The president of Time magazine is trading the legacy publication for a Miami cryptocurrency venture.
Keith A. Grossman will join payments infrastructure startup MoonPay as president of enterprise on Jan. 2, he said in an announcement posted to Twitter and LinkedIn. His last day at Time will be Dec. 31.
Grossman joined Time in 2019, a year after the company was purchased by Salesforce co-founder Marc Benioff. An advocate for cryptocurrency and blockchain technology, he launched Time's NFT initiative TimePieces in early 2021.
"I knew it was only a matter of time before I ultimately needed to move from the comforts of being an 'observer' to that of a 'participant' in the adoption of Web3," Grossman said. "For those familiar with MoonPay, this was the obvious step forward as its offerings provide the opportunity to on-board the next billion people into web3."
Web3 refers to an idea for a new version of the internet that will be powered by decentralization and blockchain technology.
MoonPay reports it is the world's largest provider of cryptocurrency payments infrastructure, enabling businesses to bridge traditional finance and crypto. The company creates products that let people buy and sell cryptocurrencies using credit cards, bank transfers and mobile wallets. Its software also gives businesses access to the infrastructure they need to buy and sell cryptocurrency while staying compliant with regulators, according to its website.
Headquartered in Miami, MoonPay has 300 employees globally. The company is backed by more than $640 million in venture capital, with investors that include Tiger Global Management, Miami hospitality mogul David Grutman and Time Ventures, an investment firm led by Salesforce's Benioff. In November 2021, the startup closed a $555 million series A investment round that pushed its valuation to $3.4 billion.
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