Also read: Microsoft Now Accepts Bitcoin Through BitPay
"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.”
"We hope to expand our partnership with Coinbase in the coming months to create more opportunities to provide greater value to our customers.”
CEO and co-founder of Coinbase Brian Armstrong also remarked:
“For a major publisher like Time Inc. to embrace bitcoin sends an important message to both its readers and to the broader media community.”
“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.”
Accepting bitcoin also provides Time Inc. the opportunity to explore new business models such as micropayments for content rather than relying on traditional subscriptions. Micropayments aren't feasible with traditional payments processors due to high fees and other restrictions. But with bitcoin, micropayments are simple, and Coinbase already provides an API for tipping.
"We look forward to partnering with Time Inc. to explore [micropayments] and other new applications of Bitcoin in the future."
Images from Shutterstock and Time Inc.
Last modified (UTC): December 17, 2014 6:15 AM