw a remittance company, who is using Ripple’s technology, they reduced the price per transaction to their customers from $20 per transaction to $2 per transaction, and they saw an 800% increase in usage overnight. That’s the type of dynamic that SWIFT isn’t able to support that we’re able to address right now.” 

 

Featured Image Courtesy of Ripple

ICON VC Posts Clarification as Dissent from ICX Investors Grows Over Token Increase

The ICX investors woke up one morning and found the total circulating supply of their coin increased by 18 percent. Things didn’t go well after that.

Many investors took Reddit to complain about the overnight ICX token supply pump. They argued that the team behind the blockchain startup neither published any explanation nor they consulted the community before taking the major decision. The arguments metamorphosed as they highlighted other pressing matters related to ICON’s $5 million ICX buyback program, development delays, and yellow paper update.

A clarification from Marcus, the project’s venture capitalist and partner accelerator, surfaced on Tuesday. He promised that communications would be improved hereon. He also said that ICON team would post a full clarification on the pressing matters, but provided his take on why the project development was slowing down as of late. Excerpts:

“They were a massive drain on ICON resources that required full-time positions which pushed back specific initiatives. For example, ICON’s former technical director, Hongkyu Lee, currently leads the joint venture of ICON & LINE as its CEO.”

ICX Supply Pump

Marcus didn’t mention the increased token supply in his clarification. There is, however, an independent investigative report that provided some insights into the matter. The ICONist on November 2 published an article revealing that ICON was freeing up some tokens to distribute them among community groups and strategic partners. The project’s whitepaper speaks about such an allocation – indicating that these new contractual groups are accepting ICX tokens as payments.

Source: ICON Whitepaper

Accepting a part of payments in native tokens has been a common practice across the ICO industry. It allows the team to participate in project development as stakeholders. It appears the ICON team followed the method but just ignored to update its ICO participants about it.

Many of the respondents to Marcus’ letter said that they would appreciate a clear and specific communication. They welcomed the ICON team for all the recent developments, including a partnership with Samsung over their identity management project and collaboration with their local Seoul government on multiple blockchain initiatives.

“I am a firm believer that every investor should know the risks they take when investing in crypto. These projects aren’t regulated like publicly traded companies and aren’t forced to adhere to the strict rules and regulations that govern them. That said, if ICON (and other projects) hope to be taken seriously and attract institutional capital (which we all know is critical for this project to take off), ICON needs to take itself seriously,” – wrote Redditor maverick216.

The ICX/USD trading pair posted fresh daily highs after Marcus published his clarification. The pair is now inside a bearish correction, trading 2.5% down on the day at $0.532.

 

Image from Shutterstock

Wilshire Phoenix Is Building a Team and a Product to Onboard the Next Wave of Crypto Investors

While developers continue to build out the infrastructure of the crypto economy, many others are turning the bear market into ground zero in preparations for the next bull run. In their Q3 report, for instance, Grayscale investments described this inflow of institutional money pouring in and making positions in the market. Another smaller demographic, made up by firms like Wilshire Phoenix, are also making similar bets and shifting much of their focus toward the crypto verse.

Coinbase Custody and Attracting Institutions

The most significant recent news to come from the small investment group was their October 31, 2018, announcement to partner with Coinbase Custody. The two will reportedly work towards a “mid-December” deadline before launching a statutory trust for institutional clients. CEO William Herrmann told BTCManager that everything is on track and only a “meteoric” change of events could disrupt the timeline.

The trust will expose high-net-worth individuals, or those with $1 million in liquid financial assets, to the crypto markets. The idea is to mitigate risk as effectively as possible while still capturing some of the massive gains. The recent narrow trading channel witnessed the last few months is also indicative of some soon-to-arrive instability. To combat this upcoming disruption, Wilshire and Coinbase will release a variety of volatility retardent. Herrmann explained:

In Bitcoin, or any asset class, long periods of stability lead to sudden instability. This is exactly why we created this product, to protect investors during periods of extreme and sudden volatility.”

More importantly, this will be achieved without the use of derivative products or leveraging holdings, which is another first for the industry. Herrmann said:

“While at the same time enabling investors to participate in the crypto markets without the use of complex derivative products. And, unlike some other products, we are physically holding Bitcoin with the assistance of our Institutional Custodian, Coinbase. As opposed to more complex and costly approaches, such as the use of cash settled futures or any use of leverage.”

Still, formal guidelines, such as the Generally Accepted Accounting Principles (GAAP), have kept interested parties on the sidelines. Herrmann said, “With the partnership with Coinbase, all operations made through the trust can be kept on the books. This is very interesting to institutional investors.” Regarding the reasons behind working with Coinbase, the CEO iterated the knowledge-base and security of Coinbase as “best-in-class.”

Financial Hires and the Art of Pivoting

Alongside an industry-wide demand for standards between traditional finance and emerging digital assets, is also the conversion of employees from legacy sectors. This fact is all the more true in finance, and Herrmann has been busy building out a team that boasts experience from JP Morgan and Columbia University Medical School. In August 2018, Wilshire brought on Garrette Furo, a proclaimed “crypto native,” as partner and CIO of the investment firm. At the time, Furo told MarketWatch:

As the traditional financial landscape and wealth-generating client base continue to rapidly evolve, Wilshire Phoenix is positioned to lead and has a forward-thinking mentality that few others in this space possess, let alone are willing to execute on.”

A November 8, 2018 press release also outlined the hire of Alexander Chang and William Cai who both bring nearly 20 years of experience working at J.P. Morgan. In sum, Herrmann assembled a team made up of high-caliber financial experts and actionable crypto experience, along with partnering with one of the biggest names in the space in two months.

Wilshire doesn’t want to be confused with another crypto-fund; many of these hires and partnerships are merely part of a larger plan to take digital assets as seriously as the rest of the market. Touching on this point, Herrmann underlined this point when explaining the upcoming trust:

We are able to achieve this through a novel method, which I am eager for the world to see. Our innovation may also be applied to other Alternative Assets, it’s going to be a really exciting next few months.”

Come December; it’s likely that many in the industry will be paying very close attention to Wilshire Phoenix. Their success could spell the onboarding of anxious institutional capital and the ability for old heads to take bitcoin seriously.

Bitcoin Cash Technical Analysis: Finally, Some BCH Price Action!

Bitcoin Cash price technical analysis BCH Bitcoin Cash

Bitcoin Cash Technical Analysis: Finally, Some BCH Price Action!


The latest Bitcoin Cash technical analysis wades through the FUD, speculation and an all-out crypto-war to figure out what’s in store for BCH price with the looming hard-fork.


Bitcoin Cash Technical Analysis

Bitcoin Cash (BCH) 00 is nice and frothy on the expectation of the November 15th fork. Currently, BCH price shorts are outpacing longs and data from Bitfinex shows that BCH shorts are nearly double the number of open longs.

Bitfinex and Polo are supporting BCHABC and BCHSV markets and to be honest, anything could happen at this point on November 15th, so traders should be prepared and welcome the change of pace and action.

BCH has cooled off a little bit since leaping more than 50% to notch a two-month high above $646 and the current spike in short positions is not surprising given that opening such a position is typical when an asset has reached a top quickly with little supports in between the low and high.

To be honest, conducting a technical analysis on BCH right now is a little ‘speculative’ as swathes of traders are setting up positions to either gain from a massive price spike or dip, while many others are entering BCH for the free coins after the hard-fork.

Also to keep in mind, actual interest in Bitcoin Cash, according to Google Trends data, is still non-existent compared to Bitcoin 00

As mentioned earlier, anything could happen so keep an eye on your charts!

Daily Chart

The daily chart shows BCH pulling back sharply from the recent high and the presence of doji candles suggest some price uncertainty which is reflective of the near 50-50 split between the BCH-ABC and BCH-SV community as miners, investors and whomever else might be involved chooses a side.

The 20-MA appears to be functioning as a solid support (aligns at 61.8% Fib Retracement ($500)) and currently BCH rides along the 100-MA. The RSI has started to curve upward into bullish territory as the 50-MA kisses the 20-MA and the MACD is crossed and slightly descends from bullish territory.

If BCH falls below $500 it could quickly drop down to $460 (below the 50-Ma) and if this support gives way a full retrace is on the cards.

Traders should keep a close eye on charts across multiple exchanges and remember that post fork sell-off of BCH ABC and BCH SV could occur so try and remain impartial.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

What do you think of the latest Bitcoin Cash technical analysis? Share your thoughts below!


Images courtesy of Shutterstock, Trading View. Market data sourced from Bitfinex.

The Daily: Coincheck Relists Nem, Okex Adds Dong

In this edition of The Daily, we report on Coincheck’s decision to resume nem (XEM) trading and relist two other coins — ether (ETH) and lisk (LSK). Also, Digital asset exchange Okex has added support for the Vietnamese fiat currency on its C2C platform and we cover the reasoning behind the move. Also in The Daily, a Canadian company has reached an exclusive agreement to negotiate the acquisition of a large European cryptocurrency exchange.  

Also read: Coffee Company to Pay Farmers in Bitcoin, Bitfury’s Latest Investment

Nem Price Spikes as Coincheck Resumes Trading

The Daily: Coincheck Exchange Relists Nem, Okex Adds Vietnamese DongJapanese digital asset exchange Coincheck has resumed trading of three digital coins including nem (XEM), the cryptocurrency that was in the focus of arguably the biggest hack in crypto history. Approximately $530 million worth of nem were stolen in the attack on the platform in January of this year. According to its website, Coincheck has also relisted ether (ETH) and lisk (LSK) after a “technical safety confirmation” was obtained in cooperation with external experts.

The resumption of XEM deposits, withdrawals and trading resulted in a spike in the price of the cryptocurrency. Its market capitalization briefly surpassed the billion-dollar mark in the hours following the announcement. The market has since corrected itself and after losing almost 10 percent in the last 24 hours, XEM is selling for less than $0.11 at the time of writing and has a capitalization of around $955 million. On Oct. 30, the recently reopened exchange reintroduced bitcoin cash (BCH), bitcoin core (BTC), ethereum classic (ETC), and litecoin (LTC).

Okex Adds Support for Vietnamese Dong

Cryptocurrency exchange Okex has updated its customer-to-customer (C2C) trading system in order to allow users to place orders in another fiat currency, the Vietnamese dong, according to an announcement published on Tuesday. The Malta-based Chinese company launched its C2C platform last year, a variation of the peer-to-peer model, to enable customers to trade cryptocurrencies using fiat currencies. According to an earlier press release, no additional charges, other than what the users see as a buy/sell price, will be applied.

In the past few years, Vietnam has become an important cryptocurrency market and blockchain hub in the region of South East Asia. The country’s government, however, is still undecided on the question of how to regulate the industry and whether to legalize crypto-related transactions. Authorities in Hanoi are currently reviewing several alternative approaches to governing the sector, as news.Bitcoin.com reported recently. These range from imposing a total ban on activities involving digital assets to introducing a relatively lax regulatory regime. Several other platforms, such as Remitano, Mesito and Localbitcoins, are already offering peer-to-peer services for Vietnamese residents.

Canadian Company Poised to Acquire Exmo

The Daily: Coincheck Exchange Relists Nem, Okex Adds Vietnamese DongGover Media Plus, a company incorporated in Canada, has recently signed a Letter of Intent with Exmo, a leading European digital asset trading platform. The non-binding agreement will allow the holding company to exclusively negotiate the terms of the acquisition of the cryptocurrency exchange. According to a press release, the parties will unite their efforts in order to formulate a structure for the proposed transaction, making sure it is cost effective and compliant with legal and regulatory requirements. Upon successful completion, the new entity will continue Exmo’s business activities, providing services to over 2 million users in Europe, North America and Asia, said Roland Bopp, CEO of Gover Media.

The news about the upcoming acquisition comes after Exmo’s recent decision to update its deposit/withdrawal terms. The trading platform, popular in countries from the former Soviet space, has increased the fees for some of the available payment options. For example, the commission for withdrawals of funds in Russian rubles to Mastercard and Visa cards has jumped by one percentage point to 6.95 percent plus 100 rubles (~$1.5) per transaction. The fee for Advcash withdrawals in U.S. dollars has been increased as well, from 3.45 percent to 4.45 percent. The applicable commission for ruble withdrawals to Payeer accounts has been cut down to 1.95 percent.

What are your thoughts on today’s news tidbits? Tell us in the comments section.


Images courtesy of Shutterstock, Smartmockups.


Make sure you do not miss any important Bitcoin-related news! Follow our news feed any which way you prefer; via Twitter, Facebook, Telegram, RSS or email (scroll down to the bottom of this page to subscribe). We’ve got daily, weekly and quarterly summaries in newsletter form. Bitcoin never sleeps. Neither do we.

Finbitex: Crypto-Trading at Its Best

Finbitex is a revolutionary trading platform gaining the attention of traders, mainly due to the comprehensive trading experience which they could never enjoy before. It is a well-reputed and well-established broker, dealing with a range of cryptocurrencies, and offering more than a cutting-edge crypto trading technology.

The platform is well known for its insightful trading info section, fully packed with detailed explanation regarding digital currencies, account management, trading trends, and more. It also offers 24/6 trading support to enable its users to make the most out of it.

Finbitex gives their clients a simple trading platform for Crypto CFDs, that is called TraderSoft. Many Crypto trading and Forex brokers are now using this trading software because it is very easy for newbie investors to learn and understand. With this broker, the only underlying assets available for trading are cryptocurrencies.  Some of the supported cryptocurrencies on Finbitex include Bitcoin, Monero, Litecoin, Ripple, Ethereum and other 30+ tokens. However, the platform may soon extend support for more cryptocurrencies in the future.

Capable Team, Strong Performance

Founded by a team of dedicated finance pros with over 50 years of Forex, Commodities, Crypto and Banking experience, Finbitex is one of the most trusted and smartest crypto trading platforms. The platform has grown rapidly in the recent past. What started as a small-scale 4-man operation a year ago has now grown to 48 members spread across two offices catering to 5000 active traders.

Features to Make Trading Easier

Finbitex has developed a range of special products that are offered to qualified clients on a constant basis, enriching their trading experience. These include:

  • Trading signals provided by reputed forex signals provider PIAFirst
  • Minimum trading amount as less as $25, with a minimum deposit of $250
  • Support for Trading Robots
  • Market trends, reviews, and research for better, profitable decision making
  • Market tools to make the best interpretation of all the market data and derive forecasts

Unlike most other platforms, Finbitex prefers to stay on top of their client’s needs and hence ensures that all the accounts are managed by real people and not some automated computer system.

Accounts

Finbitex has 5 different types of accounts in the offering, all with varying initial deposits. Each of the account types comes with its own bonus. Basic Account with 20% bonus, Silver with 60% welcome bonus, Gold with 80%, Platinum with 100% and the VIP managed Black Account. All the account users get access to the education center, market reviews, webinars and more.

Some of the other perks offered by Finbitex includes various arbitrage deals, cryptocurrency backed debit cards for accounts holding 100BTCs or more, and an option to get signals on demand.

Apart from all the features, the platform ensures the security of all user funds by storing the cryptocurrencies in cold storage.

To know more about the platform and start trading, please visit –  https://finbitex.com

Image: Pixabay

 

Cardano Foundation Says Goodbye To Its Chairman

Welcome to Cryptovest, a leading source of cryptocurrency information. The crypto space’s many nuances present challenges in making knowledge decisions, such as the best coins and investments. We provide information to help you take full advantage of this cutting-edge industry.

Bitmain Undergoes Board Shakeup Ahead of IPO

Welcome to Cryptovest, a leading source of cryptocurrency information. The crypto space’s many nuances present challenges in making knowledge decisions, such as the best coins and investments. We provide information to help you take full advantage of this cutting-edge industry.

Bain Capital Backs $2.25 Million Round for Bitcoin Rewards Startup Lolli

Bitcoin rewards platform Lolli has raised $2.25 million in seed funding from investors including Bain Capital Ventures and Digital Currency Group.

Also participating were Version One, Forerunner Ventures, 3K VC, SV Angel, FJ Labs, Gokul Rajaram, Alex Chung, Brian Sugar, the firm said Wednesday.

Lolli is a rewards platform that allows users to earn bitcoin when they shop at the company’s partner brands. The company says it now has arrangements with over 500 brands, including Hilton, Marriott, Walmart and Forever 21, that will give users “up to 30 percent back in bitcoin,” its website claims.

“We have over a 9 percent conversion rate and have already generated over 6 figures in sales for our merchants,” said Alex Adelman, CEO and co-founder of Lolli, adding that the platform has created a “real use case” for bitcoin.

Working via a browser extension (currently, Chrome and Safari only), the platform notifies users when they are on a shopping on a partner site, and assigns the bitcoin rewards at checkout. Users can then spend, save or convert the earned bitcoins to cash later from their Lolli wallet.

As for wallet security, Lolli said it uses offline, cold storage to keep its users’ bitcoins safe.

Bitcoin image via Shutterstock