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Cryptocurrencies Accepted at Sotheby’s Auctioning of Rare Diamond Worth $15 Million

Cryptocurrencies Accepted at Sotheby’s Auctioning of Rare Diamond Worth $15 Million

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Sotheby’s, the world’s largest auction house, is auctioning a rare, 101.38-carat flawless diamond estimated to be worth $15 million, and cryptocurrencies are accepted.

Biggest Auction House Accepts Cryptocurrencies
Sotheby’s announced Monday that it is auctioning a rare, pear-shaped diamond on July 9 in Hong Kong that can be purchased with cryptocurrency.

Established in 1744, Sotheby’s described itself as the world’s largest marketplace for art and luxury. With a network of specialists spanning 40 countries and 44 departments, “we host over 600 auctions annually and offer a cross-category selection of items available for immediate purchase via both digital and physical shopping experiences as well as private sales,” its website details. Artprice.com ranks Sotheby’s as the number one auction house by turnover, followed by Christie’s.

The auction house explained that this is the first time a diamond of such size, or any physical object of such high value, is offered for public purchase with cryptocurrency. Bitcoin, ether, and traditional money will be accepted as payment.

Patti Wong, chairman of Sotheby’s Asia, said in a statement:

This is a truly symbolic moment. The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency

The name of the diamond is Key 10138. The auction house describes it as a 101.38-carat, pear-shaped, colorless, flawless diamond. It is one of just 10 diamonds of more than 100 carats ever to come to auction. It carries a pre-sale estimate of $10 million – $15 million.

Sotheby’s began accepting cryptocurrencies via Coinbase back in May with Banksy’s “Love is in the Air” image at the Contemporary Art Evening Auction. The piece sold for $12.9 million

Source Credits: Bitcoin.com

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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