SpankPay crypto cost service shutters, citing ‘hostile banking setting

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Ethereum-based grownup leisure platform SpankChain is shuttering its crypto cost processor, SpankPay, after dropping its cost service supplier Wyre in February and failing to discover a new one. 

In February, SpankPay revealed that its earlier supplier — crypto cost platform Wyre — had terminated its settlement to supply cost providers to SpankPay, referring to “violations of any third-party cost processor or community guidelines.”

In a March 20 put up, SpankPay mentioned this was a “focused shutdown” by Wyre as a result of their new cost processor “doesn’t work with the grownup enterprise.”

“This got here as a shock, seeing as our relationship with Wyre had been supportive and respectful up till this level,” it wrote.

SpankPay says since then, all makes an attempt to seek out one other service supplied resulted in rejection as a consequence of it “being within the grownup {industry}.”

“Working SpankPay in a hostile banking setting has all the time been difficult, however the escalating assaults have turn into untenable for our small workforce and the area of interest market we serve,” SpankPay wrote in a Twitter thread.

SpankChain is an Ethereum-based blockchain geared toward serving to grownup content material creators lower out third-party intermediaries reminiscent of conventional banks — which have had a protracted historical past of battle with the grownup {industry}.

SpankChain launched SpankPay in July 2019 as one of many means to understand that objective. The adult-industry-friendly cost answer assisted grownup entertainers and retailers in accepting cryptocurrency for his or her providers.

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Regardless of the shutdown, the corporate assured customers, “your cash is protected and we’ll get it to you as quickly as attainable.”

“We encourage customers to create crypto wallets and discover private monetary sovereignty. We’ll proceed to develop and put money into merchandise that advance the grownup {industry},” it added.