In a new partnership announced with Crypto.com, a crypto exchange platform, TIME Magazine plans to allow users of the platform purchase its digital subscriptions with Bitcoin and 31 other cryptocurrencies.
Those who use CRO for the digital subscription will will earn up to 10% back on their purchase of the $49 magazine. The crypto payment will get the user unlimited access to content on Time.com, including subscriber-only events and offerings. Crypto payments this way are only available for US or Canadian residents, though a worldwide rollout is planned for July 2021.
The move signals a growing interest in cryptocurrency from the publication as it recently announced that it would create a series of educational videos on crypto with compensation on Bitcoin. The company also dabbled with NFTs, making a some of its front page covers into digital tokens.
TIME's Chief Technology Officer, Bharat Krish, said that accepting cryptocurrency as a form of payment in the next stage of TIME's digital transformation.
“We are thrilled to offer cryptocurrency as a payment option for our digital subscribers for the first time," said Krish.
"TIME’s rapid digital transformation on behalf of our community is the result of our commitment to embracing new technologies and working closely with innovative companies like Crypto.com to bring our ideas to fruition.”
TIME's President, Keith Grossman, said that the company is looking to innovate and gain more subscribers.
“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.”