Benzinga | Nov 19, 2021 08:45AM EST

Time Magazine Will Hold Ethereum On Its Balance Sheet

Time Magazine, an American news magazine and website that has been in publication for nearly a century, will hold Ethereum (CRYPTO: ETH) on its balance sheet.

What Happened: According to a November 18 press release, Time announced a partnership with digital asset investment firm Galaxy Digital Holdings Ltd (TSX:GLXY) with the purpose of educating readers about the metaverse.

The company will launch a weekly newsletter titled "Into the Metaverse" which will provide readers with insight on "the rapidly expanding and evolving metaverse."

Time said the partnership deal with Galaxy Digital was conducted entirely in ETH -- a first for a major media organization.

"Additionally, TIME will hold ETH on its balance sheet for the first time," the company said.

"Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish," said Mike Novogratz, CEO, and Founder of Galaxy Digital.

Time has also created a new TIME 100 Companies category: Metaverse, where it will feature the most influential metaverse companies.

In recent months, major technology companies have begun actively exploring the concept of "the metaverse" and digital asset ecosystems that power the space.

Facebook Inc rebranded to Meta Platforms Inc (NASDAQ:FB) in its effort to build the metaverse -- a move that was viewed as "a masterstroke in distraction" by Reddit co-founder Alexis Ohanian.

Metaverse gaming tokens such as The Sandbox (CRYPTO: SAND) and Ethverse (CRYPTO: ETHV) have also remained resilient in the wake of a market-wide correction in crypto markets that saw Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) fall to $55,700 and $3,959 on Thursday.

At press time, BTC was down by 5% and ETH was down by 2.5% in the last 24 hours. SAND was up 6.41% over the same period, trading at a price of $4.38. Year-to-date SAND is up by more than 5,200%.