TIME Magazine will add Ethereum to its balance sheet

TIME Magazine will add Ethereum to its balance sheet

BUSINESS | Nov 19, 2021 | WOZINGA NEWS

TIME Magazine will add Ethereum to its balance sheet

  • TIME has partnered with Galaxy Digital to provide educational articles about metaverse. 

By Marielle Petere Wozinga Staff

TIME Magazine will add Ethereum to its balance sheet

TIME Magazine will hold Ethereum on its balance sheet through its partnership with Galaxy Digital, according to the press release yesterday,

Galaxy Digital has spent roughly $150 million on entertainment projects via its affiliate—Galaxy Interactive.

As for Galaxy Interactive, it raised $325 million in a venture capital fund in October 2021. Its investments are in NFTs, metaverse, and blockchain-based gaming startups. 

TIME has joint forces with Galaxy Digital

The partnership involves the list of TIME 100 Companies for the metaverse. Entry submission began yesterday until December 31.

Andrew Chow, the staff writer, will cover the new weekly newsletter, labeled ‘Into the Metaverse’. Its first edition will be about the overview and the significance of metaverse.  

Additionally, TIME will hold educational articles on metaverse. Time for Learning will be its new content name; next month, December, is the launch.  

It will feature in-depth discussions about virtual worlds to expound on the concept of the metaverse. Galaxy Interactive’s General Partners, Sam Englebardt and Richard Kim, will provide insights about the topics.

TIME Magazine loves cryptocurrency

The 98-year-old magazine is the pioneering global media organization to accept and hold the second-largest cryptocurrency—ETH. 

Galaxy Digital Communications Director Eva Casanova and TIME President Keith A. Grossman said that the deal runs for around six months, according to Coindesk. 

In terms of holding cryptocurrency, this is the second instance for TIME to do so. Since April 2021, the magazine has been holding BTC. It was when Grayscale paid in cryptocurrency for the deal. 

Moreover, TIME auctioned non-fungible tokens of the three magazine covers on the digital marketplace, SuperRare. In April, Crypto.com collaborated with TIME to allow cryptocurrency for an online subscription payment.

Is this the beginning of the massive involvement of news media in the crypto market?

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