TIME Magazine will hold Ethereum (ETH) as part of a deal with Galaxy Digital

Sat 20 Nov 2021 ▪ 14h37 ▪ 3 min read - by Mary Anderson

TIME Magazine has sealed a new deal with Galaxy Digital, so now the media giant will hold Ethereum on its balance sheet. 

Although this is not the first time that TIME Magazine has added cryptocurrency to its balance sheet, it has never worked with Ethereum before. In a previous deal with Grayscale in April, the media giant added Bitcoin (BTC) to it balance sheet and has been holding this cryptocurrency ever since. This time, the magazine’s attention has shifted to Ethereum – the company has signed a deal with Galaxy Digital.

Terms of cooperation

TIME’s deal with Galaxy Digital comes with a number of requirements for both sides. Galaxy Digital will provide financing, and TIME will carry out a list of agreed-upon publications.

The first will be one of TIME’s famous lists such as “100 Most Influential People” and “100 Most Influential Companies”. TIME will add “TIME 100 list for the metaverse” to the series. As part of the agreement, TIME will also produce a weekly newsletter “Into the Metaverse”.

According to bitcoinist.com, Galaxy Digital will pay for the project in Ethereum. The project will last for six months, issuing educational content about the rapidly growing metaverse. The author of the materials will be TIME staff writer Andrew Chow.

Into the metaverse

In addition to the weekly newsletter, TIME will also provide educational resources about the metaverse on a new page called “Time for Learning” that will become available in December. The media giant will use the experience of its new partner in the field of the metaverse to create exciting educational content.

Sam Englebardt, Co-founder and Partner of Galaxy Digital, explained the idea of the partnership: “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 about 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.”

Since the metaverse is a fairly new concept, it is crucial to explain to the public what it is. That makes the partnership between TIME and Galaxy Digital very important.

Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.