Institutional fund manager Grayscale has partnered with award-winning magazine TIME TIME to produce an educational video series on the topic of cryptocurrencies.
The partnership was announced in April by Grayscale CEO Michael Sonnenshein, with Sonnenshein revealing that TIME and its president, Keith Grossman, will receive payment in Bitcoin.
Furthermore, TIME does not intend to convert the Bitcoin it receives through the transaction into fiat and will keep the crypto asset on its balance sheet. No further details of the partnership have been released so far.
Glad @Grysskaal work with @TIME on a new video series coming out this summer featuring the #crypto space.
Just as important, @KeithGrossman & @TIME agreed to be paid # Bitcoin – and will keep the $ BTC on their balance sheet. A first for our media partnerships!
– Michael Sonnenshein (@Sonnenshein) 12 April 2021
TIME was first published on March 3, 1923, with the magazine and online publication active in the late crypto-space. In March, TIME brought a coin out of the NFT mania by dropping a set of magazine covers on the NFT market SuperRare, with the “TIME Space Exploration – January 19, 1959” NFT launching on March 30, 135 ETH worth nearly $ 250,000.
The company also revealed that they were looking for a crypto-friendly chief financial officer in the same month after listing the position on Linkedin.
“The media industry is undergoing a rapid evolution. TIME is looking for a chief financial officer who can help transform it,” the list reads.
According to Bitcointreasuries.com, TIME becomes the 33rd listed company to keep Bitcoin on its balance sheet. TIME joins the top US companies Microstrategy – which invested billions in BTC from August 2020, Square – which added 4,709 BTC to their treasury in October, and Tesla – which bought $ 1.5 billion in BTC in January. The multinational investment firm Blackrock also began plunging into crypto during February, earning more than $ 360,000 from a small long period of time using Bitcoin futures contracts.
This agreement is an important partnership between giants of the mainstream and crypto worlds. Grayscale was founded in 2013 and has $ 46 billion worth of crypto assets under management, including about 3% of the total offering in Bitcoin.