Time Magazine, published in 1923, now accepts bitcoin and other cryptocurrencies as payment for digital subscriptions. Time Magazine is now accepting one-time crypto payments for its 18-month digital subscription, thanks to a deal with Crypto.com, a leading digital currency exchange.
Users who want to pay with Crypto.org Coin (CRO) will get up to 10% cash back on their purchases. The cost of the digital subscription is $49. Cryptocurrency is currently only available to subscribers in the United States and Canada, but Time plans to expand the option internationally in the coming months.
Grayscale CEO Michael Sonnenshein tweeted last week that Time is working with digital currency asset manager Grayscale Investments to create a video series on cryptocurrencies, through which the media company will be paid in bitcoin and keep it on its balance sheet.
The magazine published three non-fungible token (NFT) covers in March for auction on the crypto marketplace SuperRare, based on its April 8, 1966, "Is God Dead?" cover.
Time Magazine's president, Keith Grossman, said the collaboration with Crypto.com represents further creativity that will enable his publication to expand its 2.3 million subscriber base.
The cryptocurrency-as-a-payment alternative, according to Time's chief technology officer Bharat Krish, is the "next step in Time's continued digital transformation and is the latest example of how Time is adopting emerging technologies in order to develop innovative products and offerings for all members of our community."