v3.25.2
Revenue from Contracts with Customers
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
We disaggregate revenue by service type and by platform as follows (in thousands):
Service TypeThree Months Ended
June 30, 2025		Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Transaction revenue$573,855 $503,717 $1,644,562 $1,351,701 
Subscription and service revenue4,027 6,181 8,230 12,779 
Total revenue$577,882 $509,898 $1,652,792 $1,364,480 
PlatformThree Months Ended
June 30, 2025		Three Months Ended
June 30, 2024		Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Loyalty redemption platform, net$9,779 $12,757 $18,933 $25,999 
Crypto services568,103 497,141 1,633,859 1,338,481 
Total revenue$577,882 $509,898 $1,652,792 $1,364,480 
We recognized revenue from foreign jurisdictions of $0.9 million and $1.3 million for the three and six months ended June 30, 2025, respectively, and $10.5 million and $24.9 million for the three and six months ended June 30, 2024, respectively.
We have one reportable segment to which our revenues relate.
Deferred Revenue
Contract liabilities consist of deferred revenue for amounts invoiced prior to us meeting the criteria for revenue recognition. We invoice customers for service fees at the beginning of service performance, and such fees are recognized as revenue over time as we satisfy performance obligations. Contract liabilities are classified as “Deferred revenue, current” and “Deferred revenue, noncurrent” in our consolidated balance sheets. The activity in deferred revenue for the six months ended June 30, 2025 and June 30, 2024, respectively, was as follows (in thousands):

Six Months Ended
June 30, 2025		Six Months Ended
June 30, 2024
Beginning of the period contract liability$4,226 

$7,480 
Revenue recognized from contract liabilities included in the beginning balance(1,081)

(2,815)
Increases due to cash received, net of amounts recognized in revenue during the period547 

405 
End of the period contract liability$3,692 

$5,070 
Remaining Performance Obligations
As of June 30, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts was $8.4 million, comprised of $4.7 million of subscription fees and $3.7 million of service fees that were deferred. We recognize our subscription fees as revenue over a weighted-average period of 13 months (ranges from 2 months to 15 months) and our service fees as revenue over approximately 13 months.
As of June 30, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts was $15.4 million, comprised of $10.3 million of subscription fees and $5.1 million of service fees that were deferred. We recognize our subscription fees as revenue over a weighted-average period of 20 months (ranges from 2 months to 27 months) and our service fees as revenue over approximately 33 months.
Contract Costs
For the three and six months ended June 30, 2025 and June 30, 2024, we incurred no incremental costs to obtain and/or fulfill contracts with customers.