Time Magazine now accepts bitcoin and other cryptocurrencies for digital subscriptions
April 19, 2021, 12:49PM EDT
1 min read
The 98-year old publication Time Magazine now accepts bitcoin and other cryptocurrencies for digital subscription payments.
Announcing the news on Monday, Time said it has partnered with Crypto.com for the feature, which is currently only available in the U.S. and Canada. Global access is expected to be rolled out "in the next several months."
Time will accept all cryptocurrencies currently supported by Crypto.com Pay, a Crypto.com spokesperson told The Block. These include bitcoin, ether, dogecoin, XRP and litecoin, as well as DeFi tokens Uniswap, Aave, Balancer, and Compound.
Subscribers who pay with Crypto.com's native token CRO will get rewards of up to 10%, said Time.
Time will keep accepted cryptocurrencies from subscribers. "Cryptocurrency payments for digital subscriptions will be held as crypto," a Time spokesperson told The Block. The publication has 2.3 million subscribers, according to its president Keith Grossman.
Time has taken several crypto initiatives in recent weeks. Last month, the publication auctioned off three of its covers as non-fungible tokens (NFTs) for $435,000. Time is also hiring a new chief financial officer who understands bitcoin and other cryptocurrencies.
The publication is also partnering with crypto asset manager Grayscale on a new video series on the crypto space. Time will receive payment in the form of bitcoin and then hold the funds on its balance sheet, according to Grayscale CEO Michael Sonnenshein.