TIME to hold Ethereum on its balance sheet as part of Galaxy Digital partnership

The TIME magazine will hold Ethereum (ETH) on its balance sheet for the first time as part of a joint educational program about the metaverse with the crypto trading house Galaxy Digital Holdings’ Mike Novogratz.

The publication will also launch TIME 100 — a list of the 100 most influential entrepreneurs in the virtual-world space.

The magazine will publish a weekly Into the Metaverse newsletter by staff writer Andrew Chow.

“Over the next decade, the metaverse will become a more important part of the global economy. Our physical and digital realities are already getting hard to distinguish,” said Galaxy Digital founder and CEO Mike Novogratz.

TIME plans to host additional metaverse educational resources on a new branded content page, Time for Learning, which will launch in December.

To this end, the magazine uses the experience of Galaxy Digital staff, in particular Sam Englebardt and Richard Kim — general partners of the venture brand Galaxy Interactive. It focuses 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 objective of the TIME partnership he called creating “a common lexicon and an understanding of the ideas and opportunities that arise as we move from the physical to the virtual world.”

The deal is fully financed in Ethereum.

Earlier in April 2021, as part of a partnership with Grayscale Investments, the publication accepted bitcoin as payment for a series of videos about the crypto industry. TIME kept BTC on its balance sheet.

That same month, the magazine began accepting cryptocurrency as payment for subscriptions.