Partnership includes launch of new TIME100 Companies Metaverse category presented by Galaxy Digital.
As part of the partnership, TIME agreed to accept and hold ETH on its balance sheet for the first time.
NEW YORK, Nov. 18, 2021 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital" or the "Company"), the preeminent global provider of digital asset financial services for institutions, and its affiliate Galaxy Interactive, today announced a first-of-its-kind partnership with TIME, commencing with the launch of the newly created TIME100 Companies Metaverse category, featuring entrepreneurs building a more immersive virtual future.
Designed to educate its readers on the rapidly expanding and evolving metaverse, the Galaxy-TIME partnership will include a new weekly TIME newsletter, 'Into the Metaverse,' written by Andrew Chow. The newsletter will explore the ways our physical and digital selves are becoming increasingly intertwined, highlight communities that are rapidly emerging in new virtual worlds, and engage with leaders at the forefront of the transformations in business, innovation, and culture taking place within the metaverse.
"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. "We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within."
TIME will host additional educational resources on the metaverse via its new TIME for Learning page, slated to launch in December as part of the partnership. TIME will leverage Galaxy Digital's deep expertise in virtual worlds to assist in explaining the metaverse and its exciting potential for the future, including insights from Sam Englebardt and Richard Kim, General Partners of Galaxy Interactive, an offering of Galaxy Digital, focused on investing in companies operating at the intersection of content, finance, and technology.
"Before we can build the metaverse, we need to define it, since, today, the word connotes vastly different things to different people," said Sam Englebardt. "So, with our partners at TIME, our first objective is to create a shared lexicon and understanding of the idea and the opportunities that are emerging as we become an increasingly digital species and continue (and accelerate) our ongoing journey from the physical to the virtual world."
True to its crypto and Web3 focus, Galaxy Digital financed this partnership with Ether (ETH) — the native cryptocurrency of the Ethereum blockchain — marking the first time a major media organization has accepted ETH as payment. Additionally, TIME Magazine will hold ETH on its balance sheet for the first time. This payment follows TIME beginning to accept cryptocurrency as a form of payment for digital subscriptions earlier this year as the brand continues to expand into the cryptocurrency space. In March 2021, TIME offered an exclusive series of three TIME covers as non-fungible tokens at auction, including one of the most iconic covers in TIME's 98-year history and the first-ever cover designed exclusively as an NFT.
"Galaxy Digital truly understands the massive growth potential for the metaverse and Web3, and the team is playing an integral role in helping to educate the traditional world on this evolution," said Keith A. Grossman, President of TIME. "I am so thrilled to partner with such visionaries as we combine the power of media and the metaverse to educate our readers and trailblaze towards a more immersive virtual future."
Entries for TIME100 Companies: Metaverse will be open starting today November 18, 2021, through December 31st, 2021. For more information and to submit a company, visit: HERE.
The first edition of the 'Into the Metaverse' newsletter will provide readers with an overview defining the metaverse and why they should care. To sign up to receive Into the Metaverse, visit HERE.
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a technology-driven financial services and investment management firm that provides institutions and direct clients with a full suite of financial solutions spanning the digital assets ecosystem. Galaxy Digital operates in the following businesses: Trading, Asset Management, Principal Investments, Investment Banking, and Mining. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in New York City, with offices in Chicago, San Francisco, London, Amsterdam, Tokyo, Hong Kong, the Cayman Islands (registered office), and New Jersey.
Additional information about the Company's businesses and products is available on www.galaxydigital.io.
About Galaxy Interactive
Galaxy Interactive, a division of Galaxy Digital, is a stage-agnostic VC franchise focused on investing in companies operating at the intersection of content, finance, and technology. Led by General Partners Sam Englebardt and Richard Kim, Galaxy Interactive has been amongst the most active videogame and blockchain investors in the world since its inception in 2018, with over $650 million in AUM and investments in more than 75 companies.
About TIME
TIME is a global media brand that reaches a combined audience of more than 100 million around the world. A trusted destination for reporting and insight, TIME's mission is to tell the stories that matter most, to lead conversations that change the world and to deepen understanding of the ideas and events that define our time. With unparalleled access to the world's most influential people, the immeasurable trust of consumers globally, an unrivaled power to convene, TIME is one of the world's most recognizable media brands with renowned franchises that include the TIME100 Most Influential People, Person of the Year, Firsts, Best Inventions, World's Greatest Places and premium events including the TIME100 Summit and Gala, TIME100 Health Summit, TIME100 Next and more.
Disclaimers
The TSX has neither approved nor disapproved the contents of this press release.
TIME will host additional educational resources on the metaverse via its new TIME for Learning page, slated to launch in December as part of the partnership. TIME will leverage Galaxy Digital's deep expertise in virtual worlds to assist in explaining the metaverse and its exciting potential for the future, including insights from Sam Englebardt and Richard Kim, General Partners of Galaxy Interactive, an offering of Galaxy Digital, focused on investing in companies operating at the intersection of content, finance, and technology.
SOURCE Galaxy Digital Holdings Ltd.
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