TIME Magazine has sealed a new deal that will see the media giant hold Ethereum on its balance sheets. The deal marks another of TIME’s foray into the cryptocurrency space. It is one of the leading voices in the media publishing space as the magazine is almost 100 years. The magazine which is infamous for its lists will be adding more cryptocurrency to its balance sheet thanks to a new partnership with Galaxy Digital.
Although not the first time that TIME Magazine will be adding crypto to its balance sheet, it will be the first time it will be adding Ethereum. In a previous deal with Grayscale, the media giant had added bitcoin to its balance sheet. This was done in April and TIME has been holding on to the cryptocurrency since then. This time, attention has turned on Ethereum as it seals its deal with Galaxy Digital.
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Terms Of The Ethereum Deal
TIME’s deal with Galaxy Digital comes with commitments that are required of both parties. Galaxy Digital will provide the funding, while TIME will carry out a series of agreed-upon publications throughout the duration of the deal.
The first will be a list compiled by the media publishing. TIME, which is famous for producing lists like 100 Most Influential People and 100 Most Influential Companies, will compile a TIME 100 list for the metaverse. As part of the agreement, TIME will also issue a weekly newsletter titled “Into the Metaverse”. This is to promote the metaverse space that has found popularity recently.
ETH maintaining position above $4,000 | Source: ETHUSD on TradingView.com
The project which is being paid for by Galaxy Digital is financed completely in Ethereum. It will run for six months and the newsletter will mainly be an educational one providing information on the rapidly growing metaverse space, and written by TIME Staff Writer Andrew Chow.
Learning About The Metaverse
In addition to the weekly newsletter, TIME will also provide additional metaverse educational resources via a new branded content page called “Time for Learning”. This page will be unveiled in December and the media giant will leverage its new partner’s expertise in the metaverse to create education and exciting content for its users.
Since the metaverse is a fairly new concept to the mainstream market, it is important that people understand what it is. This is why the partnership between TIME and Galaxy Digital is important.
Sam Englebardt, Co-Founder and Partner at Galaxy Digital, explained this best when he said, “Before we can build the metaverse, we need to define it, since, today, the word connotes vastly different things to different people.”
Mike Novogratz, CEO and Founder of Galaxy Digital, expressed optimism for the project;
“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,” 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.”
Featured image from Financial Times, chart from TradingView.com