It has been announced that it will add Ethereum to its balance sheet for the first time, after “TIME” magazine, one of the world’s most well-known media brands, began accepting payments with cryptocurrencies, including Ethereum, earlier this year.
According to CoinDesk, “TIME Magazine” will hold Ethereum for the first time after Bitcoin as part of its Metaverse agreement with Galaxy Digital to inform its readers about Metaverse.
TIME Magazine will launch a “TIME 100 Companies list” for Metaverse by publishing a weekly newsletter as per the agreement with Galaxy Digital.
A new weekly TIME newsletter, ‘Into the Metaverse’, will be published by TIME magazine columnist Andrew Chow, in partnership to educate about the rapidly expanding and evolving Metaverse.
The first edition of the ‘Into the Metaverse’ newsletter will present readers with an overview of the Metaverse and why they should be interested.
The deal with Galaxy Digital will be financed through Ethereums, which TIME magazine will add to its balance sheet.
Galaxy Digital Founder and CEO Mike Novogratz said Metaverse will become an increasingly important part of the world economy over the next decade, saying the following for the deal with TIME Magazine:
“We look forward to partnering with iconic brand TIME to bring readers, creators and enthusiasts to the Metaverse and unravel the mystery of the tremendous transformation that has taken place within it.”
It is also among the information that applications for the “TIME 100 Companies – Metaverse” list will be open between 18 November – 31 December 2021.
TIME Magazine has been holding Bitcoin on its balance sheet since April, in accordance with its agreement with Grayscale.
*Not investment advice.