TIME becomes first major media organisation to hold ETH on balance sheet

Long-standing media giant TIME Magazine has become the first leading media organisation told to hold Ethereum on its balance sheet.

The well-respected publication committed to holding ETH after forging a “first-of-its-kind” partnership with digital asset investment manager Galaxy Digital in a deal that will see the launch of the newly created ‘TIME100 Companies Metaverse’ category, which features entrepreneurs “building a more immersive virtual future”.

Galaxy Digital financed the partnership with Ether (ETH), marking the first time a major media organisation such as TIME has accepted ETH as payment for services.

Additionally, TIME Magazine will also hold ETH on its balance sheet for the first time – a major step forward for crypto adoption in the space.

TIME has previously accepted cryptocurrency as a form of payment for digital subscriptions and released an NFT collection in September dubbed ‘‘TIMEPieces’ – an exclusive series of three TIME covers that featured the first-ever cover designed exclusively as an NFT.

The Galaxy-TIME partnership will also include a new weekly TIME newsletter – ‘Into the Metaverse’ – designed to “educate its readers” on the rapidly expanding crypto metaverse.

Additionally, TIME will host additional educational resources on the metaverse via its new ‘TIME for Learning‘ page, which is due to launch in December.

Mike Novogratz, CEO and founder of Galaxy Digital, spoke on how the partnership can help demystify the metaverse space.

“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,” he said.

“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.”

Entries for the TIME100 Companies: Metaverse category will open today and run until December 31 2021.