You may recall that the crypto space got all excited not too long ago following a piece of news involving the e-commerce giant Alibaba.
Alibaba, which is China’s e-commerce giant, is teaming up with the Bitcoin rewards platform Lolli.
Lolli announced a collab with Alibaba
Lolli users can now earn up to 5% Bitcoin back when shopping for items online with Alibaba.
CEO and co-founder of Lolli, Alex Adelman, stated the following not too long ago:
“This is a milestone partnership for Lolli as Alibaba is the largest retailer and e-commerce company in the world, launching on Single’s Day, the world’s largest shopping day of the year.”
People were really excited, and everyone thought that we’re one step closer to the mass adoption of digital assets.
https://twitter.com/trylolli/status/1193954832849219584
Alibaba denies the collab
E-commerce giant Alibaba said that it doesn’t have any partnerships with the platform, Lolli – which made the announcement. This is a BTC cashback company.
CoinDesk addressed a report saying that Alibaba’s reps are denying all of this, and the giant entity made sure to set things straight: it does not support BTC payments.
An Alibaba representative told CoinDesk the following:
“One of Alibaba.com’s contractors hired a subcontractor who brokered an affiliate marketing program with Lolli. This was done without the knowledge of Alibaba.com.”
The rep continued and detailed that “Alibaba.com’s contractor is terminating the relationship with the subcontractor who was working with Lolli. As a result, Lolli should no longer promote or bring traffic to Alibaba.com.”
We recommend that you head over to the Daily Hodl’s original article in order to learn more about this whole mess.
If Alibaba had teamed up with Lolli, this would have meant a lot for he crypto space.
Such e-commerce giants, along with institutional investors, are some essential ingredients for the mainstream adoption of cryptos.
