OnlyFans Invests in Ethereum as Revenue Tops $1 Billion
OnlyFans, the UK-based adult content subscription platform, is diving deep into cryptocurrency. As part of its capital ventures, the company has invested in Ethereum, the world’s second-largest cryptocurrency, per an Evening Standard report. This move comes as the firm celebrates a milestone, with revenues surpassing $1 billion for the first time in 2022.
Ethereum and the Future of Digital Investments
Ethereum price is currently trading at $1,643.71 and boasting a 24-hour trading volume of $2,693,591,545, remains an attractive investment for many businesses, with OnlyFans being the latest to explore its potential.
The capital infusion into Ethereum suggests a forward-thinking strategy on OnlyFans’ part, indicating a shift towards diversifying assets and possibly integrating blockchain technology or cryptocurrency-based models into its operations. With a circulating supply of 120,216,173 ETH coins and the max supply undisclosed, Ethereum presents promising returns for early adopters.
Growth Amidst Controversy
It’s worth noting that OnlyFans has witnessed remarkable growth in the past year. According to the Evening Standard, the platform reported a 17% increase in sales, settling at $1.1 billion, and an impressive jump of 21% in pre-tax profits, which stands at $525 million. Over 50 million new users, accompanied by 1 million fresh content creators, flocked to the platform, cumulatively spending $5.5 billion on the site.
However, the firm hasn’t been without its challenges. A BBC News investigation last year uncovered incidents of underage individuals selling and appearing in videos on the platform, sparking safety concerns. In response to these allegations, OnlyFans defended its safety protocols, stating in its accounts that the company “goes above and beyond the legal requirements” to ensure a safe and controlled environment for its community.
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