Grayscale CEO Michael Sonnenshein has revealed that TIME Magazine is taking adequate steps towards crypto adoption. He announced that there are three major developments towards crypto adoption.
- First Development: Their first action is to partner with TIME Magazine to create and release a series of educational videos on cryptocurrencies.
- Second Development: TIME Magazine has decided to hold Bitcoin (BTC) on its balance sheets. This means that TIME is making a similar investment move as other corporate giants such as Tesla and Microstrategy, who are also aggressively investing in BTC.
- Third Development: The President of TIME, Keith Grossman, will receive payment in Bitcoin.
Sonnenshein hasn’t yet revealed how much Bitcoin TIME intends to buy or how much payment TIME’s President will receive in Bitcoin. However, reports say that TIME is likely to make a multi-million dollar investment.
TIME Magazine has been taking the digitization and tokenization routes since last month. At the beginning of March 2021, many of its classic magazine covers have been tokenized into NFT tokens, which were then auctioned on the OpenSea trading site. In fact, TRON CEO Justin Sun bought one of the covers in TIME’s second series of NFTs for US$200,000.
TIME has announced that they will start accepting Bitcoin payments for subscriptions. The renowned magazine is looking for a new CFO, who is familiar with Bitcoin (BTC).