Revenue Recognition

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

The following table presents the Company’s operating revenues disaggregated by geography, based on the addresses of the Company’s API Providers (in thousands, except percentages):

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
Republic of the Marshall Islands	$	7,072	31.7	%	$	3,895	31.4	%	$	15,921	31.0	%	$	8,921	34.6	%
British Virgin Islands(1)		-	-			2,639	21.3			-	-			5,836	22.7
Seychelles		3,832	17.2			2,332	18.8			10,532	20.5			4,066	15.8
Hong Kong		4,894	21.9			2,522	20.3			10,903	21.2			4,843	18.8
Other(2)		6,510	29.2			1,017	8.2			14,012	27.3			2,084	8.1
Operating revenues	$	22,308	100.0	%	$	12,405	100.0	%	$	51,368	100.0	%	$	25,750	100.0	%

(1) British Virgin Islands no longer exceeds 10% in 2024 and is now included in Other.

(2) No other individual country accounted for more than 10% of total revenue.

The following table presents the Company’s operating revenues disaggregated by products and services (in thousands, except percentages):

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
Exchange aggregation	$	19,942	89.4	%	$	11,623	93.7	%	$	46,692	90.9	%	$	24,253	94.2	%
Fiat onboarding		952	4.3			561	4.5			1,963	3.8			1,088	4.2
Staking		522	2.3			201	1.6			1,167	2.3			359	1.4
Consulting		496	2.2			-	-			546	1.1			25	0.1
Other (1)		396	1.8			20	0.2			1,000	1.9			25	0.1
Operating revenues	$	22,308	100.0	%	$	12,405	100.0	%	$	51,368	100.0	%	$	25,750	100.0	%

(1) Other includes $0.4 million and $0.9 million related to non-fungible token revenue for the three and six months ended June 30, 2024, respectively.

The following table presents the Company's contract balances as of June 30, 2024 and December 31, 2023 (in thousands):

Balance January 1, 2023	$	-
Contract liability		1,000
Performance obligation satisfied		(273	)
Balance December 31, 2023		727
Contract liability		100
Performance obligation satisfied		(456	)
Balance June 30, 2024	$	371

Revenue recognized during the six months ended June 30, 2024 related to deferred revenue at the beginning of the period was $0.4 million. The remaining future performance obligations of $0.4 million will be satisfied after June 30, 2024.