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.”
After a protracted and tough consideration, now we have determined to shut down SpankPay, our crypto payment processor that we constructed as a protected haven for our group. Rest assured your cash is protected and we’ll get it to you as quickly as potential.
— SpankPay (@SpankPay) March 20, 2023
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.”
Other service suppliers that we explored additionally rejected us on account of being within the grownup {industry}. Operating SpankPay in a hostile banking environment has at all times been difficult, however the escalating assaults have develop into untenable for our small workforce and the area of interest market we serve.
— SpankPay (@SpankPay) March 20, 2023
“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.