A blog post published by PornHub on November 13 states that the payment processing giant PayPal has stopped processing payments for “over a hundred thousand PornHub models”.
The blog post reads “devastated by PayPal’s decision to stop payouts” but the crypto community didn’t consider it as devastating, rather they speculate crypto could serve them. However, as per PayPal spokesperson, the decision was followed by the discovery of certain actions of models that occurred via PayPal “without their permission”. The spokesperson said that;
“Following a review, we have discovered that Pornhub has made certain business payments through PayPal without seeking our permission. We have taken action to stop these transactions from occurring.”
However, back in April 2018, PornHub announced its involvement with the Verge privacy coin as an alternative payment method for models. This is because many banks step back to support industry like adult entertainment – this being said, models can switch to virtual currency to continue earning money.
Following the news, Changpeng Zhao, CEO of Binance crypto exchange commented: “Sounds like an opportunity for crypto”.
But on the other side, it was reported that Verge had raised significant community funds to a sign-in partnership deal with PornHub and as per the previous announcement of PornHub, less than 1% of purchases made via Verge cryptocurrency.
Furthermore, models are told to find an alternative payment method and update their payment details accordingly. This may be a potential opportunity for cryptocurrencies, specifically privacy coins to fit in the slot opened up by PayPal.
Image Source – Flickr
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