SpankPay crypto payment service shutters, citing ‘hostile banking environment

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

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

In a March 20 publish, SpankPay mentioned this was a “targeted shutdown” by Wyre as a result of their new payment processor “doesn’t work with the adult business.”

“This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point,” it wrote.

SpankPay says since then, all makes an attempt to seek out one other service offered resulted in rejection on account of it “being in the adult industry.”

“Operating SpankPay in a hostile banking environment has always been challenging, but the escalating attacks have become untenable for our small team and the niche market we serve,” SpankPay wrote in a Twitter thread.

SpankChain is an Ethereum-based blockchain aimed toward serving to grownup content material creators lower out third-party intermediaries corresponding to 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 appreciate that aim. The adult-industry-friendly payment answer assisted grownup entertainers and retailers in accepting cryptocurrency for his or her providers.

Related: Blockchain know-how can assist create protected and inclusive grownup platforms

Despite the shutdown, the corporate assured customers, “your money is safe and we’ll get it to you as soon as possible.”

“We encourage users to create crypto wallets and explore personal financial sovereignty. We’ll continue to develop and invest in products that advance the adult industry,” it added.

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