Legacy media institution TIME Magazine will be paid for a cryptocurrency video project in bitcoin and hold the asset on its balance sheet.
The CEO of digital currency investment firm Grayscale, Michael Sonnenshein, has announced a partnership with TIME Magazine to produce a video series about cryptocurrencies, with the publication being paid in bitcoin and choosing to hold BTC on its balance sheet.
“Thrilled Grayscale is partnering with TIME on a new video series coming this summer explaining the crypto space,” Sonnenshein tweeted. “Equally as important, [TIME Presiden] Keith Grossman and TIME has agreed to be paid in bitcoin — and will hold the BTC on their balance sheet. A first for our media partnerships!”
The New York-based publication recently indicated its leanings toward Bitcoin and other crypto assets when it revealed that it was seeking to employ a chief financial officer that had “comfort with Bitcoin and cryptocurrencies.” In the job listing, the publication cited the fact that its industry was undergoing an evolution and that it needed the guidance of a CFO who would help it keep up.
“The media industry is undergoing a rapid evolution, TIME is seeking a Chief Financial Officer who can help guide its transformation,” per the listing.
Apart from this, the publishing house also had three of its covers sold as nun-fungible tokens (NFTs), another indicator of the firm’s growing pro-crypto leanings.
According to TheStreet Crypto, “TIME represents the first legacy media brand that will hold bitcoin.”
Notably, the firm would be joining the likes of MicroStrategy, Tesla, Square and a host of other top firms that hold bitcoin on their books. Many of these firms believe that the digital asset could serve as a hedge to protect them against rising inflation.
