A rare 101.38-carat diamond was purchased by a private collector for $ 12.3million (£ 8.8million) at a Sotheby’s auction using the cryptocurrency, the house said auction.

The sale “marks the latest step in the adoption of cryptocurrency,” Sotheby’s said in an Instagram post on Saturday.

The auction house’s Hong Kong division said last month it would accept cryptocurrency as a payment method for “the exceptional 101.38-carat pear-shaped flawless D diamond … l ‘one of the rarest and greatest treasures on the planet “.

He said payment in Bitcoin and Ethereum would be accepted, but did not reveal which cryptocurrency was ultimately used by the mystery buyer to purchase the diamond.

“No other physical item with an estimate even approaching the $ 10-15 million estimate that this diamond carries has ever been publicly offered for purchase with cryptocurrency (sic),” the House of auction.

The sale was a “truly symbolic moment,” according to Wenhao Yu, vice president of Sotheby’s jewelry in Asia.

“The oldest and most iconic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency. There has never been a better time to bring a world class diamond like this to market, ”he said.

The diamond, called “The Key 10138” is the second largest pear-shaped diamond to appear in the public market, according to the auction house. The rare diamond came from the diamond company Diacore.

Sotheby’s said the shape of the diamond is also important.

“Many of the most significant diamonds in history are pear-shaped, including those of royal provenance,” said a spokesperson, referring to the Cullinan I diamond, also known as “the big star of ‘Africa’, which is currently kept inside the tower. from London.

The auction house also said the diamond was “inherently rare” and that “the stone is the second largest pear-shaped diamond to ever come to market.”

Mr Wenhao said the sale has attracted “new customers far beyond the traditional pool of collectors,” adding that cryptocurrency purchases are appealing to a digitally savvy generation.

In May of this year, Sotheby’s accepted $ 12.9 million in cryptocurrency for a Banksy work of art titled “Love Is In The Air.”

CNN reported that several other auction houses have also started welcoming cryptocurrencies and non-fungible tokens (NFTs).

Christie’s, another auction house, announced in June that it would accept Bitcoin and Ethereum for an untitled work by American artist Keith Haring. The painting ultimately sold for $ 6 million.