After Bitcoin, Ethereum will appear on TIME Magazine’s balance sheet

Ethereum [ETH] will soon be on TIME Magazine’s balance sheet as part of the publication’s partnership with crypto-investment firm Galaxy Digital. The partnership aims to educate its readers about the Metaverse through a newsletter called “Into the Metaverse”.

Additionally, the popular media publication has remained “true to its crypto and Web3 goal” by completing the entire transaction in ETH. In fact, it also “marked a first for a major media organization,” a press release noted. He added,

“In addition, TIME will hold ETH on its balance sheet for the first time. This payment follows TIME which began accepting cryptocurrency as a form of payment for digital subscriptions in April 2021 as the brand continues to grow in the cryptocurrency space.

Along with the newsletter, the magazine will also launch a TIME 100 business list for the metaverse. This will highlight the companies that make the blockchain and crypto-space more accessible, as well as those that provide solutions for the significant development of the metaverse industry.

Ether will join Bitcoin as the second cryptocurrency to appear on TIME’s balance sheet. He was paid in top cryptocurrency for a deal with another investment management firm, Grayscale, in April. The deal also included the release of a series of educational videos on the industry.

In March, TIME released a set of three TIME covers as non-fungible tokens at an auction. This included the very first blanket designed exclusively as NFT.

While TIME magazine’s Ethereum holdings remain unprecedented in the media world, several institutional investors view the network as a viable investment asset. Currently, Ether is also on the balance sheets of Galaxy Digital, crypto exchange Coinbase, and Hive Blockchain.

Given that most of them are admittedly companies operating in the crypto-space, TIME magazine’s ETH foray could be seen as an even bigger event.

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