Alibaba: Bitcoin Rewards & 400M Blockchain-Traced Goods on 11/11 Event
NEWS
November 12  |  3 min read

Alibaba Blockchain Developments: Bitcoin Rewards and Blockchain-Traced Goods

The COIN360 Editorial Team

Bitcoin rewards application Lolli announced yesterday its new partnership with Chinese global shopping giant Alibaba. The e-commerce giant has also used blockchain technology to trace over 400M cross-border commodities with its affiliate FinTech company, Ant Financial, during this year’s Singles’ Day event.

The rewards app, which allows users to earn bitcoin by shopping online on their partner sites, announced their partnership with Alibaba yesterday on China’s Singles’ Day, by which users can earn up to 5% bitcoin back by shopping with the e-commerce giant.

According to Lolli CEO and Co-founder Alex Adelman, this partnership is a milestone for the bitcoin rewards app “as Alibaba is the largest retailer and e-commerce company in the world,” thus supporting their “mission of connecting the entire world through commerce.”

Nevertheless, according to Lolli’s head of communications Aubrey Strobel, the perks of the new partnership will only be available for Chinese-Americans purchasing in the U.S., with products being shipped to the U.S., and residents in China will not be able to participate, although Adelman stated that the company plans to expand internationally in the near future.

Alibaba has reportedly used blockchain technology to trace over 400M cross-border commodities during this year’s Singles’ Day event, a large increase from last year’s 150M commodities traced via blockchain during the event. According to Jiang Guofei, vice president of Alibaba’s affiliate FinTech company Ant Financial, the company added ID marks using blockchain on more than 400M cross-border imported goods to ensure their authenticity.

Additionally, the e-commerce giant has also used blockchain technology for copyright protection as well as for supply chain finance, which has helped more than 30k small and micro businesses obtain supply chain loans on the company’s e-commerce platform.

Alibaba, which launched in 1999, turned China’s Singles’ Day, a Chinese holiday on which people celebrate being single, into a massive shopping event in 2009, and it has since become the largest shopping day in the world even surpassing Cyber Monday in the U.S., with its shoppers spending over $31B during last year’s event.

This year’s event reportedly generated a $38.4B gross merchandise volume (GMV), growing almost 26% from last year’s GMV. The annual growth, however, didn’t surpass last year’s increase.