New York-based TIME Magazine has joined hands with Grayscale, a renowned institutional fund manager, to produce a series of educational videos on crypto. Grayscale’s CEO, Michael Sonnenshein, unveiled this news through a tweet on April 12, noting that the production will be ready this summer. Reportedly, this partnership will also see TIME Magazine and its CEO, Keith Grossman accept payment in Bitcoin (BTC).
The icing on the cake is that TIME does not intend to convert the BTC it gets into fiat currencies. Allegedly, the company plans to add the digital asset into its balance sheet. In so doing, TIME will join another 32 publicly traded companies, which currently hold BTC in their balance sheets. These include, but are not limited to, Microstrategy and Tesla, which have invested billions of dollars in the nascent asset class.
Doubling down on crypto
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Although adding BTC to its balance sheet is a big deal for the company, this is not TIME Magazine’s first interaction with the crypto-verse. Before this news, the firm announced that it was searching for a pro-crypto Chief Financial Officer to help guide the firm’s transformation. Per the job listing, whoever applies for the position must be comfortable with Bitcoin and cryptocurrencies. Explaining why it had decided to dabble in crypto, TIME Magazine noted that the media industry is currently undergoing an evolution and it needs to make adjustments accordingly.
Apart from this, the 98-year-old publication dived into the NFT race by auctioning three NFTs based on its best covers since its inception in 1923. These are “Is God Dead?” a cover from April 8, 1966, “Is Truth Dead?” a cover from April 3, 2017, and “Is Fiat Dead?”, a cover for the 2021 March 29 to April 5 publication. Reportedly, the NFTs were auctioned as individual pieces and as a collection on SupeRare, a crypto marketplace.
The news of TIME Magazine and Grayscale’s partnership came as BTC and most of the crypto market rallied over the weekend and into the new week. Through these gains, BTC managed to set a new all-time high at £45,694.70 earlier today. At the time of writing, BTC is trading at £45,527.80 after a slight downward correction.
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