TIME Magazine to Keep Ether in Balance Sheet as Part of Metaverse Newsletter Agreement with Galaxy Digital | Currency News | Financial and business news

Time magazine.
  • TIME Magazine will purchase Ether and produce Metaverse related content in a partnership with Galaxy Digital.
  • 98-year-old post to add cryptocurrency to its holdings for the first time
  • TIME will also launch a metaverse-themed newsletter and a TIME 100 Companies list.

TIME Magazine will purchase ether and produce metaverse-related content as part of a new partnership with crypto investment management firm Galaxy Digital.

The 98-year-old post will add the cryptocurrency to its holdings for the first time and launch a weekly newsletter titled “Into the Metaverse. It will also compile a TIME 100 business list for businesses related to the metaverse and offer educational resources in a new section of its website.

TIME said the transaction was funded entirely by the ethereum blockchain. Earlier this year, the magazine began accepting cryptocurrencies for digital subscription payments. He has been holding bitcoin since April after being paid in cryptocurrency for a deal with Grayscale.

“Over the next decade, the metaverse will become an increasingly important part of the global economy; our physical and digital realities are already becoming difficult to distinguish,” said Mike Novogratz, CEO and Founder of Galaxy Digital, in a press release released Thursday. “We look forward to partnering with TIME, an iconic brand that drives innovation, as we seek to bring readers, creators and curious people into the metaverse and demystify the enormous amount of transformation that takes place there. . “

TIME said the deal is the first of its kind among media companies. Financial terms were not disclosed, but the companies told CoinDesk they would last for around six months.

The Metaverse is considered the next iteration of the internet, providing a virtual world for immersive experiences where people from all over the world can meet, play, watch, and chat.

It gained traction this year after big companies like Meta Platforms (formerly Facebook) and Microsoft focused on the next iteration of the internet.

Morgan Stanley said in a note earlier this month that the metaverse is the next big investing theme and some equity sectors are already benefiting from it.

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