The well-known British adult content subscription platform, OnlyFans, has recently made a significant move into the cryptocurrency realm.
According to its 2022 accounts filing, the firm has invested $20 million in Ethereum (ETH), the second largest cryptocurrency.
The decision to diversify its working capital into Ethereum was revealed in the company’s financial statements.
Approximately $19.889 million in intangible assets related to Ethereum were added, although an impairment loss of $8.4 million was also reported.
During the past year, OnlyFans experienced impressive growth, attracting an additional 50 million subscribers. Notably, its pre-tax profits crossed the half-billion mark. The company’s owner, Leo Radvinsky, received more than $300 million in dividends from its success.
Leo Radvinsky, who identifies as a Ukrainian-American open-source advocate, likely became more attuned to Ethereum’s potential after the full-scale invasion attempt of Ukraine by Russia.
In response to this crisis, the Ukrainian community established a UkraineDAO on February 24, 2022. To support this initiative, OnlyFans contributed 500 ETH, which translated to $7.1 million for the UkraineDAO.
Reports from earlier this year indicated that crypto donations worth hundreds of millions of dollars had been pivotal in bolstering Ukrainian war efforts.
It’s worth noting that $80 million of the $212 million donated in crypto went directly to the Ukrainian government to support their war efforts.
While the exact role of crypto during the initial critical days of conflict remains unclear, it is evident that its speed and efficiency were praised by the Ukrainian government.
Ethereum’s settlement time of 12 seconds contrasted starkly with the lengthy timelines of traditional international transfers.
