TIME, one of the most famous American news outlets, will begin accepting cryptocurrency as a means of payment for subscriptions to its digital magazine. To implement this initiative, the media giant partnered with the Crypto.com platform.
Subscribers will now be able to pay in crypto for a one-time subscription for 18 months of unlimited access to all content on Time.com. This also includes unspecified “Subscriber-Only Offers and Events”. Let’s talk about the situation and its importance in more detail.
Recall that the TIME management announced the approval of cryptocurrencies back in the first half of April. Then the head of the Grayscale company, Michael Sonnenshine, announced cooperation with representatives of the publication, which implies payment in coins. At the same time, TIME representatives confirmed that they will keep the received bitcoins on the company’s balance sheet. This means that representatives of the media giant have no plans to get rid of them and sell BTC for dollars in the near future. Read more about this story in a separate article.
Now the company will not only hold the cryptocurrency, but also allow its customers to spend it. Thus, the latter will receive another option for using their own reserves of coins. So, in general, the crypt will become more popular.
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TIME President Keith Grossman commented on the news and shared the details of the idea along the way. Here is his line, quoted by Decrypt.
As TIME continues to innovate and find new ways to grow our existing community of 2.3 million subscribers, we are proud to offer this new payment option through our partnership with Crypto.com.
That is, the head of the publication considers cryptocurrency to be a promising technology area with great potential. And since blockchain assets in this quote were called “innovations”, TIME representatives certainly have no doubts about the further popularization of this payment method. Still, the hype turned out to be the release of magazine covers in the form of NFT tokens, and the addition of crypt as a means of payment seems to be a full-fledged solution with an eye to the future.
Here’s another comment from Chris Marshalek, Co-Founder and CEO of Crypto.com. Note that it was with this company that TIME representatives have teamed up to make payment with cryptocurrencies possible.
We are very fortunate to work with TIME. Our mission is to accelerate the world’s transition to cryptocurrency, and together with TIME, we have just taken an important step towards achieving our goal.
As an added bonus, users who pay for their subscriptions using the Crypto.com platform’s native token CRO will be able to receive up to 10 percent cashback through the Pay Rewards program. Although not stated in the announcement itself, these cashbacks will also be paid in CRO.
Since it will provide an opportunity to save money, thus the specified cryptocurrency will become more popular in use. And this is an obvious benefit for a platform that provides an infrastructure for making payments.
At launch, the new cryptocurrency payment option will only be available in the US and Canada. At the same time, global access is planned to be launched “in the next few months.”
We believe TIME management’s decision to accept cryptocurrency will play a huge role in the global adoption of blockchain assets. And if few people can afford to spend bitcoins on a new Tesla – including because of temporary geolocation restrictions on the purchase – then there will be no such problems with a digital magazine. In addition, the use of coins in this case will allow you to save money and get cashback. And this is a reason to contact cryptocurrencies for those who have not yet had time to do so.