TL;DR Breakdown:
- TIME Magazine has teamed with Galaxy Digital to launch educational content and newsletter on metaverse.
- As part of the deal, TIME will create a new TIME100 Companies category for the metaverse.
- The deal was financed with Ether (ETH), and TIME plans to the coins in its balance sheet.
TIME Magazine has become the first-ever major media brand to hold Ether (ETH) on its corporate balance sheet following its partnership with Galaxy Digital regarding metaverse.
Per the announcement on Thursday, Mike Novogratz’s crypto financial services company, Galaxy Digital, joined forces with TIME magazine to educate the audience on metaverse, a new technological concept which recently began making headlines across media outlets. As part of the deal, TIME said it would launch a new category dubbed “TIME100 Companies Metaverse.”
The new category covers entrepreneurs building the next immersive digital frontier – metaverse. Leveraging the expertise of Galaxy Digital on virtual worlds, TIME will begin to publish content relating to the metaverse, as well as launch a dedicated newsletter which will be known as “Into the Metaverse.”
“[…] our first objective is to create a shared lexicon and understanding of the idea and the opportunities that are emerging as we become an increasingly digital species and continue (and accelerate) our ongoing journey from the physical to the virtual world,” says Sam Englebardt of Galaxy Interactive.
TIME Magazine becomes corporate Ether holder
According to the announcement, the partnership with TIME was financed in Ether, although the exact amount was not disclosed. TIME said it would hold the coins in its balance sheet, marking the first time a major media brand is holding ETH. The company has been reportedly holding Bitcoin (BTC) since its partnership with Grayscale in April. It also accepts cryptocurrency payments for digital subscriptions on its platform.
ETH was trading at $4,032, a -5.27 percent change within the last 24 hours.
