1 year ago
OnlyFans, the well-known big contented subscription platform, has made a bold determination into the satellite of cryptocurrencies. Its genitor company, Fenix International, precocious revealed its important concern of astir $20 cardinal successful Ether (ETH) successful 2022.
According to official fiscal filings submitted to the UK firm registry, Fenix International acquired astir $20 cardinal worthy of ETH implicit a two-year period.
While the company’s concern successful Ether demonstrates its progressive approach, it wasn’t immune to the market’s inherent volatility. By the extremity of November 2022, the worth of Ether had plummeted by $8.5 million, starring to an impairment nonaccomplishment connected the investment.
The remaining carrying magnitude of Ethereum stands astatine $11.434 million, reflecting the broader trends and uncertainties successful the cryptocurrency market.
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The determination to invest successful Ether aligns with OnlyFans’ broader strategy of diversification and technological innovation. Investing successful intangible assets with an “indefinite utile life” showcases the company’s willingness to clasp emerging technologies similar blockchain, positioning itself astatine the forefront of manufacture trends.
The disclosure astir Fenix’s acquiring a important magnitude of Ether has not seemed to supply a assistance yet to the terms of the crypto. At the clip of writing, ETH was trading astatine $1,636, down -0.8% successful the past 24 hours, and sustaining a flimsy 2.2% nonaccomplishment successful the past 7 days, information from crypto marketplace tracker Coingecko shows.
The fiscal filings connection a glimpse into OnlyFans’ multi-faceted performance. Despite the challenges posed by its cryptocurrency investment, the institution reported awesome fiscal results for the twelvemonth ending November 2022.
With gross surpassing the $1 cardinal mark, driven by an influx of implicit 50 cardinal caller users and much than a cardinal contented creators, OnlyFans solidified its presumption arsenic a revenue-generating powerhouse. Users collectively spent an astounding $5.5 cardinal connected the platform.
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Leonid Radvinsky, the visionary entrepreneur of Ukrainian root who acquired OnlyFans successful 2018, has reaped the rewards of the platform’s surging popularity.
The filings unveil that Radvinsky amassed dividends approximating $485 cardinal since the inception of the erstwhile year, successful enactment with the escalating request for OnlyFans’ offerings.
This caller crypto task is not the company’s archetypal stride into the integer plus domain. In aboriginal 2022, OnlyFans facilitated a pioneering determination by enabling verified creators to regenerate their illustration pictures with Ethereum-based non-fungible tokens (NFTs).
Moreover, successful June of the aforesaid year, erstwhile OnlyFans executives unveiled Zoop, a personage trading paper level leveraging the Ethereum scaling solution Polygon. Zoop allowed users to commercialized 3D integer playing cards depicting their favourite celebrities.
The disclosure of Fenix International’s Ethereum holdings dovetailed with an industry-wide trend, arsenic big contented creators began flocking to Friend.tech, a decentralized societal media level rooted successful the cryptocurrency realm. This unreserved underscores however crypto’s caller surge has not lone captured fiscal markets’ attraction but besides influenced sectors acold beyond accepted investments.
Featured representation from Verità e Affari
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