Time magazine wants to create a “turnkey” crypto solution for the media

A major player in the mainstream media sector seems ready to take the cryptocurrency by the horns: it’s the American magazine Time which is set to adopt Bitcoin (BTC) and non-fungible tokens (NFT).

Source: superrare.co

The company has entered into an agreement with Grayscale which will allow the magazine to make a series of educational videos about cryptocurrencies – and be compensated in BTC for their efforts.

And like You are here before that, Time says it has no intention of converting its bitcoins to fiat currency. On Twitter, Grayscale CEO Michael Sonnenshein writing that he was “excited” to partner with Time for the series “coming this summer”. But “just as importantly,” he noted, “Time” will keep Bitcoin on its balance sheet, marking “a first time for our media partnerships.”

When he spoke to Yahoo Finance, even before revealing this deal, Time President Keith Grossman was very enthusiastic about the crypto space.

He said Time’s long-term goal was to develop crypto and NFT offerings into a “turnkey business solution” for the publishing and media industry.

However, the publisher’s new cryptodille seems to go deeper. As we reported, the company is currently recruiting a new CFO, and in its LinkedIn post, it specifies that the candidate must be “comfortable with Bitcoin and cryptocurrencies.”

Time is owned by Marc Benioff, who also owns the business empire Sales force. Benioff’s investment arm, Time Venturesis one of the investors in the blockchain analysis company chain analysis, which is growing rapidly. As mentioned, Time Ventures decided to enter the crypto area last month, participating in a $ 100 million Series D financing round, which values ​​Chainalysis at $ 2 billion.

Although Grossman admitted that there may still be some hesitation in the publishing sphere, it seems that it will not deter Time, which has auctioned off an NFT set of its iconic covers – including the one that was asked relevantly: “Is the fiat death?”

CEO said,

“I think many people in the media industry will be very hesitant to enter this business in addition to collectibles. We feel very confident seeing the trends in the development of this sector. Our goal is therefore to quickly place us among the first. And then to be able to open it up to other players “.

And the media craze for cryptocurrencies is not a purely American phenomenon. Earlier this month, South Korea’s mainstream financial newspaper Hanguk Kyungjaemember of the blockchain Protocol Governance Council Klaytnannounced that it would distribute crypto tokens to subscribers of its print and online editions, as well as to readers who download its smartphone apps.


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