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December 9, 2022
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TIME magazine will keep Ethereum on the balance sheet

The deal marks another TIME foray into the cryptocurrency space. It is one of the leading voices in the media publishing space as the magazine is nearly 100 years old. The magazine that is famous for its listings will add more cryptocurrencies to its balance sheet, thanks to a new partnership with Galaxy Digital.

While it won’t be the first time TIME magazine will add cryptocurrency to its balance sheet, it will be the first time it will add Ethereum. In an earlier deal with Grayscale, the media giant added Bitcoin to its balance sheet. This was done in April and TIME has been sticking with cryptocurrency ever since. This time, attention turned to Ethereum, which close your deal with Galaxy Digital.

Ethereum Agreement Terms

TIME’s deal with Galaxy Digital comes with commitments that are required from both parties. Galaxy Digital will provide the financing, while TIME will carry out a series of agreed publications over the life of the deal.

The first will be a list compiled by the media publisher. TIME, which is famous for producing lists like 100 Most Influential People and 100 Most Influential Companies, will compile a TIME 100 list for the metaverse. As part of the agreement, TIME will also issue a weekly newsletter titled “Into the Metaverse”. This is to promote the metaverse space that has recently found popularity.

The project being funded by Galaxy Digital is fully funded by Ethereum. It will run for six months and the newsletter will be primarily educational, providing information about the rapidly growing metaverse space, and written by TIME staff writer Andrew Chow.

Learning about the Metaverse

In addition to the weekly newsletter, TIME will also provide additional metaverse educational resources through a branded new content page called “Time for Learning”. This page will be unveiled in December and the media giant will leverage its new partner’s experience in the metaverse to create exciting content and education for its users.

As the metaverse is a relatively new concept to the conventional market, it is important that people understand what it is. That’s why the partnership between TIME and Galaxy Digital is important.

Sam Englebardt, co-founder and partner of Galaxy Digital, explained this best when he said:

Before we can build the metaverse, we need to define it, as today the word connotes very different things to different people.

Mike Novogratz, CEO and founder of Galaxy Digital, expressed optimism for the project;

Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming difficult to distinguish

We look forward to partnering with TIME, an iconic brand that drives innovation, as we look to bring readers, creators and curious people into the metaverse and demystify the tremendous transformation that is taking place.

Source: Bitcoinist

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