Ethereum-based adult entertainment platform SpankChain has launched a cryptocurrency payments processor together with two new partners.
An announcement published on July 31 reveals that the new service — dubbed SpankPay — is being launched with its first two integration partners: the adult entertainment industry fan platform JustFor.Fans and SkypPrivate, an anonymity-focused service that connects models and their clients via Skype and Discord.
The Adult Entertainment Space Goes Blockchain
SpankPay will enable users to use a host of cryptocurrencies — including BTC, ETH, LTC, Zcash, Monero and others — for instant transactions and 1-click purchasing for adult products and entertainment, and offers merchants a 0.5% processing fee to use the service.
SpankChain — which focuses on building blockchain-based economic and technological infrastructure for the adult entertainment space — has already launched a camsite dubbed SPANK.live, which will soon integrate crypto payments processing via SpankPay.
Representatives from the two partners have underscored that blockchain-powered infrastructure can provide critical value for the adult entertainment space, with JustFor.Fans creator Dominic Ford noting that:
“Using SpankChain, we don’t have to worry about being shut down due to the fact 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.”
Alex Bluck, the CEO of SkyPrivate — which also operates WhatsApp sexting service OurLittleSecret and an adult models service e-commerce platform — has said that the partnership with SpankChain will help ensure that individuals in all industries are accorded equal rights and payment for their services.
As previously reported by Cointelegraph, SpankChain lost funds denominated in ETH and its native token BOOTY back in October 2018 — $9,000 of which consisted of customer holdings. The company, however, persuaded the hacker to return the stolen funds in full and pledged to reimburse affected investors.
At the start of this year, major cryptocurrency payment service provider BitPay revealed it had reported $1 billion in transactions in 2018 and had seen its B2B business grow by almost 255% since 2017.
Cointelegraph has just released a documentary — “Sex and Crypto” — devoted to the increasing use of cryptocurrency as a payment method in the adult entertainment industry.