On the occasion of Nov 11 Chinese Shopping Day, Alibaba rewarded cashback in Bitcoin for its American users partnering with Lolli, a rewards platform that offers users BTC when they shop at participating online retailers. American users earned 5% back in Bitcoin for every purchase from the e-commerce giant.
Announcing the partnership Alex Adelman, CEO and co-founder at Lolli, said that this was a milestone in connecting world’s two largest economies through Bitcoin. He further stated that it allowed users to earn free bitcoin on millions of products online every day.
Loli is a rewards application that gives bitcoin when you shop from online stores. It has already partnered with more than 500 stores to reward in bitcoin.
What does it mean for the crypto market?
Despite this encouraging news, the price of Bitcoin fell by more than 3 percent for the day while the overall market also came down by around 1 percent . Nonetheless, this is a huge boost for investors to be positive at a time when the price of Bitcoin has been going on bearish trend for some time now.