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OnlyFans Parent Company Buys $20 Million Worth of Ethereum – A Boost To ETH Price?

By Orbit Brain

OnlyFans Parent Company Buys $20 Million Worth of Ethereum – A Boost To ETH Price?

OnlyFans Parent Company Buys $20 Million Worth of Ethereum – A Boost To ETH Price?

OnlyFans, the well-known grownup content material subscription platform, has made a daring transfer into the world of cryptocurrencies. Its father or mother firm, Fenix Worldwide, lately revealed its important funding of almost $20 million in Ether (ETH) in 2022. 

In line with official monetary filings submitted to the UK company registry, Fenix Worldwide acquired almost $20 million value of ETH over a two-year interval.

Whereas the corporate’s funding in Ether demonstrates its progressive strategy, it wasn’t resistant to the market’s inherent volatility. By the tip of November 2022, the worth of Ether had plummeted by $8.5 million, resulting in an impairment loss on the funding.

The remaining carrying quantity of Ethereum stands at $11.434 million, reflecting the broader traits and uncertainties within the cryptocurrency market.

OnlyFans Ventures Past Conventional Choices

The transfer to put money into Ether aligns with OnlyFans’ broader technique of diversification and technological innovation. Investing in intangible property with an “indefinite helpful life” showcases the corporate’s willingness to embrace rising applied sciences like blockchain, positioning itself on the forefront of {industry} traits.

The disclosure about Fenix’s buying a considerable quantity of Ether has not appeared to offer a raise but to the worth of the crypto. On the time of writing, ETH was buying and selling at $1,636, down -0.8% within the final 24 hours, and sustaining a slight 2.2% loss within the final seven days, information from crypto market tracker Coingecko reveals.

The monetary filings provide a glimpse into OnlyFans’ multi-faceted efficiency. Regardless of the challenges posed by its cryptocurrency funding, the corporate reported spectacular monetary outcomes for the 12 months ending November 2022. 

Supply: SignHouse

With income surpassing the $1 billion mark, pushed by an inflow of over 50 million new customers and greater than one million content material creators, OnlyFans solidified its place as a revenue-generating powerhouse. Customers collectively spent an astounding $5.5 billion on the platform.

OnlyFans Pioneers NFT Integration And Movie star Buying and selling Playing cards

Leonid Radvinsky, the visionary entrepreneur of Ukrainian origin who acquired OnlyFans in 2018, has reaped the rewards of the platform’s surging reputation.

The filings unveil that Radvinsky amassed dividends approximating $485 million because the inception of the earlier 12 months, in keeping with the escalating demand for OnlyFans’ choices.

This latest crypto enterprise isn’t the corporate’s first stride into the digital asset area. In early 2022, OnlyFans facilitated a pioneering transfer by enabling verified creators to exchange their profile photos with Ethereum-based non-fungible tokens (NFTs).

Bitcoin slides again into the $25Ok area. Chart: TradingView.com

Furthermore, in June of the identical 12 months, former OnlyFans executives unveiled Zoop, a star buying and selling card platform leveraging the Ethereum scaling resolution Polygon. Zoop allowed customers to commerce 3D digital taking part in playing cards depicting their favourite celebrities.

The disclosure of Fenix Worldwide’s Ethereum holdings dovetailed with an industry-wide development, as grownup content material creators started flocking to Pal.tech, a decentralized social media platform rooted within the cryptocurrency realm. This rush underscores how crypto’s latest surge has not solely captured monetary markets’ consideration but additionally influenced sectors far past typical investments.

Featured picture from Verità e Affari

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