A Chinese millionaire has purchased four Formula 1 cars, valued at about £4m, using the digital currency Litecoin.

The sale includes the Ferrari-powered Sauber C30 from the 2011 F1 season, reports Bitcoin News, when it was driven by Sergio Perez and Kamui Kobayashi - with the latter scoring the C30’s best result of fifth place in Monaco.

The deal was made through the London-based Heritage F1 dealership, adds the website, and was orchestrated by art dealer and cryptocurrency champion Eleesa Dadiani.

Dadiani’s London gallery allows buyers to purchase art using “several different cryptocurrencies including including bitcoin, Ethereum, Litecoin, Ripple, and Dash”, says The Drive.

While bitcoin millionaires have been using the digital currency to buy supercars for some time, the site says, the F1 purchase is believed to be the first vehicle sale to be completed entirely in Litecoin.

Heritage F1 owner Mike O’Connor said the sale could be “just the first of many to come” as there is “increasing demand for the purchase of luxury assets in cryptocurrency”, reports City AM.

Litecoin, which boasts faster transaction times over Bitcoin, is currently the “fourth largest” digital currency on the market, according to Fortune.

Its value has risen by 7,291% since the start of 2017, the website says, with a single coin currently priced at around £240.