> PK (my other co-founder) had recently sold his friend a preloaded ledger of cryptocurrencies and walked over to us and told us we should “sell people wallets preloaded with random cryptos”.

> We thought that there was no way people would pay us for this kind of service, but we spiked out a site over the weekend and launched that following Monday.

A lottery requires a prize, chance, and consideration to win. I don't see all three elements here, though it is a little difficult to actually understand what the business is - so maybe.