OnlyFans Purchased $20 Million of ETH

According to a Tweet from Wu Blockchain, high-profile content platform, OnlyFans, purchased a staggering $19.9 million of Ethereum (ETH), as shown in the company’s financial report.

The move comes shortly after the platform’s creators broke crypto-headlines for their growing presence on Base Network’s decentralized-social application, Friend.tech. 

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If true, the move would signify a bold play from the Web2 giant which appears to be diversifying into cryptocurrency, and could be followed by further exploration of blockchain technologies, either by the company, or within the OnlyFans product itself. 

Why Ethereum (ETH)?

OnlyFans’ decision to engage with ETH in particular is noteworthy. One could be forgiven for expecting a major organization’s first steps into cryptocurrency investment to center around Bitcoin (BTC), given its larger market capitalization and assumed lesser volatility.

Whilst BTC is a designated value-storage cryptocurrency, ETH is functionality-oriented, being smart contract enabled, and the company’s decision to interact with Ethereum over the former could raise suspicions around potential blockchain implementations for the OnlyFans platform itself.