The major Chinese eCommerce giant Alibaba recently partnered with the Bitcoin (BTC) rewards shopping app Lolli – enabling its shoppers to earn 5% back in the cryptocurrency. As Alibaba partners with Lolli, the customers can now get Satoshis (sats) which is the smallest unit of Bitcoin currency worth 0.00000001 BTC when shopping “thousands of items online” as the app revealed.
The partnership was officially announced on Singles Day, which is a shopping holiday that is celebrated in China on November 11 and is considered to be the biggest one-day shopping event in the world. As the in-app Alibaba statistics show, the eCommerce giant spent more than $31 billion on Singles Day in 2018.
While Alibaba partners with Lolli, the Chinese giant is also working on other things. The CEO and co-founder of Lolli pointed out that this new move is a milestone partnership for the app as Alibaba is known to be the largest retailer and eCommerce company in the world.
“Our partnership allows our users to earn free bitcoin on millions of products online every day. Arguably the most important piece of this partnership is that it supports our mission of connecting the entire world through commerce,” he stated.
According to one report by Coindesk, this new program will only be available for purchases in the Untied States.
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Aubrey Strobel, who is Lolli’s head of communications claimed that residents in China will not be able to participate and the products would be shipped directly from China to US shoppers.
The report detailing that Alibaba partners with Lolli also hints on Adelman highlighting the firm’s plans to expand globally in 2020. He also emphasized that the partnership is a great first step to connect China and the US through Bitcoin and commerce.
In the other news, we can see that the Chinese retail giant Alibaba has not been very much friendly to Bitcoin to date. On October 10, the digital payment arm Alipay reiterated its negative stance to Bitcoin and confirmed that it will be banning all transactions which were identified as linked to Bitcoin.
Meanwhile, the latest Bitcoin news today show that the leading cryptocurrency is trading at $8,799 and is still near its resistance zone of $8,800. The uptick of 0.57% on the day is merely nothing compared to previous surges.
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