- Time Magazine will now accept one-time crypto payments for its 18-month digital subscription valued at $49.
- The option is only available in the United States and Canada for now.
- Time Magazine is running this scheme in collaboration with Crypto.com, a leading digital currency platform.
In partnership with Crypto.com, Time Magazine has decided to accept one-time crypto payments for the magazine’s 18-month digital subscription for $49. Users who will choose to pay with Crypto.com’s native coin CRO will qualify for up to 10% cashback on their purchase. Although the scheme, at present, is only available in the United States and Canada, it will soon have a global rollout scheduled for July 2021. Keith Grossman, the president of Time Magazine, expects the partnership to expand its subscription base beyond its present community of 2.3 million.
Cryptocurrency-as-a-Payment: Latest Leap in Time’s Digital Transformation Strategy
According to Bharat Krish, the CTO of Time, introducing the cryptocurrency-as-a-payment option marks the next phase in Time’s digital transformation plan. President Grossman believes that their partnership with Crypto.com will lead to further innovations resulting in newer products and offerings for the entire community.
Crypto.com has been one of the forerunners in encouraging the global adoption of cryptocurrencies. It has launched a mobile payments app that grants users as much as a 20% discount when purchasing with the CRO coins. It also has associations with Visa leading it to the launch of prepaid cards that reward users with cashback paid in CRO tokens.
Time Magazine’s View Towards Cryptocurrencies
Keeping pace with time, Time Magazine, one of the most popular publications in the USA since 1923, has been prompt in its adoption of crypto. In late March 2021, it embraced the blockchain digital art movement by auctioning three non-fungible tokens. All these three NFTs took their inspiration from some of the most iconic covers of the magazine.
The magazine’s April 5, 2021 cover posed the question, “Is Fiat Dead?” referring to the turn the state-backed paper currencies could be taking in the future. Its adoption by one of the US’s century-old institutions indicates that the importance of cryptocurrencies as a payment mode is on the rise.