It’s official: the company of the well-known TIME magazine has concluded a transaction with Galaxy Digital Holdings that involved cashing in ETH.
In this regard, the company explicitly states:
“TIME will hold ETH on its balance sheet for the first time”.
TIME in partnership with Galaxy to explain the metaverse
This means that the ETH received by TIME was neither sold nor exchanged into other currencies, but received and recorded in the balance sheet as such.
This is the first transaction of its kind in the US for a major media organization, after the magazine began accepting cryptocurrencies as forms of payment for digital subscriptions in April.
TIME had already auctioned off an exclusive set of three covers in the form of NFTs in March. The new partnership with Galaxy Digital covers the launch of the weekly newsletter “Into the Metaverse”, as well as the new TIME 100 Companies Metaverse category.
This new category covers the top 100 companies that are working on building and launching metaverses, as for instance Meta (formerly Facebook) is doing.
The partnership is specifically designed to provide education on the metaverse, and will include support for a weekly newsletter written by Andrew Chow. This newsletter:
“will explore the ways our physical and digital selves are becoming increasingly blurred, highlight communities that are rapidly emerging in new digital settings, and talk to leaders at the forefront of the business, innovation, and culture taking place within the metaverse”.
According to Galaxy Digital founder and CEO Mike Novogratz, the metaverse will become an increasingly important sector of the global economy over the next decade.
Galaxy Digital was chosen by TIME as a partner because of its deep expertise in virtual worlds.
Ethereum and Bitcoin in TIME’s balance sheet
Neither the amount of the transaction, nor how much ETH was received and recorded in the balance sheet, has been disclosed. TIME’s business strategy concerning the holding, or possible future sale, of these ETH is also unknown.
The company already has Bitcoin on its balance sheet, thanks to a BTC inflow in April in connection with a deal with Grayscale. Also in this case, neither the amount of BTC received nor the company’s long-term strategy is known.