TIME Magazine has collaborated with Grayscale to develop a new educational crypto video collection, according to Michael Sonnenshein, CEO of Grayscale. The nearly 100-year-old publication will produce the series, which will debut this summer.
— Michael Sonnenshein (@Sonnenshein) April 12, 2021
TIME will be paying in Bitcoin, as will TIME’s president Keith Grossman, and the firm will keep Bitcoin on its balance sheet. MicroStrategy (MSTR), Tesla (TSLA), Square (SQ), and other companies that keep Bitcoin as a store of value commodity on their balance sheets will also be among them.
TIME’s Recent Interest in Crypto
TIME recently sold three of its covers as NFTs, demonstrating its commitment to the cryptocurrency business. It will be the first traditional media company to invest in Bitcoin, and many people are curious about what this means.
This news sparked debate on whether other Marc Benioff-owned firms, such as Salesforce (CRM), would suggest putting Bitcoin on their balance sheet as well.
Although Benioff has been quiet on the subject of Bitcoin and cryptocurrency, he did indirectly share his views when he invested in Chainalysis, a blockchain research firm, via his TIME Ventures investment fund.
In a recent funding round, Chainalysis has more than increased its value to $2 billion. Paradigm, a crypto-focused venture capital fund, led the round, with Salesforce CEO Marc Benioff lending his support.
Chainalysis’ CEO, Michael Gronager, said the company’s new round arrived at a period when cryptocurrencies were gaining traction.
Unlike others in Silicon Valley, Benioff has remained somewhat quiet on the subject of bitcoin. However, the billionaire recently advertised a work opening for a chief financial officer who is “comfortable with blockchain and other cryptocurrencies” at Time Magazine, which he purchased last year. When questioned by CNBC about his thoughts on bitcoin, Benioff refused to answer.
What is TIME Magazine?
Time is an American news publication and website headquartered in New York City. It was published regularly for several years until switching to bi-weekly in 2021. It was first published on March 3, 1923, in New York City, and it was owned for several years by prominent co-founder Henry Luce.
Time had a circulation of 3.3 million in 2012, rendering it the 11th most popular magazine in the US and the second most popular weekly behind People.
It had a circulation of 3,028,013 in July 2017, however by late 2017 it had been reduced to 2 million. The print version has 1.6 million subscribers, with 1 million of them located in the United States.
Time was formerly published by Time Inc. in New York City, but since November 2018, it has been published by TIME USA, LLC, which is operated by Marc Benioff, who bought it from Meredith Corporation.