Chinese e-commerce giant Alibaba has partnered with Bitcoin (BTC) to reward Lolli shopping app, allowing customers to earn 5% back in Bitcoin. Alibaba customers can now get Satoshis (rate), the smallest unit of Bitcoin currency, worth 0.000001 BTC, when they shop "thousands of items online," says Lolli.
The world's largest retailer and largest one-day shopping event
was announced on Singles Day, a shopping holiday celebrated in China on November 11 and considered to be the world's largest one-day shopping event. According to Lolli, Alibaba buyers spent more than $ 31
Alex Adelman, CEO and co-founder of Lolli, pointed out that the new move is a landmark partnership for Lolli, as Alibaba is the largest the reseller and e-commerce company in the world.
“Our partnership allows our users to earn free bitcoin on millions of products online every day. The most important part of this partnership is probably that it supports our mission to connect the world through trade. ”
The feature is only available in the United States
According to a Coindesk report, the new program will only be available for purchase in the United States. Aubrey Strobel, Lolli's communications manager, allegedly claimed that China's residents will not be able to participate, and products will be shipped from China to US users.
In the report, Adelman highlighted the company's plans to expand globally by 2020, emphasizing that the partnership is a great first step to connecting China and the United States through Bitcoin and trading.
Earlier today, Cointelegraph reported on Fold, one of the oldest Bitcoin shopping rewards apps, and launched support for home-sharing giant Airbnb today. With the new feature, Fold users can get 3% back in Bitcoin on every stay and experience booked on the platform. The app works in select countries, including the US, Australia, Canada, Ireland, Mexico and the UK, depending on the specific brand.
As for Alibaba, the Chinese retail giant has not been friendly to Bitcoin until now. On October 10, Alibaba's digital payment arm Alipay reiterated its negative attitude towards Bitcoin, confirming that it will ban all transactions identified as linked to Bitcoin.