Sotheby’s will accept bitcoin or ether for $15 million diamond sale

Posted by Bérengère Sim, Market Watch

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Recently minted cryptocurrency millionaires, unsure of what to do with their newfound wealth, can now bid for a $15 million 100-carat diamond at Sotheby’s auction — a first for a gem that valuable.

Sotheby’s 9 July auction comes as the art world and cryptocurrencies become more interlinked, with non-fungible tokens, which are smart contracts built on blockchain networks, selling for millions.

Those interested in buying the pear-shaped diamond can pay with either ether ETHUSD, -9.02% or bitcoin BTCUSD, -5.55%, and cryptocurrency exchange Coinbase Commerce will facilitate the payment.

“The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency,” said Wenhao Yu, deputy chair of Sotheby’s jewellery in Asia, in a statement.

“Never was there a better moment to bring a world-class diamond such as this to the market.” more.