The Chinese shopping giant Alibaba has teamed up with rewards app Lolli to allow its customers to gain a 5% ‘cashback’ bonus in bitcoin when using the app to buy items online.
The announcement was made on a day called singles day. The day is celebrated in China on November 11 and is widely considered to be the biggest shopping day in the world.
To begin, the cashback bonus will only be available to shoppers in America, although all goods will be shipped from China.
The news is yet another shot in the arm for Bitcoin which has seen renewed interest from China since President Xi told members of Congress that they must ‘seize the opportunity’ of blockchain technology in his yearly address two weeks ago.
The value of Bitcoin increased by over 42% off the back of the news. The fourth largest increase in Bitcoin’s 11 year history and the biggest since 2011.