- Having lost its payment service provider in February and failing to find a new one, Ethereum-based adult entertainment service SpankChain will shut down its crypto payment processor, SpankPay.
- According to SpankPay, all attempts to find another service were simply unsuccessful due to the platform’s spin.
- SpankPay was launched in August 2019, as a secure option for the SpankChain community allowing payment through cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Monero.
Today there is a greater openness to various issues than, for example, in the sixties or eighties, an example of this is women’s liberation, with events such as voting, abortion, decisions about their bodies, processes to reduce discrimination, greater citizen participation etc.
But not only the female presence has been a catalyst for change in recent times, but also inclusion, equality and equity, awareness in the ecosystem, the consideration of animal abuse as a crime, digital elections and of course is, the internet boom, new technologies, IoT, and sexual diversity are elements that can define our current reality.
However, and despite the freedom and openness that exists today, there are still issues that are considered taboo or that at least generate a certain stinging in entrepreneurs and businessmen, issues that should not represent a problem in the 21st century. , we are referring to adult content, which has been privileged from the internet and from platforms such as OnlyFans or PornHub, which are an excellent business, but continue to suffer from discrimination in the business field.
SpankPay shuts down
About, the Ethereum-based adult entertainment service, SpankChainrecently announced that he had to be forced to close its crypto payment processor, SpankPay, after losing their Wyre payment service provider last February, plus the inability to find a new one.
In the second month of the year, the crypto payment platform Wyre terminated relationship with SpankPay after terminating your agreement to provide payment services to you, referring to “violations of any third-party payment processor or network rules.”
In response to the accusations, SpankPay indicated on Twitter on March 20 that it was a “directed closure” by Wyre because its new payment processor “does not work with the adult business.”
“This came as a shock, as our relationship with Wyre had been supportive and respectful up to this point.”, declared the platform on Twitter.
https://t.co/AYR69bCjLd
This was a targeted shutdown by Wyre because their new payment processor, checkout dot com, doesn’t work with adult businesses. This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point.—SpankPay (@SpankPay) March 20, 2023
Stigmatized adult industry
This is where discrimination against this type of business is present, since in accordance with SpankPayall his attempts to find another service were simply unsuccessful, since he “was in the adult industry”.
“Operating SpankPay in a hostile banking environment has always been challenging, but the escalation of attacks has become unsustainable for our small team and the niche market we serve.”SpankPay wrote in a Twitter thread.
“We have been looking for options since we received that letter.”Allie Knox, a SpankPay adviser, told Decrypt in an interview. “We look at other payment processors and no one wants to accept us, or if they do, their fees are unbelievably high.”
According to Knox, although no longer viable to run SpankPay, the team will focus on redirecting their attention to their other products andwhat is even more crucial, will work to solve the legislative problems that caused this situation.
“We can build the technology, but it is still a political problemKnox said. “It’s not solving these social problems, these political problems that are still going on. So let’s go to the root”.
Despite the closure, the company told its users that they do not have to worry, since “your money is safe and we will get it to you as soon as possible.”
“We encourage users to create crypto wallets and explore personal financial sovereignty. We will continue to develop and invest in products that advance the adult industry.”, he added.
SpankPay
In August 2019, Spankchain, an adult industry blockchain, launched SpankPay as a secure option for its community. This service allows fans to pay for adult content instantly and discreetly, using Bitcoin, Ethereum, Litecoin and Monero. The service was later expanded to include other cryptocurrencies..
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