While purchasing any of the “thousands of items online,” Alibaba clients will receive Satoshis (sats), the lowest unit of Bitcoin, represented as 0.00000001 BTC.
The collaboration was revealed on Singles Day, a popular Chinese shopping holiday celebrated on November 11. It is also considered to be the biggest one-day shopping festival in the world. As per Lolli, on Singles Day last year, shoppers spent over $31 billion on Alibaba platform.
Alex Adelman, CEO and co-founder at Lolli, opined that the latest collaboration is a remarkable one for Lolli as Alibaba is a top e-commerce company in the world.
He stated:
“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.”
As per a report published by Coindesk, the latest scheme will be applicable only when purchases are made in the US. Aubrey Strobel, Lolli’s head of communications, asserted that Chinese residents are forbidden to take part and products would be exported from China to the US customers.
Adelman, in his report, underlined the firm’s strategy to establish operations across the globe in 2020 and stressed that the collaboration is a great initial step to link China and the US via Bitcoin and commerce.
Fold, a relatively old firm offering Bitcon as shopping rewards through its app, has rolled out a reward program in partnership with house-sharing giant Airbnb. The latest feature enables Fold users to receive 3% Bitcoin back on every stay and experience shared on the platform. The app functions several countries including the US, Canada, Australia, Ireland, Mexico and the UK.
Notably, Alibaba has not been a Bitcoin friendly organization. On October 10, the company’s digital payment division Alipay reaffirmed its pessimism about Bitcoin by issuing a blanket ban on all dealings that are related to Bitoin in any manner.