News magazine and website Time Magazine said it will start accepting the newly launched Ethereum (CRYPTO: ETH)-based cryptocurrency ApeCoin (CRYPTO: APE) for digital subscriptions in the coming weeks.
What Happened: Time Magazine, which was founded in 1923, announced the move Sunday on Twitter.
ApeCoin is a token launched on Thursday by decentralized organization ApeDAO that will be used for culture, gaming and commerce to build out the company’s Web3 efforts.
See Also: ApeCoin Launched: Here Are The Details And How To Get It
Why It Matters: Time Magazine already accepts cryptocurrencies such as Bitcoin (CRYPTO: BTC) and Ethereum for subscription payments through a partnership with cryptocurrency financial services firm Crypto.com.
Time magazine’s non fungible token (NFT) collection saw strong demand on the OpenSea marketplace in September last year.
The news outlet announced in November 2021 that it will hold Ethereum on its balance sheet.
Price Action: ApeCoin is down 13.3% during the past 24 hours, trading at $9.80 at press time.
Read Next: ApeCoin Emerges As The Most-Traded Crypto By Ethereum Whales
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