Introducing Lolly Advance
Lolly Advance tokens are introductory price tokens operated by Lolly Global Ltd and issued by Lolly Blockchain Ltd. Token buyers can use tokens to pay a discounted price for services or hold and sell tokens.
Lolly Advance tokens can be ordered on lollyadvance.com with 28 day payment terms. Sales are subject to approval, with any unpaid Lolly Advance tokens returned.
Lolly offers marketing services to brands, suppliers, and manufacturers as well as businesses, shops, and e-commerce stores. Lolly’s marketing services are paid for after delivery of the service, and on a per interaction (delivered service) basis.
To introduce new Lolly services to new markets, Lolly sells Lolly Advance tokens. Each token is redeemable at the full-price value for the service and has no expiry date.
Introductory pricing starts at a 90% discount in the first round. Each round has a fixed number of tokens available at the price set. Once the token round is fully sold, the next round is launched with a decreased discount. Discounts decrease from round to round in 10% increments until the pricing for the service tokens reaches 100%, the full list price.
The full-price value starts at $0.10 (ten United States cents) per interaction. The pricing for interaction is subject to interaction pricing review on a quarterly basis.
The introductory pricing rewards early token holders and encourage early uptake of new services and new markets. Lolly Advance tokens raises funding for Lolly to promote its service in the market, increasing the demand for tokens from brands and businesses.
Pioneering token buyers lock in the low introductory price at the time. Pioneering brands can take advantage of the first mover advantage – making the most of Lolly’s services – at a big discount compared to their less innovative competitors.
Lolly Advance are sold to token buyers looking to benefit from introductory pricing and through the Lolly Advance System. All transactions on Lolly use the Lolly Payment system and Lolly Advance tokens. When a brand or business looks to pay an invoice for services delivered, the Lolly Payment System automatically buys any available Lolly Advance tokens for the services from any sellers on a pro rata basis.
This allows pioneering token buyers to sell tokens they don’t require themselves at the current price point through the Lolly Payment System, benefitting from having discovered the introductory pricing prior to the ultimate user of the tokens.
Lolly Advance allows Lolly to raise funding through pre-selling services, introducing new services, introducing Lolly to new markets, and allocating financial resources for rolling out new services and marketing campaigns across many markets
Lolly Advance Token Terms and Conditions
Lolly Advance Tokens in General
The Operator is the issuer of a series of non-expiring Lolly Advance service tokens (“Lolly Advance Tokens”).
Lolly Advance Tokens are unregulated service/utility tokens for Brands and/or Businesses to pay for Services on Lolly.
Lolly Advance Tokens grant Brands and/or Businesses access to current and prospective services offered by the Operator on Lolly.
Lolly Advance Tokens are one-time-use service/utility tokens, cryptographically secured, and centrally issued by the Operator on the blockchain.
Lolly Advance Tokens are pre-payment tokens, similar to pre-payment vouchers, providing Brands and/or Businesses with access to and/or the ability to pay for a Specified Service at a set or reduced price on Lolly.
Lolly Advance Tokens are issued to be redeemed:
- for a type of Service, and/or
- in a Market, and/or
- for a type of Brand or Business, and/or
- for a named Retail Chain, and/or
- for a named third-party service, and/or
- with a named Partner, (collectively referred to as a “Specified Service”).
A token which has not yet been assigned for a Specified Service (“Lolly Advance Unallocated”) can be used to buy a Specified Service in future.
The Operator’s token system automatically purchases on behalf of the Brand or Business the required number of any available Lolly Advance Tokens for the Specified Services to pay for Services delivered and settle the invoice (“Lolly Payment System”).
Lolly Advance Tokens are used to pay for a Paid Interaction of a Specified Service, to redeem a Free Interaction of a Specified Service, or to secure a Free Interaction of Specified Service.
Lolly Advance Tokens are denominated in United States dollars in Wallets, detailing (1) the redeemable value of Lolly Advance Tokens, (2) the current price of Lolly Advance Tokens, and (3) the current for-sale value of Lolly Advance Tokens.
Know Your Customer and Anti-Money Laundering Check Requirement
The Operator uses Sum and Substance Ltd, a leading third-party system and service, (“Sumsub”, sumsub.com) to undertake Know Your Customer (“KYC”), Anti-Money Laundering (“AML”), Politically Exposed Person (“PEP”), and fraud checks on all Users wishing to purchase Lolly Advance Tokens.
The Operator also uses Sumsub for KYC, AML, PEP, and fraud checks for any User wishing to withdraw funds over an aggregate amount of $500 (five hundred United States dollars).
Wallets
Token Holders own a wallet to hold Lolly Advance Tokens (“Wallet”).
The Lolly Advance Start Wallet is denominated in US dollars.
Users, Brands, Businesses, and Entities have separate Wallets for Lolly Advance Tokens held (“User Wallets”, “Brand Wallets”, “Business Wallets”, and “Entity Wallets”). User Wallets, Brand Wallets, Business Wallets, and Entity Wallets are collectively referred to as “Wallets”.
Lolly Advance Tokens purchased by a User, Brand, Business, or Entity (“Token Holders”) are automatically added to their Wallets.
All access to Brands, Businesses and Entities, and to Brand Wallets, Business Wallets and Entity Wallets is managed with Users’ personal login details, ensuring that every action taken by an Admin on behalf of a Brand, Business or Entity can be traced back to the User personally. Brands, Businesses and Entities do not have separate logins or signups for Lolly. Only registered Users can act as an Admin for a Brand, Business or Entity. Users acting as an Admin for a Brand, a Business or an Entity, whether as an employee, an agent, a member, or a consultant are subject to the Lolly Advance Token Terms and Conditions set out herein, and Brand Terms of Use, Business Terms of Use or Entity Terms of Use.
Registration of Users as Admin for a Brand, Business or Entity is subject to verification and/or authorisation by other Admins for the Brand/Business/Entity and/or the Operator and/or KYC, AML, PEP, and fraud checks by Sumsub.
Lolly Advance Tokens Pricing
Lolly Advance Tokens are issued for Specified Services at introductory pricing levels rising from 10% (ten percent) of the redeemable value of the Specified Service, representing a 90% (ninety percent) discount, to full price.
To introduce Services to Markets, the Operator offers Token Holders to possibility to buy Lolly Advance Tokens redeemable at the full price value for the Specified Service.
The introductory pricing involves following price increases for each of the rounds (“Pricing Rounds”).
| Pricing Round | Redeemable value | Discount | Price |
|---|---|---|---|
|
1 |
100% |
-90% |
10% |
|
2 |
100% |
-80% |
20% |
|
3 |
100% |
-70% |
30% |
|
4 |
100% |
-60% |
40% |
|
5 |
100% |
-50% |
50% |
|
6 |
100% |
-40% |
60% |
|
7 |
100% |
-30% |
70% |
|
8 |
100% |
-20% |
80% |
|
9 |
100% |
-10% |
90% |
|
Full-price |
100% |
n/a |
100% |
The number of Lolly Advance Tokens made available at introductory pricing at each Pricing Round is set at launch of each Lolly Advance Token and varies depending on the Service and the size of the Market.
The Operator can at any time cancel any or all the price levels for Pricing Rounds not yet launched.
The full-price pricing is initially set at $0.10 (ten United States cents) per interaction (“Standard Interaction Price”).
The Standard Interaction Price is subject to interaction pricing reviews implemented on 1 June, 1 October, 1 January, and 1 April each year.
If the Standard Interaction Price is changed, bonus tokens are issued to all existing Wallets to ensure existing Token Holders of Lolly Advance for Specified Services benefit from the increase in the Standard Interaction Price.
Issuance of Lolly Advance Tokens
Lolly Advance Tokens are launched and sold by the Operator from defined issuance wallets for Lolly Advance Tokens for a Specified Service (“Issuance Wallets”) or Lolly Advance Unallocated Tokens. Issuance Wallets will define the Lolly Advance Token being sold, including but not limited to the:
- Specified Services for which the Lolly Advance Token can be redeemed, and/or
- Amount of tokens made available at each price point, and/or
- Redeemable full-price value of the Lolly Advance Token, and/or
- Current purchase price of the Lolly Advance Token, and/or
- Current for-sale value of the Lolly Advance Token, and/or
- Amount of one-time-use tokens redeemed, and/or
- Amount of tokens in circulation.
Buying Lolly Advance Tokens
Lolly Advance Tokens are purchased from the Operator by (1) Brands, (2) Businesses, (3) media and advertising agencies, (4) venture capital companies, (5) crypto funds, (6) Entities, or (7) Users acting on a commercial basis.
All Lolly Advance Tokens purchases are subject to approval by the Operator. An order for Lolly Advance Tokens is confirmed once the Operator issues a proforma invoice for the order. The Operator then issues the Lolly Advance Tokens to the Token Holder’s Wallet. If an order is not confirmed or requires further information or contact with the Token Holder, the Operator will notify the Token Holder concerning the order.
Lolly Advance Tokens are payable by Token Holders within 28 days of order approval and receipt of invoice. If unpaid, the Lolly Advance Tokens are automatically returned to Lolly and a credit note issued.
Token Holders can at any time use their Lolly Advance Unallocated to buy Lolly Advance Tokens for Specified Services.
Holding Lolly Advance Tokens
Token Holders can at any time switch Lolly Advance Tokens for Specified Services from hold to for-sale and from for-sale (“For-Sale”) to hold (“Hold”). All Lolly Advance Tokens in a Wallet are set to Hold by default.
Users acting as consumers cannot purchase Lolly Advance Tokens as there are no Specified Services for consumers. Any purchase by a User is necessarily undertaken on a commercial basis.
Lolly Advance Tokens cannot be spent with any party other than the Operator. Lolly Advance Tokens cannot be transferred directly to Brands or Businesses, other than to the Operator or via the Operator.
Lolly Advance Tokens can be paid for in any fiat currency or cryptocurrency, subject to acceptance by the Operator, the Operator’s banks, the Operator’s card payment providers, and the Operator’s crypto payment providers (“Payment Providers”).
Any amount deposited by the Token Holder will be converted to US dollars at the same rate given to the Operator by the Payment Providers and credited to the Wallet.
Token Holders can use Lolly Advance Unallocated to buy any Lolly Advance Token for Specified Service. Purchases are made automatically by the Lolly Payment System from any Issuance Wallets and For-Sale Wallets on a pro rata basis.
Launch Purchase Bonus Lolly Advance Tokens
The Operator issues Token Holders with bonus tokens (“Lolly Advance Launch Purchase Bonus”) paid into their Lolly Advance Start Wallet in three stages, based on the value of the total amount of Lolly Advance Tokens sold by the Operator:
(1) up to $20M (twenty million United States dollars)
(2) between $20M and $50M (fifty million United States dollars)
(3) between $50M and $80M (eighty million United States dollars)
Funds credited to Lolly Advance Start Wallet can only be used for such Lolly Advance Token purchases. No other transfers are allowed.
The amount of Lolly Advance Launch Purchase Bonus issued to a Token Holder (“Bonus Value”) is relative to the amount of Lolly Advance Tokens bought (“Purchase Value”).
| Sales stage (total) | Purchase Value | Bonus Value |
|---|---|---|
|
$0 to $19,999,999 |
$10 to $1,999 |
10.00% |
|
|
$2,000 to $4,999 |
12.50% |
|
|
$5,000 to $24,999 |
15.00% |
|
|
$25,000 to $99,999 |
20.00% |
|
|
$100,000 to $249,999 |
25.00% |
|
|
$250,000+ |
35.00% |
|
$20,000,000 to $49,999,999 |
$10 to $1,999 |
10.00% |
|
|
$2,000 to $4,999 |
12.50% |
|
|
$5,000 to $24,999 |
15.00% |
|
|
$25,000 to $99,999 |
17.50% |
|
|
$100,000 to $249,999 |
20.00% |
|
|
$100,000 to $249,999 |
25.00% |
|
$50,000,000 to $80,000,000 |
$10 to $1,999 |
0.00% |
|
|
$2,000 to $4,999 |
5.00% |
|
|
$5,000 to $24,999 |
7.50% |
|
|
$25,000 to $99,999 |
10.00% |
|
|
$100,000 to $249,999 |
12.50% |
|
|
$250,000+ |
15.00% |
Using Lolly Advance Tokens
Lolly Advance Tokens are used by a Brand, Business oe Entity to pay for Specified Services which have been delivered and invoiced by the Operator.
Any Lolly Advance Tokens held by Token Holders will automatically be used for Specified Services.
Any payments due for other Services will automatically be bought via the Lolly Payment System to reduce the price paid.
Selling Lolly Advance Tokens through the Lolly Payment System
The Lolly Payment System sells the lowest priced matching Lolly Advance Tokens from Issuance Wallets and For-Sale Wallets. Lolly Advance Tokens are sold on a pro rata basis. For the avoidance of doubt, any Lolly Advance Tokens on Hold are not accessed by the Lolly Payment System.
A sale through the Lolly Payment System is credited at 100% (one hundred percent) to the Token Holder’s payout wallet (“USD Credit”, “USD Credit Wallet”).
The USD Credit Wallet is denominated in US dollars.
An additional 10% (ten percent) of the Lolly Advance Tokens is credited to the Token Holder’s Wallet (“Cashback”).
Exiting Lolly Advance Tokens
Only USD Credit Wallet balances can be withdrawn by the Token Holder. For the avoidance of doubt, any amounts held in the Wallet must first be sold through the Lolly Payment System to be credited to the Wallet in USD Credit.
Any amount withdrawn by bank transfer or crypto payment to the Token Holder will be converted from US dollars at the same rate given to the Operator by the Payment Providers and debited from the USD Credit balance.
Swapping Lolly Advance Tokens
Upon request, the Token Holder can sell their Lolly Advance Tokens for a Specified Service to the Operator in return for other Lolly Advance Tokens (“Token Swap”).
A Token Swap is for the same amount of Lolly Advance Tokens at an equal or lower current for-sale value of the Lolly Advance Tokens.
Lolly Advance Tokens Credit Line
From time to time, the Operator may offer Lolly Advance Tokens as a credit line issued by the Operator to (1) Users, (2) Brands, (3) Businesses, or (4) Entities (“Credit Line”).
Subject to acceptance of the offered Credit Line by the Token Holder, the Token Holder can use the Credit Line to purchase Lolly Advance for Specified Services or Lolly Property.
The Credit Line is repayable from USD Credit. The Token Holder understands that no USD Credit can be withdrawn until the Credit Line is repaid.
The Operator and the Token Holder agree that if a Wallet is unused for more than 180 days, that the Operator can automatically transfer Lolly Advance or Lolly Property from the Token Holder’s Wallet to the Operator for the required value and close the Credit Line. For the avoidance of doubt, the Token Holders’ Wallet and account will remain open.
Receiving Free Lolly Advance Tokens
The Operator may issue or offer to Users, Brands, Businesses or Entities Lolly Advance Tokens at no cost, for Free Interactions of a Specified Service, or for free trial of a Paid Interaction of a Specified Service, or as a bonus issuance of Paid Interactions of a Specified Service.
The Operator may issue or offer to Users, Brands, Businesses or Entities Lolly Advance Tokens in return for actions and/or services performed and/or as competition or prize draw entry tokens, offered by the Operator or in cooperation with third-party partners.
Any Free Lolly Advance Tokens will be issued to the Wallet.
Receiving Bonus Lolly Advance Tokens
The Operator may issue or offer to Users, Brands, Businesses or Entities who purchase Lolly Advance Tokens an amount of additional bonus Lolly Advance Tokens in an amount based upon the value of the purchase and/or the total amount of Lolly Advance Tokens sold by the Operator.
The Operator may issue or offer to Users, Brands, Businesses, or Entities who purchase Lolly Advance Tokens for a Specified Service an amount of additional bonus Lolly Advance Tokens for the Specified Service in an amount based upon the value of the purchase and/or the total amount of Lolly Advance Tokens sold by the Operator.
The Operator may issue or offer to Users, Brands, Businesses or Entities who purchase Lolly Advance Tokens additional bonus Lolly Advance Tokens for a Specified Service for use by a third party (such as a charity) in an amount based upon the value of the purchase and/or the total amount of Lolly Advance Tokens sold by the Operator.
Billing and Accounting
The Operator issues the Token Holder with service invoices and payment receipts confirming any payments for Services made with Lolly Advance Tokens for Specified Services.
The Operator issues the Token Holder with purchase receipts confirming any purchases of Lolly Advance Tokens.
The Operator issued the Token Holder with receipts confirming any Cashback.
The Operator issues the Token Holder with transfer receipts confirming any transfers from (1) , (2) within the Token Holder’s Wallet, or (3) the Token Holder’s USD Credit to the Token Holder.
The Operator issues the Token Holder with credit notes confirming any savings made on the payment of Services after receipt of the payment.
The Operator issues the Token Holder sales notices confirming any sale of Lolly Advance Tokens from For-Sale and the crediting of amounts to the Token Holder’s USD Credit.
The Operator issues the Token Holder with withdrawal confirmations for any transfers made from the Token Holder’s USD Credit to an external bank account or crypto account held by the Token Holder.
The Operator will, upon request, issue an annual statement to the Token Holder for tax purposes.
The Operator uses Xero Limited, a third-party accounting system and service, (“Xero”, xero.com) for the issuance of purchase receipts, Cashback receipts, transfer receipts, service invoices, payment receipts, credit notes, sales notices, and withdrawal confirmations.
Taxation of Lolly Advance Tokens
Sales of Lolly Advance Tokens are not subject to any Value Added Tax (“VAT”).
All Lolly Advance Tokens are sold without any VAT charge.
Sales of Services to Brands and Businesses in the UK are subject to VAT. Brands and Business in the European Union must pay VAT on the Services in their jurisdiction.
When Lolly Advance Tokens are used in payment to pay for Services, either (1) directly by a Brand or Business through their holdings of Lolly Advance Tokens, or (2) through the Lolly Payment System, the VAT charge will be accounted for separately and the Operator will issue documentation via Xero.
Additional terms
These Lolly Advance Token Terms and Conditions incorporate:
- Definitions
- Privacy Policy
- Site Rules
- DMCA Notice
- Lolly Cookie Policy
The Operator accepts no liability for any damages that may be caused by the use of Lolly Advance Tokens or USD Credit, Lolly or its contents or by data or files sent and received howsoever arising. Token Holders are themselves responsible for checking all data sent or received via the Internet for viruses and malware, including web addresses provided.
The Operator reserves the right to temporarily or permanently suspend or cancel any Token Holder in the event of wrongdoing. Users whose accounts have been suspended or cancelled can no longer access Lolly.
The Operator reserves the right to temporarily or permanently suspend or cancel any Users, Brands, Businesses, or Admins, in the event of wrongdoing or non-payment. Token Holders whose accounts have been suspended or cancelled can no longer access any Wallets
These Lolly Advance Token Terms and Conditions are construed under the laws of England and Wales and the parties agreed to the sole jurisdiction of London, England.
You and the Operator agree that the English language version of these Lolly Advance Terms and Conditions shall be controlling in all respects and shall prevail in case of any inconsistencies with translated versions, if any.
Any action by Admins against the Operator must be brought in the Brand’s individual capacity and may not be brought as a class action or any form of collective action.
Brands agree to defend, indemnify, and hold the Operator, its parents, subsidiaries, affiliates, and their respective officers and employees, harmless from and against any claim, demand or damage including legal fees asserted by any third-party due to or arising out of:
- any violation of applicable laws, regulations or these Lolly Advance Token Terms and Conditions by you or anyone accessing Lolly through your User and/or Admin access, with or without your permission
- the use of Lolly Advance Tokens by you or anyone accessing Lolly through your User and/or Admin access, with or without your permission
- any negligent acts, errors or omissions by you or anyone accessing Lolly through your User and/or Admin access, with or without your permission
- any injuries to or death of any person and for damages to or loss of any property, which may in any way arise out of or result from or in connection with these Lolly Advance Token Terms and Conditions, except to the extent that such liabilities arise from the gross negligence or wilful misconduct of
If any provision in these Lolly Advance Token Terms and Conditions is prohibited by law or judged by a court to be unlawful, void or unenforceable, the provision shall, to the extent required, be severed from the Lolly Advance Token Terms and Conditions and rendered ineffective as far as possible without modifying the remaining provisions of the Lolly Advance Token Terms and Conditions and shall not in any way affect any other circumstances of or the validity or enforcement of the Lolly Advance Token Terms and Conditions.
The Operator reserves the right to amend these Lolly Advance Token Terms and Conditions at any time. The latest Lolly Advance Token Terms and Conditions are available in Lolly.
Admins and Brands agree to the latest Lolly Advance Token Terms and Conditions by using Lolly after the date of any amendment of these Lolly Advance Token Terms and Conditions.
This document was last updated 30 September 2023.
