Following metaverse cooperation with Galaxy Digital, TIME Magazine has become the first major media company to hold Ether (ETH) on its balance sheet.
On Thursday, Mike Novogratz’s crypto financial services company, Galaxy Digital, partnered with TIME magazine to educate the public about metaverse, a novel technical idea that has recently made headlines across media sources. TIME announced it would introduce a new category called “TIME100 Companies Metaverse” as part of the partnership.
TIME is establishing a newsletter for the metaverse
Entrepreneurs working on the next immersive digital frontier – the metaverse – will be included in the new category. TIME will begin to publish content related to the metaverse and start a dedicated newsletter called “Into the Metaverse,” leveraging Galaxy Digital‘s expertise in virtual worlds.
According to Galaxy Interactive’s Sam Englebardt, their initial goal is to develop a shared lexicon and understanding of the emerging concept and opportunities as they evolve into a more digital species and continue (and accelerate) their journey from the physical to the virtual world.
TIME Magazine has been designated as a corporate Ether holder
The relationship with TIME was reportedly sponsored in Ether, though the specific sum was not specified in the statement. TIME has announced that it will retain the coins on its balance sheet, making it the first major media company to do so. Since its April cooperation with Grayscale, the corporation is said to have held Bitcoin (BTC). On its platform, it also accepts bitcoin payments for digital subscriptions.
The price of ETH was $4,032, down -5.27 percent in the last 24 hours.