TIME Magazine plans to hold ETH on its balance sheet
TIME magazine announced that it will hold Ether (ETH) on its balance sheet for the first time as part of a deal with crypto investment firm Galaxy Digital to educate readers about the Metaverse.
Galaxy Digital has funded the deal by paying with Ether
As part of the partnership, the magazine will publish a TIME 100 companies list for the Metaverse and publish a weekly newsletter called Into the Metaverse. Galaxy Digital will fund the deal with Ether, which TIME will hold on its balance sheet. TIME President Keith A. Grossman and Galaxy Digital Communications Director Eva Casanova declined to comment on the size of the deal but said it would run for about six months.The weekly newsletter on the Metaverse, published by Time, will explore the way our physical and digital selves are increasingly blurred. The magazine hopes to highlight communities that are rapidly emerging in new digital environments and speak to leaders in business, innovation and culture in the Metaverse. For the TIME 100 companies list for the Metaverse, companies have until Thursday, December 31 to apply to be included.
Time Magazine and Galaxy Digital are both betting on crypto
TIME Magazine has been embracing crypto for some time. In April, the company began offering cryptocurrency as a payment method for its digital subscriptions by partnering with crypto exchange Crypto.com. After a deal with Grayscale, it has held Bitcoin on its balance sheet, and earlier this year, it also experimented with NFTs, offering an exclusive series of three TIME covers as non-fungible tokens at auction.Galaxy Digital has not been standing still either, investing about $150 million in entertainment projects through its Galaxy Interactive arm. In October, Galaxy Interactive raised another $325 million for further investment in the sector. In total, Galaxy has invested $62 million in strategic capital into 22 different NFT-related companies, both through direct investments and through the strategies of the Galaxy Interactive Fund, which has also acquired two NFTs directly from prominent collections.
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