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August 30, 2023

OnlyFans’ Parent Company Invested $20 Million In Ethereum To Boost Revenue

During the period from 2021 to 2022, onlyFans’ parent company, Fenix International, acquired the cryptocurrency.

Investing nearly $20 million into Ether ETH $1,640 in 2022 is the latest cryptocurrency investment revealed by the parent company of subscription platform OnlyFans.

Fenix International reported on August 24 that between 2021 and 2022, it purchased approximately $19.9 million worth of ETH.

Since the end of November 2022, the total value of the Ether has decreased by $8.5 million due to a decline in crypto asset prices.

The company’s ETH holdings were valued at $11.4 million as of November 30, 2022, when ETH was valued at $1,295 per unit.

In 2022, the company’s revenue increased 16.6% to $5.6 billion from $4.8 billion in 2021. The platform, which caters primarily to adult audiences, saw a 47% increase in creators and a 27% increase in subscribers.

Crypto investments are not the company’s first foray into digital assets. As of February 2022, verified creators can replace their profile pictures with Ethereum-based NFTs.

Two former executives of OnlyFans launched Zoop in June 2022. Zoop used the Ethereum scaling solution Polygon to create 3D digital playing cards.

To capitalize on the hype, adult content creators sought out Friend. Tech, crypto’s newest decentralized social network.

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