The 98-year old TIME Magazine has announced plans to allow its readers to use Bitcoin (BTC) and other cryptocurrencies as payment for their digital subscriptions in its effort to expand its customer base.
To facilitate this added payment option, the magazine has partnered with Crypto.com.
In a report published at Blockchain.news, TIME President Keith Grossman said that “as TIME continues to innovate and find new ways to build upon our existing community of 2.3 million subscribers, we are proud to offer this new payment option through our partnership with Crypto.com.”
The cryptocurrency payment scheme
The TIME magazine will accept all digital currencies supported by Crypto.com. These would include Bitcoin, Ethereum (ETH), Litecoin, XRP and DeFi Tokens such as Aave, Uniswap, Compound and Balancer.
Meanwhile, subscribers that will pay for their digital subscriptions with CRO, Crypto.com’s native token, will be rewarded a 10% cash-back on their purchase of the magazine.
Unlimited access to the content on the publication and Subscriber-only events and offerings will be given to the users by the crypto payment program. However, this new payment option is only available for U.S. or Canadian residents. The worldwide rollout is not due until July this year.
TIME and its interest in crypto
The partnership only proves the rising interest of TIME in crypto, in addition to initiating several cryptocurrency-related partnerships in the past months.
Just this March, the famous publication auctioned off three of its front-page covers as Non-Fungible Tokens or NFTs for $435,000. TIME also recently joined forces with Grayscale for the development of educational video series on cryptocurrencies.
The publication will receive Bitcoin payments and will hold the funds on its balance sheet. Moreover, it has been reported that they are hiring a new chief financial officer to steer the publication and help it build more readership.
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