For the first time ever, the 277-year-old British auction house Sotheby’s will accept cryptocurrency as payment for a rare 100+ carat flawless diamond

Have you got yourself acquainted with the world of cryptocurrency? It’s time we all did, as after buying some crypto, we use it to buy more amazing stuff. Looking at the way the world is changing this new version of money can be used to buy anything from an expensive Miami penthouse to a Banksy or Damien Hirst artwork, Franck Muller’s new limited-edition watch, and more recently one of the earth’s rarest and greatest treasures – an exceptional 101.38-carat pear-shaped D Flawless diamond. For the first time ever, Sotheby’s will accept cryptocurrency as payment for the rare diamond (Traditional money will still be acceptable). The diamond, known as ‘The Key 10138’, is among just 10 diamonds of more than 100 carats to come to auction and could easily fetch over $15 million. Along with fiat, the auction house will also accept Bitcoin and Ethereum as payment for the gem. Should it be bought with crypto, the transaction will be processed by Coinbase Commerce, Sotheby’s said.

Patti Wong, chairman of Sotheby’s Asia, said, “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. Never was there a better moment to bring a world-class diamond such as this to the market.” The live single-lot auction for the diamond will be held in Hong Kong on July 9. However, Sotheby’s is again using its hybrid online and live bidding process. Online bidding will open on June 25, culminating with the live sale.

Also read -  Just 11 remain in the world - An ultra-rare first edition copy of the US constitution could fetch $20 million in auction.

[Via: Art Daily]

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With over 15 years of experience in luxury journalism, Neha Tandon Sharma is a notable senior writer at Luxurylaunches. Her expertise spans luxury yachts, high-end fashion, and celebrity culture. Beyond writing, her passion for fantasy series is evident. Beginning with articles on women-centric gadgets, she's now a leading voice in luxury, with a fondness for opulent superyachts. To date, her portfolio boasts more than 2 million words, often penned alongside a cappuccino.