TIME magazine has 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 funded the deal by paying with Ether
As part of this partnership, the magazine will publish a list of TIME 100 companies for the Metaverse and publish a weekly newsletter called Into the Metaverse. Galaxy Digital will fund the deal with Ether, which TIME will keep 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 last about six months.
The weekly Metaverse newsletter, published by Time, will explore how our physical and digital selves are increasingly blurred. The magazine hopes to shine a light on the communities that are rapidly emerging in new digital environments and to speak to leaders in business, innovation and culture in the metaverse. For the TIME 100 list of companies 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 quite 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 held Bitcoin on its balance sheet, and earlier this year it also experimented with NFTs, offering an exclusive series of three TIME hedges as non-fungible tokens at auction.
Galaxy Digital hasn’t stood still either, investing around $150 million in entertainment projects through its Galaxy Interactive arm. In October, Galaxy Interactive raised an additional $325 million for new investments in the industry. In total, Galaxy has invested $62 million in strategic capital in 22 different NFT-related companies, both through direct investments and through the strategies of the Galaxy Interactive Fund, which also acquired two NFTs directly from important collections.