Huge development in the growth of Bitcoin would be for private companies to incorporate Bitcoin for use in their transactions. Ali Baba, considered China’s as well as East Asia’s Amazon, has recently, and quite surprisingly entered the fold of cryptocurrency. It partnered with the Bitcoin rewards app, Lolli.
Ali Baba is a large scale Chinese retailer who is considered one of Amazon’s major and closest rivals. The partnership allows a customer to earn 5 percent in Bitcoin for every purchase they make.
This is especially surprising considering China is a country currently trying to shut down the usage of cryptocurrency by its citizens.
The partnership was announced on the Chinese holiday known as Single’s Day, celebrated on the 11th of November this year. The significance here is that Single’s Day is a hay day for Chinese retailers, with Ali Baba itself recording around $38 billion in sales across its platforms.
This partnership, as stated by Aubrey Strobel (Lolli’s head of communications) is aimed at the interests of American based Chinese as well as travelers who partook in Single’s Day. The offer itself is only available in the United States. Seeing as how China itself is taking measures against the growth and usage of Bitcoin and other forms of cryptocurrency within its boundaries, it makes sense for this partnership to only be of avail for residents outside China.
This partnership has truly been a complete U-turn for Ali Baba. It was only last month that the giant took a stance against cryptocurrencies after one such service, Binance, had a clash with Alipay, Ali Baba’s payment company.
This whole fiasco started on Twitter, where Changpeng “CZ” Zhao decided to post about how Binance could be used in transactions for payment in Alipay, despite not working with them directly. Alipay decided to respond with a simple denial of this claim followed by some clarification as well as saying outright that any and all crypto payments would be terminated.
Despite this, it seems that the giant has now decided to soften its stance on cryptocurrency with this new partnership. This will have many effects on the world of Bitcoin, seeing as such a massive company has shown interest in it. This might have even further-reaching effects, seeing as Ali Baba rival Amazon may also try to incorporate Bitcoin into its system somehow, if only to combat the growth Ali Baba will experience as more users take interest in this new partnership.
Whatever happens between the two rivals, chances are it will lead to further growth in the usage of Bitcoin. Crypto enthusiasts will find this news very interesting especially considering how important it is for the growth of Bitcoin.