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TIME Magazine to Add ETH to Balance Sheet in New Metaverse Partnership with Galaxy Digital Holdings LTD



TIME Magazine to Add ETH to Balance Sheet in New Metaverse Partnership with Galaxy Digital Holdings LTD

TIME Magazine will hold ETH in its balance sheet for the first time in its history through a 6-month partnership with Galaxy Digital Holdings LTD. In a move meant to educate readers about the next immersive digital frontier, TIME Magazine is on track to start releasing a weekly newsletter, ‘Into the Metaverse’ as part of the partnership. The first issue of this newsletter will explain to the reader what the Metaverse is and why they should care.

Amongst a growing number of Web3 tangents, the newsletter will demonstrate the implications of what it means to have digital communities emerging in the Metaverse as well as what it means for the individual, given the rapidly blurring lines between the digital and physical self. According to the press release, TIME Magazine will also host a content web page starting December called ‘TIME for Learning’. This curated page will display educational content surrounding the Metaverse as well as share Galaxy Digital’s deep expertise in Web 3, the Metaverse, and other virtual worlds.

A first for a major media company, TIME Magazine accepted ETH from the Crypto-focused investment firm, which adds to the Bitcoin they’ve held since April, which they received from a partnership with another investment firm Grayscale. Galaxy Digital has emerged as a key global player for digital assets and Crypto services provided to financial institutions. The firm has now spent in the region of $150 Million on similar entertainment projects through its Galaxy Interactive investment affiliate.

“Over the next decade, the Metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish. We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the Metaverse and demystify the tremendous amount of transformation happening within.”      

Mike Novogratz, CEO, and Founder, Galaxy Digital Holdings LTD

 As part of this project, TIME Magazine will also launch a TIME 100 list of companies for the Metaverse. This part of the project calls for submissions from the most impactful companies from the next digital immersive frontier. Applications to this list run until the 31st of December, according to the presser. Although most of such companies will be Blockchain companies, some of them could specialize in providing solutions to ‘make experiences within the Metaverse more accessible, impactful and successful for both businesses and consumers.’