In what appears to be a groundbreaking move, TIME Magazine announced on Monday that it would begin accepting Crypto, a digital cryptocurrency, for subscriptions.
As part of a drive to garner more subscriptions from a new generation of readers, Keith Grossman, the president of TIME, Inc., said that his company is trying to explore new avenues.
“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.”
Coin called CRO to be used for payment at TIME, Inc.
Using a “coin” called CRO, TIME will accept payment from those wishing to subscribe — and at the same time give a 10% discount on their $49.00 annual subscriptions.
In addition, the use of TIME’s digital platform, as well as special offers and events, will be available to subscribers. Currently, the use of Crypto is for US and Canadian residents only.
TIME says it will make the service available to subscribers around the rest of the world in July.
Marking what is seen as a milestone for digital currency, which has had a difficult time breaking through to the average consumer, TIME also said that it would create a series of educational videos featuring crypto, with compensation on Bitcoin.
In the past, TIME has even made some of its cover pages into digital tokens, or non-fungible tokens (NFT’s) as part of testing the waters for interest in the use of digital currency.
“Natural part of company’s digital transformation”
Bharat Krish, the Chief Technology Officer for TIME, told the press that using cryptocurrency is a natural part of his company’s digital transformation.
“We are thrilled to offer cryptocurrency as a payment option for our digital subscribers for the first time,” Krish stated.
“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.”
Each Bitcoin is a computer file which is stored in a “digital wallet” app on a smartphone or computer.
People can send Bitcoins (or even just a part of one) to their digital wallets, and of course they can send Bitcoins to other individuals or firms. Every single transaction is recorded in a public list called a blockchain.
Bitcoins have featured in many stories over their brief appearance on the world scene, which began more than a decade ago.
Using a decentralized network, Bitcoin exploded into the financial world as a way to use tokens, or “coins,” to exchange currency. Inspiring many spinoffs, it remains the most prominent alternative digital payment medium.
Other similar products include Etherium, which is meant as a way for people without access to traditional financial products to engage in commerce, as well as Litecoin, Cardano and Polkadot.
All these products rely on a decentralized organization which uses mechanisms for issuance developed by code writers.
No governmental, regulatory controls
The main thrust behind the idea of cryptocurrency is to be free from all governmental controls and regulations; however, as time has gone on, abuse has led to charges of money laundering and other financial malfeasance worldwide.
Alexander Vinnik, a Russian who was charged in Greece with money laundering, was arrested in northern Greece in July of 2017.
He is currently being sought by authorities in the United States, France and Russia, all of which have issued international arrest warrants for him over an e-currency platform he set up and is charged with using for money-laundering purposes.
Greece’s supreme administrative court rejected Vinnik’s request seeking the annulment of Justice Minister Constantinos Tsiaras’ decision to extradite him to France, then to the United States and finally to Russia.
The Russian man is also frequently referred to as ”Mr. Bitcoin.”
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