Alibaba plans to offer bitcoin rewards to shoppers through Lolli
Category: #retail  By Saipriya Iyer  Date: 2019-11-12
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Alibaba plans to offer bitcoin rewards to shoppers through Lolli

 

  • Now Alibaba shoppers can earn free bitcoin when they purchase products on Alibaba's e-commerce platform
  • Reportedly, the partnership would enable shoppers to earn 5% back in bitcoin
  • The program would only be available for purchases in the U.S.

 

Chinese e-commerce giant, Alibaba has reportedly entered into a partnership with Bitcoin (BTC) rewards shopping app, Lolli to provide shopping perks in the form of bitcoin to its shoppers. The feature is applicable to thousands of products online.

The partnership was announced on 11th November 2019, which is celebrated as Singles Day in China and marks one of the world's largest one-day shopping event. Lolli estimates that Alibaba sales revenue crossed over USD 31 billion on the same day previous year.

Through the partnership, users would be able to earn rewards in bitcoin while purchasing items on Alibaba's platform. The system will reward customers in Satoshis (sats), the smallest cryptocurrency unit.

However, sources familiar with the knowledge of the matter claim that only shoppers in the U.S. would be able to reap the benefits of the program. Even though products would be shipped from China, residents of the country are reportedly excluded from the program, stated Aubrey Strobel, head of communications at Lolli.

CEO and Co-founder of Lolli, Alex Adelman was also quoted saying that the partnership is likely to help mend the Sino-American relationship. Commenting further on the alliance, Adelman stated that the partnership is milestone one for Lolli, given that Alibaba is the largest ecommerce firm worldwide, and is also a major step forward towards achieving the company's goal of connecting the entire world through commerce.

Alibaba's foray into the bitcoin arena comes as an unexpected move, especially after Alipay, Alibaba's digital payment arm confirmed to banning all bitcoin-related transactions on October 10, 2019.
 

Source credits:

https://cointelegraph.com/news/alibaba-partners-with-lolli-to-allow-us-shoppers-earn-free-bitcoin



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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