Several shocking incidents have occurred recently in the cryptocurrency space. There have been regulatory actions, crypto hacks, and the abrupt closure of three crypto-friendly banks: Silvergate, Silicon Valley, and Signature.
A new incident has shocked the industry as SpankPay, a cryptocurrency payment processor, announced that it is discontinuing its services. The parent company, SpankChain, blames the service closure on a hostile banking environment.
Crypto Payment processor Losses Partner And Can’t Find A Replacement
SpankPay announced the platform’s closure on its official Twitter page. The crypto payment processor stated that the action was a planned shutdown by Wyre, who abruptly closed their account Wyre terminated its agreement with the cryptocurrency payment processor in February of this year. Wyre listed SpankPay as a ‘Declined Line of Business Policy’ in its termination notice. SpankPay referred to Wyre’s handling of its agreement as a targeted approach.
SpankPay Blames UnFriendly Operating Environment For Closure
The payment processor lamented the difficulties of operating in a hostile banking environment. SpankPay believes that surviving with a small team and a niche market is difficult due to the increasing number of rejections, attacks, and other unfavorable conditions.
However, it assured users that their money was safe. The service stated that one of the goals for creating the platform was to provide a safe haven for its community. So it stated that they are working to recover all of their customers’ funds.
More Details on SpankPay
SpankChain, the parent company, is an Ethereum-based adult entertainment entity. As it removes the influence of third parties such as traditional banks, the company is committed to assisting adult content creators.
It saves its users from paying exorbitant fees and from the discrimination that banks impose on the adult industry. SpankPay, launched in 2019, provided the adult industry with a friendly payment service provider. SpankPay is the most accessible platform for adult entertainers and merchants to make payments and store digital assets.
Aside from SpankPay, several digital asset firms in the crypto industry have shut down due to an unfavourable operational environment. Friendsies, an NFT collection, closed down in February after announcing a pause in operations. The project team cited market volatility and challenges as reasons for their closure.
SpankPay, SpankChain’s cryptocurrency payment processor, debuts with its first two integration partners, SkyPrivate and JustFor.Fans. SpankPay provides users with a simple, seamless, and low-cost way to consume adult content online. Users can use a variety of cryptocurrencies, including BTC, ETH, LTC, Zcash, Monero, and most other popular cryptocurrencies, for instant transactions and one-click purchases. SpankPay’s 0.5% transaction fees can help merchants cut costs while increasing platform revenue.
SpankChain, a company developing blockchain-based economic and technological infrastructure for the Adult Entertainment Industry, has released its second major product. The first, SPANK.live, a camsite, recently opened up to international models and added credit card processing, and this version of SpankPay is scheduled to be integrated to allow for a single payment solution across a variety of online adult sites. We are excited to launch it alongside SkyPrivate and JustFor.Fans, two of the most forward-thinking business leaders in the adult space.”
Alex Bluck, CEO of SkyPrivate, the pioneer of Skype pay-per-minute technology, stated in 2013 that “every human being deserves equal rights and that everyone must be paid for their time and knowledge.” We fight for equal earning opportunities by developing user-friendly payment tools on top of communication channels that people all over the world already use.” SkyPrivate is a stand-alone platform where models and members can communicate via Skype and Discord. The technology can also be licensed to other businesses as an API or as a blacklabel (SaaS).
SkyPrivate operates several brands in addition to Skype: OurLittleSecret — WhatsApp sexting (pay-per-message); membershyp.club — subscription-based access to Instagram, Snapchat, WhatsApp, and Kik; and Unblur. media — an ecommerce platform where models can sell videos, photos, shows, and more. “We are excited to offer cryptocurrency payment options to our subscribers,” says Dominic Ford, creator of JustFor.Fans. We don’t have to worry about being shut down because we are an adult company when we use SpankChain. We’d rather support our fellow adult solution providers than use potentially ineffective outside solutions.”
JustFor.Fans is the most rapidly expanding fan platform. JFF, which was created by an adult industry leader, provides adult models with more ways to earn money than any other platform.