OnlyFans Embraces Cryptocurrency with Ethereum Investment
OnlyFans, a UK-based platform recognized for adult content subscriptions, is deeply venturing into the realm of cryptocurrency.
According to a report from Evening Standard, the company has extended its financial pursuits by investing in Ethereum, the world’s second-largest cryptocurrency. This strategic move coincides with a significant milestone for the company, as it achieved a landmark revenue exceeding $1 billion for the first time during the year 2022.
Currently valued at $1,643.71, Ethereum remains an alluring prospect for numerous enterprises. Among the latest entrants to recognize its potential is OnlyFans.
The decision to infuse capital into Ethereum showcases OnlyFans’ forward-looking approach, implying a shift towards broadening its asset base and conceivably incorporating blockchain technology or cryptocurrency-centered models into its business framework.
Acknowledging that onlyFans underwent a remarkable expansion in the preceding year is essential, actually. As highlighted by the Evening Standard, the platform disclosed a 17% surge in sales, culminating at $1.1 billion, coupled with an impressive leap of 21% in pre-tax profits, tallying at $525 million.
READ MORE: $148,000 Bitcoin Potential: Insights from Pantera Capital
The user base expanded by over 50 million individuals, including 1 million novel content creators, who collectively expended $5.5 billion on the platform.
Nevertheless, the company encountered its share of challenges. In the previous year, an investigation by BBC News exposed instances of underage individuals engaging in the sale and creation of videos on the platform, raising concerns about safety.
In response to these allegations, OnlyFans stood by its safety protocols, asserting in its financial records that it surpasses the legal requisites to ensure a secure and regulated environment for its community.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
