Auction House Sotheby made history by accepting cryptocurrency as payment for the auction of one of Earth’s rarest diamonds.
The diamond is named “The Key 10138”, weighs almost 101 carats and is graded ‘flawless’.
It is expected to attract more than US$15 million ($19.97 million) and for the first time, bidders can use cryptocurrency such as Bitcoin or Ethereum to buy it.
“The Key 10138 is the first important diamond in the world to be auctioned with cryptocurrency as an accepted method of payment,” the diamond house Sotheby writes.
They exclusively mentioned that the name “The Key 10138” is meant to symbolize the unlocking of a new era in commerce and technology, making it an essential key to history.
“The Key 10138 will undoubtedly become a diamond that history remembers as it takes the culmination of humanity’s work and knowledge on diamonds thus far, and turns the key to unlock a still more brilliant future.”
If the diamond manages to be sold for $20 million, it will cost around 459 Bitcoin or 7751 Ethereum in today’s price.
Sotheby claims that its rare physical structure makes it an anomaly even against some of the world’s purest diamonds.
“There are only a small number of faceted diamonds that weigh over 100 carats throughout history and it is rarer to find such a diamond with perfect colour and clarity,” the listing explains.
The diamond is all set to be auctioned on July 9 in Hong Kong.
By Ankita Mohanty