| Disaggregation of Revenue |
We disaggregate revenue by service type and by platform as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Service Type | | Three 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 revenue | | 4,027 | | | 6,181 | | | 8,230 | | | 12,779 | | | Total revenue | | $ | 577,882 | | | $ | 509,898 | | | $ | 1,652,792 | | | $ | 1,364,480 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Platform | | Three 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 services | | 568,103 | | | 497,141 | | | 1,633,859 | | | 1,338,481 | | | Total revenue | | $ | 577,882 | | | $ | 509,898 | | | $ | 1,652,792 | | | $ | 1,364,480 | |
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| Contract Liabilities |
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 period | 547 | |
| 405 | | | End of the period contract liability | $ | 3,692 | |
| $ | 5,070 | |
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