Amazon of China goes big on Bitcoin
Despite a mixed relationship with crypto, Chinese retail giant Alibaba has partnered with crypto startup Lolli to reward customers in bitcoin for purchases. One of the world's most successful retailers, Alibaba, has unexpectedly entered the world of crypto, partnering with bitcoin rewards app Lolli. Alibaba—a China-based retailer who counts multinational behemoth Amazon among its closest rivals—has entered into a partnership allowing customers to earn 5 percent in bitcoin for every purchase. The company announced the partnership yesterday—China’s “Singles Day,” or Guanggun Jie, a popular shopping holiday celebrated by young Chinese people. The “holiday” is regarded as the largest online-shopping day in the world, and yesterday registered a record $38 billion in sales across Alibaba's platforms.
Real Estate Magnate Sells New York Condo for $15.3M in Bitcoin
Real estate tycoon Ben Shaoul has sold a retail condo in Manhattan’s prestigious Upper East Side for $15.3 million in Bitcoin (BTC). Shaoul — who is president of the Magnum Real Estate Group — sold the 11,400-square-foot property to a Taiwan-based entity “Affluent International LCC,” according to a person familiar with the deal. While Shaoul himself has reportedly declined to comment, Eric Hedvat — a broker with Jet Real Estate, which represented Magnum in the deal — characterized the transaction as “a seamless process.” Magnum reportedly went into contract with two other buyers in the same building using Bitcoin in 2018 — one for a 624-square-foot studio at an asking price of $875,000 and the other a 989-square-foot one-bedroom at $1.48 million.