The announcement was made by Grayscale CEO Michael Sonnenshein, who revealed that the esteemed publication will begin holding Bitcoin on its balance sheet. In addition, the two companies will also work together to release a series of educational videos this summer, hoping to teach more people about the relatively new technology.
TIME’s move into Bitcoin comes following other recent efforts from the company to embed itself within the world of blockchain and crypto. Last month, the publication auctioned off three NFTs of its magazine covers inspired by an original from 1966, partnering with NFT platform SuperRare for the project. One of the covers was sold for a whopping $200,000 USD to TRON CEO Justin Sun.
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
Elsewhere in the world of crypto, Coinbase is estimating a first-quarter revenue increase of 900 percent ahead of its IPO.