TIME magazine announced that it will hold Ethereum on its balance sheet for the first time.
TIME, one of the world’s most prestigious magazines, has struck a deal with investment management firm Galaxy Digital to educate readers about the metaverse. As part of the partnership, the magazine will publish a TIME 100 Companies list for the metaverse and a weekly newsletter called Into the Metaverse. It will also include educational content about the metaverse on a new website called TIME for Learning. The deal will be financed through ETH, which TIME will keep on its balance sheet. TIME President Keith A. Grossman and Galaxy Digital Communications Director Eva Casanova said the deal will last for six months.
For the magazine, although this does not represent a first in terms of crypto assets, it does represent a first in terms of Ethereum. TIME has been holding Bitcoin on its balance sheet since paying with Bitcoin in a deal with Grayscale in April.
TIME, on the other hand, was the last company to deal with the metaverse. As it is known, since Facebook’s metaverse move, many companies have announced their moves and investments in the metaverse area and caused a great movement in the area. Many crypto-related or unrelated companies have announced funds for early metaverse projects in the space. TIME, on the other hand, has brought a different dimension to the field with the educational content it will give to its readers on this subject.