China managed to boost the price of Bitcoin and all digital assets followers a couple of weeks ago after the president publicly declared support for the blockchain tech.
Not too long ago, we addressed the issue, and we were reporting that VanEck’s head of digital asset strategies Gabor Gurbacs pointed out three main reasons for which the bulls were back in the crypto market.
“CME Bitcoin futures expired
President Xi Jinping supports blockchain in China.
Crypto Capital CEO arrested. Exchanges, such as Bitfinex, may get some of the seized 850 million back.”
Alibaba teams up with Bitcoin reward platform Lolli
Now, Alibaba, which is China’s e-commerce giant, is teaming up with the Bitcoin rewards platform Lolli.
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:
“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.”
Adelman continued and said: “Our partnership allows our users to earn free bitcoin on millions of products online every day. Arguably the most important piece of this partnership is that it supports our mission of connecting the entire world through commerce.”
Mainstream crypto and blockchain adoption
When e-commerce giants enter the crypto space one way or another, this is an excellent sign for the industry because it can boost mainstream adoption.
Such giants, along with institutional investors, are some essential ingredients for the achievement of mainstream adoption of digital assets.
The crypto space has been making a lot of moves this year towards this considerable goal, and things are going for the better.
It’s also worth mentioning another element which will boost the crypto industry: Bakkt – this is said to be the crypto game-changer that the world is expecting.