Ethereum-based grownup leisure platform SpankChain is shuttering its crypto cost processor, SpankPay, after shedding 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 offer cost companies to SpankPay, referring to “violations of any third-party cost processor or community guidelines.”
After an extended and troublesome consideration, we have now determined to shut down SpankPay, our crypto cost processor that we constructed as a secure haven for our group. Relaxation assured your cash is secure and we’ll get it to you as quickly as attainable.
— SpankPay (@SpankPay) March 20, 2023
In a March 20 publish, 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 offered resulted in rejection resulting from it “being within the grownup {industry}.”
Different service suppliers that we explored additionally rejected us resulting from being within the grownup {industry}. Working SpankPay in a hostile banking surroundings has all the time been difficult, however the escalating assaults have turn into untenable for our small group and the area of interest market we serve.
— SpankPay (@SpankPay) March 20, 2023
“Working SpankPay in a hostile banking surroundings has all the time been difficult, however the escalating assaults have turn into untenable for our small group and the area of interest market we serve,” SpankPay wrote in a Twitter thread.
SpankChain is an Ethereum-based blockchain aimed toward serving to grownup content material creators minimize out third-party intermediaries corresponding to conventional banks — which have had an extended historical past of battle with the grownup {industry}.
SpankChain launched SpankPay in July 2019 as one of many means to comprehend that purpose. The adult-industry-friendly cost answer assisted grownup entertainers and retailers in accepting cryptocurrency for his or her companies.
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Regardless of the shutdown, the corporate assured customers, “your cash is secure 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 spend money on merchandise that advance the grownup {industry},” it added.
