SpankChain, an Ethereum-based blockchain platform designed to assist grownup content material creators reduce out conventional banks and intermediaries, has closed its crypto fee processor, SpankPay. The closure comes after the corporate misplaced its fee service supplier, Wyre, in February because of “violations of any third-party fee processor or community guidelines.” SpankPay tried to search out one other service supplier, however all makes an attempt have been rejected as a result of grownup {industry} nature of their enterprise.
In a Twitter thread, SpankPay introduced that the choice to shut the fee processor was as a result of escalating hostility of the banking surroundings in direction of grownup {industry} fee processors, which had made it untenable for the small staff and area of interest promote it served. Regardless of the shutdown, the corporate reassured customers that their cash was secure and could be returned as quickly as doable.
SpankPay was launched in July 2019 as an adult-industry-friendly fee answer that enabled grownup entertainers and retailers to just accept cryptocurrency for his or her providers. The closure of SpankPay is a big blow to SpankChain, because the platform was a key a part of its blockchain ecosystem.
The grownup leisure {industry} has all the time confronted challenges with conventional banking methods, as banks have been reluctant to work with the {industry} because of its controversial nature. SpankChain sought to alter this by offering a blockchain-based platform that allowed grownup content material creators to transact straight with their prospects, chopping out conventional intermediaries.
The closure of SpankPay highlights the continuing challenges confronted by the grownup leisure {industry} in accessing conventional banking providers. The {industry} has been pressured to depend on various fee strategies, resembling cryptocurrencies, to transact with prospects. Using cryptocurrencies has enabled grownup content material creators to entry a worldwide market and keep away from the restrictions imposed by conventional banks.
Regardless of the challenges, SpankChain stays dedicated to advancing the grownup {industry} and has promised to proceed growing and investing in merchandise that serve the area of interest promote it serves. The closure of SpankPay is a big setback for the corporate, however it’s decided to proceed to innovate and discover new methods to assist grownup content material creators succeed within the digital age.
