The developers of SpankChain, a blockchain-based adult entertainment ecosystem, have introduced a new cryptocurrency payments solution.
It can be challenging for adult content providers to establish long-term business relationships with reliable payment processing companies. Recognizing the need to have dependable payment options, the creators of SpankChain have launched the Ethereum-based SpankPay service.
Make payments with major cryptocurrencies
SpankPay allows users to make payments with major cryptocurrencies including Bitcoin (BTC), Ether (ETH), and Litecoin (LTC). Privacy coins such as Monero (XMR) and Zcash (ZEC) are also accepted.
Commenting on the launch of the new crypto payment platform, SpankChain CEO Ameen Soleimani remarked:
“With SpankPay, we are bringing immediate value to adult merchants by helping them accept crypto, avoid chargebacks, and reach a global audience.”
The new crypto payment service is convenient and easy to use as it lets users conduct “instant” transactions with a single click. SpankPay users pay a 0.5% transaction fee, which is significantly lower than the average 3% in transaction fees paid by credit card users.
Banking and payment services denied to adult content providers
According to Soleimani, some payment services will charge as much as 10% in processing fees when dealing with adult content providers. Recently, there have also been cases where adult websites experienced issues when trying to process credit card payments and bank transfers.
Bank accounts associated with porn sites have reportedly been denied certain banking services or have been closed.
As noted by Coindesk, SpankPay has been launched with two business partners that have integrated the crypto payment service. They include adult content provider JustFor.Fans and webcam service SkyPrivate.
Dominic Ford, the developer of JustFor.Fans, stated:
“We are excited to offer cryptocurrency payment options to our subscribers. Using SpankChain, we don’t have to worry about being shut down due to the fact [that] we are an adult company.”
Ford added that he was more willing to support and use services like SpankPay, which were created by people who actually work in the adult industry. He criticized other services for not being “adult-friendly.”
The SpankChain ecosystem includes an adult webcam site, called Spank.live, which aims to offer better business incentives to models that contribute content to the platform.
Spank.live users can make credit card payments through Segpay. Notably, the SpankPay service will be integrated with with Spank.live soon, the platform’s developers said.