Bitcoin-based start-up app, Lolli has announced a new partnership with Alibaba. The partnership will enable a 5% reward in Bitcoins up to its smallest unit, satoshi (1 satoshi = 0.00000001).
– The world’s largest hotel chain now bookable with $.
– And (a part of) the largest e-commerce site integrates with $. You can adopt #, or be left behind.
Reportedly, the service will be available to only the users of the app in the US. It will be unavailable in Alibaba’s largest market, China. Nevertheless, Alibaba saw a 24% increase in its international revenue which now accounts for about 10% for total revenue. In 2018, the Giant recorded annual revenue of $35.8 billion.
The move was announced at the end of the Singles Day Festival in China. 11th November marks the shopping holiday for its citizens which records the largest shopping revenue in a day worldwide.
Alex Adelman, CEO, and co-founder at Lolli told the media,
“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.”
The partnership is a rather slow start and marginally affects the on-ramp adoption of Bitcoin. However, eventually, it could establish a strong independent payment system.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com