TIME Magazine, a legacy media institution, will be paid in holding bitcoin for a cryptocurrency video project and will keeping the asset on its balance sheet.
Michael Sonnenshein, the CEO of digital currency investment company Grayscale, has announced a collaboration with TIME Magazine to create a video series about cryptocurrencies, with the publication being paid in bitcoin and keeping BTC on its balance sheet.
Time Magazine on Holding Bitcoin
“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 newspaper recently expressed its interest in Holding Bitcoin and other crypto-assets by announcing that it was looking for a chief financial officer with “comfort with Bitcoin and cryptocurrencies.” The publication stated in the job posting that its business was changing and that it needed the support of a CFO who could 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.
Aside from that, three of the publishing house’s covers were sold as nun-fungible tokens (NFTs), indicating the company’s growing pro-crypto leanings.
According to TheStreet Crypto, “TIME represents the first legacy media brand that will hold bitcoin.”
Notably, the company will be entering the ranks of MicroStrategy, Tesla, Square, and a slew of other well-known companies that carry bitcoin. Many of these businesses agree that the digital asset will help them defend themselves from increasing inflation.
Source : Bitcoin magazine