Bitcoin next to your pair of sneakers: a sports clothing company will return up to 6% of the value purchased in cryptocurrencies

The rage over Bitcoin and cryptocurrencies in general makes it very difficult for brands to stay out, or at least not be tempted to join. This is how even sporting goods companies are beginning to join, for example with the possibility of earning cryptocurrencies when buying.

Reebok, the American company of sports shoes, clothing, and accessories, announced that it will begin to return part of the purchases made by its customers who pay with cryptocurrencies. . However, the refund will not be made with dollars, but Bitcoins will be sent to the client.

Lolli, a company specializing in cashback programs paid in Bitcoin, has partnered with Reebok. Thanks to this, Reebok will offer a cashback of 6 percent of the total purchase in Bitcoin to customers who make the purchase through Lolli.

In order to receive a refund in Bitcoin equivalent to 6% of what was purchased in the clothing store, users have to install the Lolli app -which is only available to US users- and make their purchase from it .

These types of returns are known as cashback , or a money-back reward program. And they are incentive programs usually operated by credit card companies, although they can be offered by any platform that works as a payment method, in which a percentage of the amount spent is returned to the customer as a reward.

In this way, more companies continue to adopt cryptocurrencies. Another sportswear company that adopted them was Nike in June of this year, with its association with the Plutus platform. Though this is not Reebok's first adoption of blockchains.

In April this year, Reebok released a collection of 200 limited-edition non-fungible tokens (NFTs) related to its footwear. Several of the NFTs sold for $500 and $2,000, with some being worth as much as $20,000.

An NFT is a type of digital crypto asset that is based on a smart contract. These NFTs represent something unique, be it a photo, a video, a sound, etc. And thanks to the smart contract, it is possible to know firstly if it is original, and secondly, to whom it really belongs, in this way, they cannot be stolen or falsified in any way.

In turn, Adidas, a direct competitor of Nike and Reebok, had previously entered the world of non-fungible tokens . As did Gucci, the company has also started working on its own NFTs, which, like Reebok, take the form of virtual footwear.

With all this, the pioneering company in the adoption of blockchains in this industry is Nike. Already in 2019 Nike had patented the idea of ​​​​blockchain-compatible shoes, the so-called CryptoKicks . With this initiative, the company sought to combat counterfeiting, but it also sought to achieve greater involvement of its customers with the brand, which could help it in the creative design of new models.

Yanina Orrego , CEO of Capital Ediciones, told Infobae: “It is not only important to highlight the adoption of cryptocurrencies by companies, but also the new companies that are being created around blockchain. For example, in July of this year, Lolli announced that he had closed a $10 million funding round led by Acrew Capital, with additional participation from UpNorth Management, Animal Capital, Banana Capital and Formula. Influencers like Logan Paul and Chantel Jeffries also participated.”

At the time , Alex Adelman , co-founder and CEO of Lolli, said his company's mission was to make Bitcoin "more accessible to everyone," adding, "We believe it's imperative to align with top creators to educate, distribute and amplify the power of bitcoin to the masses.”

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