Chinese e-commerce giant Alibaba has partnered with Lolli, a Bitcoin reward platform, enabling shoppers to earn rewards in the digital currency.
Announced on Monday, the partnership will reward Lolli users five percent of their shopping value for purchases on Alibaba.com.
A perfect time to launch the crypto-reward program
The partnership came on “Singles Day,” the Black Friday equivalent in China when stores offer massive discounts and see a huge surge in sales. According to TechCrunch, the November 11 Singles Day sale hit $38.4 billion on the merchant platform this year.
Commenting on the partnership, Alex Adelman, co-founder and CEO of Lolli, said: “I’m excited to partner with Alibaba on Singles Day and offer the opportunity to earn bitcoin back to its shoppers. 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.”
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“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.”
Lolli is one of the many crypto reward platforms that spawned with the boom in the digital asset market. Founded in 2018, the platform partnered with 750 e-commerce retailers, including Walmart, Groupon, and Macy’s, in an effort to make Bitcoin more accessible to everyone by earning through shopping online.
However, the reward mechanism is limited to only United States users at this point, even excluding the home country buyers of the Chinese platform.
Earlier this year, Wirex, a crypto and fiat digital payment platform, announced a program in which it will reward buyers up to 1.5 percent of their purchases in Bitcoin.