Adult entertainment provider, SpankChain has announced the launching of SpankPay, a crypto payment platform that users can use to pay for adult-rated content.
The Ethereum-based adult content platform is partnering with two partners who have already integrated with the platform; SkyPrivate which anonymously links models with their clients using skype as well as Discord and JustFor.Fans which offers different forms of adult entertainment.
According to an official statement from the firm, Spankpay will allow its customers to use various cryptos to pay comprising of Bitcoin (BTC), Ether (ETH) and Litecoin (LTC), as well as the “privacy coins” Zcash (ZEC) and Monero (XMR).
SpankChain’s CEO, Ameen Soleimani explained about the new payment service:
“With SpankPay, we are bringing immediate value to adult merchants by helping them accept crypto, avoid chargebacks, and reach a global audience.”
According to Soleimani, the new payment service platform would charge a 0.5 percent transaction fee.
Officials from the two pioneer partners praised the new payment service platform saying that blockchain-based infrastructure will offer crucial value in the adult content sector. JustFor.Fans creator Dominic Ford stated the following:
“Using SpankChain, we don’t have to worry about being shut down due to the fact that we are an adult company. We’d much rather support our fellow adult solution providers than use outside solutions that are potentially not adult-friendly.”
On his part SkyPrivate CEO, Alex Bluck stated that the partnership between his company and SpankChain will help to ensure that people in various industries are given the same treatment and equal rights when it comes to payment of services.
SpankChain has been in the fore line in creating a blockchain-based economic and technological infrastructure that enhance adult-rated content. The firm has already created a camsite referred to as Spanklive that will be integrated with the new crypto payment platform in the near future.
The new payment platform comes several months after SpankChain lost funds in a crypto after a hack in October 2018 that comprised of customer holdings. The firm was however able to persuade the hacker to return the lost funds and agreed to reimburse the affected users.
SpankChain joins the fray in adult content industry who are now accepting crypto payment for products and services offered. In April last year, Pornhub revealed that it had inked a deal with Verge to enable its users pay through cryptos.
At the beginning of this year, one of the largest crypto payment service offeror BitPay revealed that about $1 billion of its revenues in 2018 and cash from the adult entertainment had grown by more than 255 percent from 2017.
Some adult entertainment companies have even taken it a notch higher with CamSoda launching a platform which makes sex toys to vibrate when the prices of Bitcoin, Litecoin, or Ethereum increased.
Do you believe launching crypto payment services by adult entertainment companies will help to spur their earnings? Keep the conversation going in the comments section.
Author: Joseph Kibe