Chinese e-commerce giant Alibaba, has recently partnered with New York-based retail startup Lolli, to offer buyers from Alibaba with rewards cashback in the form of Bitcoin. As the holiday season around the corner, the blockchain-based retail start-up is aiming at breaking into the mainstream at a rapid pace.
Earlier, Alibaba’s payment gateway, Alipay, announced that it would not entertain any transaction in bitcoin or any other cryptocurrency on its platform in line with Chinese law. However, the latest announcement indicated the way ahead for the firm regarding digital coins.
Lolli’s Co-founder & CEO, Alex Adelman, stated that
It is a great first step to connect the two largest economies, China and the US, through bitcoin and commerce. 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.
The Partnership was announced on the eve of Chinese annual shopping holiday known as Single Day, which is now the largest one-day shopping event in the world. According to a press release by Lolli, the shoppers on Alibaba using Lolli’s in-browser app for shopping can earn up to 5% of their purchases back in bitcoin. US-based shoppers have to purchase products that are shipped from China to avail of these benefits. This year, Alibaba reported an intraday business of $38 billion on the Single day.