Ethereum [ETH] will soon feature on TIME Magazine’s balance sheet as part of the publication’s partnership with crypto-investment firm Galaxy Digital. The partnership is aimed at educating its readers about the metaverse through a newsletter dubbed “Into the Metaverse.”
Furthermore, the popular media publication stayed “true to its crypto and Web3 focus” by carrying out the entire transaction in ETH. In fact, this also “marked a first for a major media organization,” a press release noted. It added,
“Additionally, TIME will hold ETH on its balance sheet for the first time. This payment follows TIME beginning to accept cryptocurrency as a form of payment for digital subscriptions in April 2021 as the brand continues to expand into the cryptocurrency space.”
Along with the newsletter, the magazine will also be launching a TIME 100 Companies list for the metaverse. This will highlight companies that are making the blockchain and crypto-space more accessible, along with those providing solutions for the meaningful development of the metaverse sector.
Ether will be joining Bitcoin as the second cryptocurrency to feature on TIME’s balance sheet. It was paid in the top cryptocurrency for a deal with another investment management firm, Grayscale, back in April. The deal also included the release of a series of educational videos about0 the industry.
Back in March, TIME had released a series of three TIME covers as non-fungible tokens at an auction. This included the first-ever cover designed exclusively as an NFT.
While TIME magazine’s Ethereum holdings remain unprecedented in the world of media, several institutional investors are looking at the network as a viable investment asset. Currently, Ether also features on the balance sheets of Galaxy Digital, crypto-exchange Coinbase, and Hive Blockchain.
Since most of these are admittedly companies operating in the crypto-space, TIME magazine’s ETH foray could be considered an even more significant event.