Chinese e-commerce giant Alibaba took a major step towards Bitcoin adoption on Monday. It announced a new partnership with Bitcoin rewards platform Loli on Singles Day to help onboard more buyers to its platform.
A lucrative rewards program for users
Loli users will get 5% of their shopping value as rewards when they shop at Alibaba.com. They announced the partnership at a strategic time, i.e. Singles Day to gain maximum benefits. It is the equivalent of Black Friday in China which witnesses massive discounts on various stores alongside a huge surge in sales. TechCrunch reported that the Monday event brought in $38.4 billion in sales on Alibaba.
Loli co-founder and CEO Alex Adelman commented on the partnership, saying that he is excited to offer a Bitcoin rewards program to Alibaba shoppers on Singles Day. He added,
“This is a milestone partnership for Lolli as Alibaba is the largest retailer and e-commerce company in the world, launching on Single’s Day, the world’s largest shopping day of the year.”
He said that the users would be able to earn free Bitcoin just for buying products on Alibaba. The scope of the deal will expand to millions of products. Adelman added that it also supports the platform’s idea of connecting the world using commerce.
Bitcoin rewards gain prominence
Several crypto rewards platforms are offering users the ability to get Bitcoin for their everyday spending. Wirex is a fiat and crypto payment platform that recently announced a 1.5% Bitcoin rewards for shoppers. Alibaba and Loli’s rewards are much higher than that.
Loli was founded in 2018 after the crypto price boom made the digital assets more mainstream. It is currently offering a crypto rewards program on 750 eCommerce websites including prominent names like Macy’s, Groupon and Walmart. The rewards are available only to US customers right now, and Chinese buyers will not be able to make use of the service.