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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
Schedule of Revenue by Disaggregated by Products and Services | The following table presents net sales disaggregated by product and service categories for each segment:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
(in thousands, except percentages) | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue
Web3 services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange aggregation | $ | 18,740 |  |  | 71.5 | % |  | $ | 23,417 |  |  | 90.7 | % |  | $ | 38,743 |  |  | 79.1 | % |  | $ | 57,224 |  |  | 92.6 | %
Fiat onboarding | 2,047 |  |  | 7.8 |  |  | 988 |  |  | 3.8 |  |  | 3,994 |  |  | 8.2 |  |  | 2,128 |  |  | 3.4 |
Staking | 451 |  |  | 1.7 |  |  | 1,110 |  |  | 4.3 |  |  | 1,110 |  |  | 2.3 |  |  | 1,698 |  |  | 2.7 |
Other (1) | 2 |  |  | — |  |  | 312 |  |  | 1.2 |  |  | 140 |  |  | 0.3 |  |  | 773 |  |  | 1.3 |
Total exchange services | 21,240 |  |  | 81.0 | % |  | 25,827 |  |  | 100.0 | % |  | 43,987 |  |  | 89.9 | % |  | 61,823 |  |  | 100.0 | %
Payment processing services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Program management fees | 2,647 |  |  | 10.1 | % |  | — |  |  | — |  |  | 2,647 |  |  | 5.4 | % |  | — |  |  | — |
Net interchange revenue | 493 |  |  | 1.9 |  |  |  |  | — |  |  | 493 |  |  | 1.0 |  |  |  |  | — |
Other | 1,848 |  |  | 7.0 |  |  |  |  | — |  |  | 1,848 |  |  | 3.7 |  |  |  |  | — |
Intersegment | 45 |  |  | 0.2 |  |  | — |  |  | — |  |  | 45 |  |  | 0.1 |  |  | — |  |  | — |
Total payment processing services | 5,033 |  |  | 19.2 | % |  | — |  |  | — |  |  | 5,033 |  |  | 10.2 | % |  | — |  |  | — |
Intersegment eliminations | (45) |  |  | (0.2) |  |  | — |  |  | — |  |  | (45) |  |  | (0.1) |  |  | — |  |  | — |
Total revenues | $ | 26,228 |  |  | 100.0 | % |  | $ | 25,827 |  |  | 100.0 | % |  | $ | 48,975 |  |  | 100.0 | % |  | $ | 61,823 |  |  | 100.0 | %
(1) Other is primarily driven consulting and non-fungible token revenue related to the Company's Web3 services.
Schedule of Revenues Disaggregated by Geography | The following table presents the Company’s revenues disaggregated by geography, based on the addresses of the Company's customers:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
(in thousands, except units) | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue |  | Amount |  | % of Revenue
Republic of the Marshall Islands | $ | 5,558 |  |  | 21.2 | % |  | $ | 7,763 |  |  | 30.1 |  |  | $ | 10,537 |  |  | 21.5 | % |  | $ | 17,550 |  |  | 28.4 | %
Hong Kong | 4,979 |  |  | 19.0 |  |  | 5,671 |  |  | 22.0 |  |  | 10,711 |  |  | 21.9 |  |  | 13,327 |  |  | 21.6 |
British Virgin Islands | 3,463 |  |  | 13.2 |  |  | 4,655 |  |  | 18.0 |  |  | 6,452 |  |  | 13.2 |  |  | 12,069 |  |  | 19.5 |
Seychelles | 1,803 |  |  | 6.9 |  |  | 2,686 |  |  | 10.4 |  |  | 5,200 |  |  | 10.6 |  |  | 7,068 |  |  | 11.4 |
Other(1) | 10,425 |  |  | 39.7 |  |  | 5,052 |  |  | 19.5 |  |  | 16,075 |  |  | 32.8 |  |  | 11,809 |  |  | 19.1 |
Revenues | $ | 26,228 |  |  | 100.0 | % |  | $ | 25,827 |  |  | 100.0 | % |  | $ | 48,975 |  |  | 100.0 | % |  | $ | 61,823 |  |  | 100.0 | %
(1)No other individual country or territory accounted for more than 10% of total revenue.
Schedule of Contract Balances | The following table presents the Company's contract liability balances which primarily consist of deferred setup fees billed to payment program customers:
(in thousands) |
Balance as of December 31, 2024 | $ | 12 |
Increase in contract liability | 71 |
Performance obligations satisfied | (83) |
Balance as of June 30, 2025 | $ | — |
Balance as of December 31, 2025 | $ | — |
Increase in contract liability | 1,744 |
Performance obligations satisfied | (44) |
Foreign currency translation adjustment | (74) |
Balance as of June 30, 2026 | $ | 1,626 |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of revenue attributed to country of domicile and foreign country from which revenue is derived if it is not provided as part of reportable segment information. Includes, but is not limited to, subtotal of geographical information about group of countries. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of revenue by product and service if it is not provided as part of reportable segment information. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 + Details
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