TIME magazine will hold Ethereum (ETH) on its balance sheet for the first time ever as part of a joint educational program on the metaverse with Mike Novogratz’s crypto trading bank Galaxy Digital Holdings.
The publication will also launch TIME 100, a list of the 100 Most Influential Virtual World Entrepreneurs. Novogratz said:
“Over the next decade, the metaverse will become a more important part of the global economy. Our physical and digital realities are already quite difficult to distinguish.”
TIME will post additional metaverse educational resources on its new Time for Learning branded content page, due in December.
To this end, the magazine uses the experience of Galaxy Digital employees, in particular, Sam Englebardt and Richard Kim – general partners of the Galaxy Interactive venture franchise. It is focused on investing in companies operating at the intersection of content, finance and technology.
According to Englebardt, people understand the term “metaverse” in different ways. The first goal of his partnership with TIME is according to him the creation of a “common vocabulary and understanding of ideas and opportunities” that arise as you move “from the physical to the virtual world.”
The deal is fully funded in Ethereum.
In April 2021, as part of a partnership with Grayscale Investments, TIME accepted Bitcoin as payment for a series of videos about the crypto industry. TIME kept this BTC on its balance sheet.
In the same month, the magazine started accepting cryptos a payment for its subscriptions.