Time Magazine will hold Ethereum on its balance sheet following a deal with crypto finance company Galaxy Digital, representatives said Thursday.
The partnership has been financed exclusively through Ethereum, which is the second-largest cryptocurrency after Bitcoin. As part of the deal, Time Magazine will be holding Ethereum officially on its balance sheet, making it the first leading media company to do so.
Time’s Metaverse Debut
Galaxy Digital’s entertainment wing Galaxy Interactive is all set to partner with Time magazine to launch a new version of its “Time 100 companies” that” that features the top global entrepreneurs and organizations.
The list compiled by the magazine intends to highlight metaverse related firms and will include companies “who have the most impact within the space” as well as organizations who have helped shape “experiences within the metaverse more accessible, impactful or successful for businesses and consumers.” As part of the deal, the publication will also be introducing its metaverse theme newsletter into the metaverse.
The magazine will also host educational content in the metaverse, which will be published on its new webpage called TIME for learning. The webpage is scheduled to go live in December.
“Metaverse” is a virtual concept where people across the world can interact with each other via virtual avatars. The concept has been gaining steady momentum lately and is hosted on blockchain platforms that support smart contracts, such as Ethereum and Solana.
With the assistance of Galaxy Digital, TIME intends to explain the metaverse concept and its growth potential to transform the future. The publication will also be hosting insights from Galaxy Interactive’s Interactive General Partners Sam Englebardt and Richard Kim as part of its plan to simplify the concept of metaverse for its readers.
“We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within,” Mike Novogratz, CEO, and founder of Galaxy Digital commented on the partnership.
Time’s past trysts with crypto
This is not the first time when the publication house has openly accepted payment in cryptocurrency. TIME has been holding Bitcoin since April after signing a deal with crypto institutional services firm Grayscale, one that includes producing educational videos promoting cryptocurrency.
In April, Time joined Crypto.com in a deal to accept cryptocurrency payments for its digital subscriptions.
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