TIME Magazine announces plans to hold Ether on balance sheet
Popular American magazine TIME has decided to introduce Ethereum to its balance sheet after partnering with crypto-investment firm Galaxy Digital on Nov. 18. In addition, the publication will explore Metaverse-related content to educate readers on the new industry.
TIME Magazine is set to release a weekly newsletter, calling it “Into the Metaverse,” and launch a TIME 100 Companies list for the metaverse.
Excited @GalaxyDigitalHQ & @TIME will launch the first-ever #metaverse cat. w/i TIME100 Companies. Also launching a wkly metaverse newsletter bringing readers, creators & the curious into the space.
TY @keithgrossman for agreeing to be paid in $ETH! pic.twitter.com/MdPupSUeo0— Mike Novogratz (@novogratz) November 18, 2021
Moreover, Galaxy Digital will offer its expertise in the digital space to explain Metaverse and its potential in TIME’s new ‘Time for Learning’ content page. The new webpage will host educational resources and content, with insights from Galaxy Interactive General Partners Sam Englebardt and Richard Kim.
“Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish,” said Mike Novogratz, CEO and Founder of Galaxy Digital in the press release.
The entire transaction was conducted in Ether, which the publication plans to hold as company assets. Neither party has disclosed the size of the deal, but the weekly features will be released for approximately 6 months.
Ether is the second cryptocurrency set to feature on TIME’s balance sheet. The near-100-year-old magazine first held Bitcoin as company assets in April as part of its deal with investment firm Grayscale.
TIME magazine also started posting NFT related content during the peak of the NFT hype. It published multiple NFT and crypto-related special features over the months and released three TIME covers as NFTs in March in an auction via NFT marketplace SuperRare.
Back in April, the magazine also partnered with cryptocurrency exchange Crypto.com to start accepting payments in more than 20 crypto assets, including Bitcoin.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow