Sotheby accepts crypto payments for its 555 carat Black Diamond

• Sotheby’s says it expects to fetch between $4.1 million and $6.8 million

• In case of a cryptocurrency payment, the transaction will be processed by Coinbase Commerce

British auction house, Sotheby, will accept cryptocurrency for the sale of a rare 555.55-carat black diamond dubbed “The Enigma.”

The 277-year old auction house will accept payment in bitcoin, ethereum and the stablecoin USDC for the sale of the largest cut gem to ever go into auction.

The diamond is being offered with no reserve, meaning that it will sell to the highest bidder no matter the price, but Sotheby’s says it expects to fetch between $4.1 million and $6.8 million.

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The transaction will be processed by Coinbase Commerce, in case the diamond is purchased with cryptocurrency.

Enigmatic wonder

The auction house termed the gem a ‘cosmic wonder’ and its occurrence “rare”. It said that “its origins are shrouded in mystery.”

“[It’s] thought to have been created either from a meteoric impact or having emerged from a diamond-bearing asteroid that collided with Earth, ” said Sotheby’s in its press release.

The Enigma will be displayed in Dubai, Los Angeles and London, before a seven-day online auction scheduled for February 3.

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This is not the first time the auction house has accepted payments in cryptocurrency for gemstones. Last year in Hong Kong, the Key 10138 diamond was sold for $12.3 million and was paid for in cryptocurrency.

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Picture Credits: Arab News

Inputs from Coindesk