Keith Grossman, who as President of Time magazine brought the famous media brand to Web3 in 2021, announced on Monday that he is leaving the company to join crypto payments startup MoonPay.
Grossman will serve as president of MoonPay’s business division, where he told the decrypt who will work to help introduce brands and big companies to Web3. He cited Nike and Universal Pictures as examples of the types of mainstream companies he would like to bring closer to the industry.
“How do we bring as many companies into the ecosystem as possible and show them the benefits of moving from Web2 to Web3?” asked Grossman about the new role.
He cited challenges in integrating users and businesses in the crypto space, particularly with interfaces and experiences that permeate the industry today. “I really think MoonPay has the tools and resources to alleviate some of the concerns on the front end and help with mass adoption,” Grossman told the decrypt🇧🇷
Grossman joined Time in 2019 after stints at Bloomberg and Wired, and sought to help the nearly century-old media brand modernize and look to the future.
Team on the Web3
Last March, the company started to enter Web3 with the auction of limited edition magazine covers in the form of NFTs built on the Ethereum network, which collectively sold for around $446k in ETH.
Time followed with its ongoing TimePieces NFT project and sought collaborations with artists such as musician Tim “Timbaland” Mosley, photographer Isaac “Drift” Wright and NFT project Cool Cats.
The media brand — which Salesforce founder Marc Benioff acquired in 2018 — has also pursued interactive experiences, such as in the metaverse game The Sandbox and the Web2 game Fortnite, as well as brand partnerships. Time is also producing animated series based on the NFT Robotos and The Littles projects.
In April, Grossman said Time made more than $10 million in profits from its Web3 initiatives during its first year of construction in the space.
Grossman will leave Time on December 31st and will join MoonPay on January 2nd, 2023.
TimePieces and the magazine’s other Web3 ventures will remain under the leadership of Maya Draisin, Time’s Chief Brand Officer and a longtime Grossman collaborator.
He said Time had spent this year operationalizing its Web3 business and expanding its team, and pointed to a TimePieces community of more than 60,000 people and 150 artists.
“What makes TimePieces great isn’t an individual—it’s the community,” he said. “Here is a community that was built around values, and I think those values will transcend any individual over time.”
MoonPay was launched in 2019 and offers payment infrastructure for buying and selling cryptocurrencies, including inbound and outbound ramps for fiat currency. The company was valued at $3.4 billion when it announced a $555 million Series A funding round in November 2021, led by Tiger Global and Coatue.
The payments startup expanded that round with nearly $87 million more in April 2022 after a string of celebrity sponsorships including Justin Bieber, Brie Larson, Steve Aoki, Gwyneth Paltrow, Paris Hilton and Bruce Willis. MoonPay has also helped several celebrities purchase NFTs — especially from the Bored Ape Yacht Club — through its concierge service.
* Translated and edited with permission from Decrypt.co🇧🇷
MB offers regressive trading fees and investment strategy according to your profile. Join the largest exchange in Latin America and trade over 200 digital assets such as tokens, digital fixed income and cryptocurrencies. Open your free account!