RELATED PARTY TRANSACTIONS |
3 Months Ended |
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Mar. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Revenue and accounts receivable Certain of the Company’s directors, executive officers, and principal owners, including immediate family members, are users of the Company’s platform. The Company recognized revenue from related party customers of $6.9 million and $3.1 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, accounts receivable from related party customers were $4.2 million and $3.4 million, respectively. Customer assets and liabilities Safeguarding customer crypto assets and safeguarding customer crypto liabilities for related parties as of March 31, 2024 and December 31, 2023 were $13.0 billion and $8.8 billion, respectively. Customer custodial funds and Customer custodial cash liabilities for related parties as of March 31, 2024 and December 31, 2023 were $4.5 million and $348.0 million, respectively. Other assets As of March 31, 2024 and December 31, 2023, the Company made strategic investments of an aggregate of $0.1 million and $4.0 million, respectively, in investees in which certain related parties of the Company held an interest over 10%. Expenses and accounts payable During the three months ended March 31, 2024 and 2023, the Company incurred $1.1 million and an immaterial amount, respectively, for professional and consulting services provided by entities affiliated with related parties. As of March 31, 2024 and December 31, 2023, accounts payable to related party parties were $1.3 million and an immaterial amount, respectively.
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