Yes, you read that exactly. The company, which refused to allow its Chinese users to buy bitcoins with Alipay, has already teamed up with the New York BTC app to offer it free on Singles Day.
Get Free Bitcoins on Singles Day
As part of an effort to motivate buyers on China's "Singles Day" yesterday, e-commerce giant Alibaba is partnering with the Bitcoin shopping app, Lolli. The unofficial holiday, which falls on 11/11, is the Chinese equivalent of Black Friday in America.
According to a blog post on the company, Lolli's users were able to earn 5% in bitcoin when shopping with an Alibaba partner. The day is massively popular in China, where the growing younger generation and modern wealth are eager to scatter money to celebrate their solo status.
Lolli's partnership with Alibaba, which recently warned against cryptocurrency payments in China, will allow US-based users who purchase on the Chinese platform to earn BTC reductions. Lolli's CEO and co-founder, Alex Adelman, said;
"I am excited to partner with Alibaba on singles day and offer the opportunity to win bitcoin back to my buyers. This is an important partnership for Lolli, as Alibaba is the largest retail and e-commerce company in the world to launch on Singles Day, the largest shopping day in the world. "
The app works through a browser extension that notifies users when browsing a partner's online store. Lolli works with over 500 partners, including big names such as Walmart, Groupon, Toms, Hilton, GAP and Hotels.com.
The official website claims that they are "on a mission to spread bitcoins to billions of people around the world at the touch of a button. "
Records broke in the fury of shopping
Clearly, China-based and US-based platforms are trying to capitalize on one of the biggest market days of the year. According to CNBC, Alibaba broke the record for singles day with more than $ 38 billion in sales yesterday.
At the end of the 24-hour event, the gross value of the goods amounted to 268.4 billion yuan, just below the 26% increase in value published last year. Alibaba offers huge discounts on its global stores, but of course, buyers in China are not allowed to earn bitcoins, even though state-owned media are trying to train them on this.
Apple and Huawei smartphones were some of the best selling items as online personalities took the stage to promote their brands. In China, there were fears that sentiment towards US brands might fall after the ongoing trade war, but this is clearly not the case.
Perhaps free bitcoin for Chinese users would lead to an even higher profit margin for Alibaba. [1
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