TIME Magazine has followed through on its decision to venture into the Bitcoin and cryptocurrency market, as the company now accepts crypto payments for its digital subscription. The announcement comes a few weeks after the giant magazine manufacturer collaborated with Grayscale to produce educational cryptocurrency materials.
With its first issue dating as far back as a hundred years ago, TIME Magazine is one of the largest and oldest news magazines and websites in the US. Earlier today, the New York-based media house announced another cryptocurrency-related partnership.
With its collaboration with CryptoCom—a popular cryptocurrency exchange—TIME has enabled cryptocurrency payments for its digital subscriptions.
In a bid to bolster adoption of the new payment system, the company noted that readers who subscribe using this option would “receive unlimited access to content across Time.com for 18 months with their one-time purchase, as well as subscribed-only events and offerings.”
Currently, only US and Canada subscribers will be able to make use of the crypto payments option. However, both companies plan to expand their new payments option to the rest of the world by the end of the year.
As an incentive, users who subscribe to the TIME services using CRO, the native cryptocurrency of CryptoCom, will receive Pay Rewards as high as 10% back.
A spokesperson from CryptoCom noted in an interview that the company is “always looking for new and innovative partnerships that advance our mission of accelerating the world’s transition to cryptocurrency.”
TIME to Save Bitcoin on Its Balance Sheet
Before its partnership with CryptoCom, TIME partnered with Grayscale—the largest digital asset manager—to create educational cryptocurrency content (videos).
Interestingly, upon making the announcement some weeks ago, Michael Sonnenshein, the CEO of Grayscale, revealed that TIME and its CEO, Keith Grossman, have agreed to get paid in Bitcoin for the material.
Meanwhile, TIME also revealed that it would save the received BTC from customers on its balance sheet, thereby joining MicroStrategy, Tesla, and many others.
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