Hey ninjas, how’s the trading going? On the day the cryptocurrency market is trading sideways, the largest crypto Bitcoin is down on the day by 1.57% and trading at $8,742.
Alibaba is a Chinese multinational e-commerce site, according to the announcement Alibaba has partnered with Loli (Bitcoin rewards app) to reward its shoppers with 5% back in Bitcoin. Per the announcement, users of Alibaba can now earn Satoshi’s (sats) when shopping.
The announcement was made on Singles Day, Singles Day or Guanggun Jie is an annual shopping holiday that takes place on the 11th of November and is popular with young Chinese people.
According to Loli, Singles Day is the world’s biggest one-day shopping event, Alibaba customers reportedly spent over $31 billion in 2018 on Singles Day.
CEO and co-founder of Loli, Alex Adelman, stated that the partnership with Alibaba, the largest retailer and e-commerce site in the world is a turning point for Loli. According to a report from Coindesk, the new service will only be available in the United States.