Massive Move by Alibaba and Lolli
In a groundbreaking partnership, Chinese e-commerce behemoth Alibaba has teamed up with Bitcoin rewards platform Lolli to let shoppers earn 5% back in Bitcoin when they purchase from thousands of items online. Yes, you read that right—shopping can now make you a crypto mogul, one Satoshi at a time!
Singles Day: The Perfect Time for a Launch
The collaboration was announced right on the heels of Singles Day on November 11, a massive shopping extravaganza considered the world’s biggest one-day shopping event. Back in 2018, Alibaba shoppers splurged over a whopping $31 billion on this day. With this new offering, customers can now stack up on some Bitcoin while carting their virtual shopping goodies.
Words from the Wise
Alex Adelman, the CEO and co-founder of Lolli, expressed excitement over this partnership, declaring it a significant milestone since Alibaba is the biggest retailer and e-commerce entity out there. He quipped,
“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.”
U.S.-Only Program: Sorry, China!
However, before you plan your shopping spree, there’s a catch—it appears this Bitcoin cashback feature will only be available for customers located in the United States. According to reports, Lolli’s head of communications, Aubrey Strobel, confirmed that residents in China are not allowed to join the Bitcoin cashback party. So if you live in China, you’ll just have to sit back and watch your American friends earn Satoshis while you contemplate your shopping options.
A Step Towards Global Expansion
Despite this limitation, Adelman hinted at Lolli’s ambitions to expand globally in 2020 and stated that this partnership lays the groundwork for a trans-pacific connection between China and the U.S. through commerce and Bitcoin rewards. Who knows, in a few years, this could be a worldwide phenomenon turning shopping into a crypto treasure hunt!
Competitive Landscape: Fold Joins the Party
Speaking of Bitcoin rewards, earlier reports suggest that Fold, another veteran in the Bitcoin shopping rewards arena, has launched its own feature, offering users 3% back in Bitcoin for stays booked on Airbnb. It seems like everyone is looking for new ways to integrate Bitcoin into everyday transactions, making it a crypto-obsessed shopping world!
Alibaba’s Mixed Signals
Yet, it’s worth noting that Alibaba hasn’t exactly been enthusiastic about Bitcoin in the past. Just a month prior to this partnership, Alipay, Alibaba’s digital payment arm, reiterated its harsh stance against Bitcoin, emphasizing a complete ban on transactions linked to it. So, is this partnership a sign of change or just a clever marketing strategy? Only time will tell.
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