Ethereum

OnlyFans

Million

The renowned British adult content subscription service, OnlyFans, has made a significant move into the cryptocurrency realm.   
According to its 2022 accounts filing, the company has invested close to $20 million in Ethereum (ETH), a popular cryptocurrency.   
In its financial statement, OnlyFans revealed that it diversified a portion of its working capital into Ethereum during the year.   
This strategic decision led to the addition of approximately $19.889 million in intangible assets. However, the accounts also indicate an impairment loss of $8.4 million in this context.   
OnlyFans made headlines with its substantial growth, amassing an additional 50 million subscribers. The company's impressive performance pushed its profits before taxes beyond the half-billion-dollar mark.   
As a result, OnlyFans was able to distribute more than $300 million in dividends to its owner, Leo Radvinsky.   
Leo Radvinsky, a Ukrainian-American entrepreneur, identifies himself as an advocate for open-source technologies. His interest in Ethereum might have been piqued when Russia launched a full-scale invasion attempt in Ukraine.   
In response to the crisis, a UkraineDAO was established on February 24, 2022. Remarkably, this initiative was initiated by Pussy Riot, marking a continuation of their two-decade-long civil opposition against the Russian establishment's authoritarian rule.   
During this time, OnlyFans demonstrated its support for Ukraine by donating 500 ETH to the UkraineDAO. This contribution resulted in a fundraising sum of $7.1 million.   
The World Economic Forum acknowledged the considerable impact of crypto donations on Ukrainian war efforts, with contributions amounting to hundreds of millions of dollars.   
Out of the $212 million donated in cryptocurrency to support the war efforts, a direct contribution of $80 million went to the Ukrainian government.   
While it remains uncertain how crypto influenced the critical initial three days of conflict, it's important to note that the Ukrainian government praised the speed at which crypto funds could be deployed.   
Unlike international transfers that can take days or even weeks to settle, Ethereum's settlement time is a mere 12 seconds.   
The role of speed was particularly vital during the initial days when Kyiv's fate hung in the balance. The rapid movement of funds allowed for swift responses and resources, ultimately shaping key moments in the conflict.   
As time has passed, Ukraine continues to navigate the aftermath of war, with new developments including liberating territories and maintaining military strength.  
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OnlyFans Invests $20 Million in Ethereum (ETH)

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