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Time Inc. has started to accept payments in Bitcoin for a number of its magazines in a deal with Bitcoin payment provider Coinbase Inc.
The deal, which Time suggests makes them “the first major magazine publisher to accept Bitcoin payments,” will see Bitcoin payment available for the purchase of publications Fortune, Health, This Old House and Travel + Leisure in an initial pilot program.
“We are always looking for ways to make it easier for consumers to engage with our brands and this pilot program will give Bitcoin users a seamless and simple way to purchase subscriptions,” Time Executive Vice President Lynne Biggar said in a statement. “We hope to expand our partnership with Coinbase in the coming months to create more opportunities to provide greater value to our customers.”
San Francisco-based Coinbase embraced the deal as further mainstreaming Bitcoin.
“For a major publisher like Time Inc. to embrace Bitcoin sends an important message to both its readers and to the broader media community,” Coinbase CEO Brian Armstrong, said. “In addition to providing consumers with an easy, convenient way to pay for their subscriptions, it also opens the door for Time Inc. and publishers like it to familiarize themselves with the Bitcoin technology and explore new applications across the industry.”
The deal is another notch in Coinbase’s ongoing efforts to become the Bitcoin transaction company of choice. Time joins companies including Google, Paypal Inc., Reddit Inc., Bloomberg L.P., Dell Inc. and others that use Coinbase’s Bitcoin payment solutions.
Coinbase has 1.8 million users and 37,000 merchants using its services. Company investors include Union Square Ventures, QueensBridge Venture Partners, Andreessen Horowitz and others over two rounds and angel funding of $31.7 million.
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