The e-commerce giant, Alibaba teamed up with shopping app Lolli to offer bitcoin rewards to shoppers on Chinese “Singles Day” shopping holiday.
Alibaba & Lolli’s Bitcoin rewards partnership
Alibaba is the latest and one of the biggest online commerce website to dip its toes in to the world of cryptocurrency. Teaming up with Lolli, the affiliate retail startup, Alibaba will reward shoppers with Bitcoin instead of fiat cash back.
What is Lolli?
Lolli is the premier Bitcoin rewards startup where shoppers can earn BTC rewards. Shoppers must buy products from companies and e-commerce sites Lolli has partnered with in order to earn free Bitcoin. As startup firm, Lolli has already amassed a pretty impressive portfolio of partnerships.
Who are Lolli’s biggest partners?
Some of the biggest Lolli partners are: Priceline, Groupon, Jet, Gap, Macy’s, Hilton, Walmart, CVS, Best Buy, Sams Club, Marriott, Overstock, Barnes&Noble, Godaddy, Old Navy; just to name a few.
What is Singles Day?
Singles Day is the biggest shopping holiday in China where Chinese shoppers can buy products at high discount prices. It is similar to United State’s Black Friday. Singles Day takes place each year on November 11. Singles Day has generated $23 billion in sales for Chinese retailers so far this year, according to Rutgers.
Any restrictions Alibaba’s Singles Day bitcoin reward program?
Yes, there is. According to Aubrey Strobel, head of communications at Lolli, the Bitcoin rewards is only available to shoppers in the United States. Chinese-Americans, Chinese tourists visiting the U.S, or students studying in the U.S. are eligible to participate. However, any shoppers shopping outside of the U.S. will not receive any BTC rewards.
“Its products would be shipped from China to U.S. users,” Strobel said.
Alex Adelman, Lolli’s CEO praised the partnership and expressed his desire to partner with more international retailers in 2020.
“This partnership is a great first step to connect the two largest economies, China and the US, through bitcoin and commerce,” he told CoinDesk. “The opportunity is available for US users only for now but we plan to expand internationally soon, letting everyone in the world easily earn and own bitcoin.”
A number of crypto, Bitcoin cash-back & rewards startups has been making waves this year as the holiday season is approaching. However, Lolli seems to be the most popular one. Lolli’s competitors offering Bitcoin rewards for shopping with their partners are, but not limited to: SPEDN, Fold, and Pei.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.