Time intends to hold the Bitcoin (BTC) it will receive as payment for producing a crypto video series
Grayscale will pay Time Magazine in Bitcoin (BTC) for the production of an educational video series on crypto assets.
Tue, 13 Apr 2021, 07:14 am UTC
Time Magazine appears to be following the footsteps of other American firms that have entered the crypto space. The New York-based magazine has agreed to be paid in Bitcoin for making educational crypto videos.
Grayscale CEO Michael Sonnenshein announced that his firm has entered into a partnership with Time Magazine on April 13,” Cointelegraph reported. The partnership aims to produce a video series that will discuss crypto assets.
Sonnenshein added that Time President Keith Grossman will be paid in Bitcoin for producing the education crypto video series. The Grayscale CEO added that Time won’t be converting the BTC into dollars but will keep the crypto on its balance sheet.
“Thrilled @Grayscale is partnering w/ @TIME on a new video series coming this summer explaining the #crypto space,” Michael Sonnenshein posted on Twitter. “Equally as important, @KeithGrossman & @TIME has agreed to be paid in #Bitcoin - and will hold the $BTC on their balance sheet. A first for our media partnerships!”
Time’s decision to accept Bitcoin and keep the crypto in its balance sheet mirrors the action of other firms that have invested in BTC as early as last year. For instance, MicroStrategy, Tesla, and Square have substantial Bitcoin holdings as part of their reserve assets and as a hedge against inflation.
Three weeks ago, Time Magazine posted a job opening for the position of Chief Financial Officer. What’s interest in the job post was that it required the candidate to have “comfort with Bitcoin and cryptocurrencies” as one of the qualifications, which could suggest that the company might have some “intention of Bitcoin exposure in the near future,” according to TheStreet.com.
The magazine also made a few crypto-related announcements recently. Last March, Time turned some of its magazine covers into non-fungible tokens (NFT) before auctioning them off on OpenSea, according to CryptoBriefing. One of the NFTs fetched a price of $200,000 and was acquired by TRON CEO Justin Sun.
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