Ethereum-based grownup leisure platform SpankChain is shuttering its crypto fee processor, SpankPay, after dropping its fee service supplier Wyre in February and failing to discover a new one.
In February, SpankPay revealed that its earlier supplier — crypto fee platform Wyre — had terminated its settlement to offer fee providers to SpankPay, referring to “violations of any third-party fee processor or community guidelines.”
After an extended and troublesome consideration, we have now determined to shut down SpankPay, our crypto fee processor that we constructed as a protected haven for our group. Relaxation assured your cash is protected and we’ll get it to you as quickly as doable.
— SpankPay (@SpankPay) March 20, 2023
In a March 20 post, SpankPay stated this was a “focused shutdown” by Wyre as a result of their new fee 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 search out one other service supplied resulted in rejection as a result of it “being within the grownup {industry}.”
Different service suppliers that we explored additionally rejected us as a result of being within the grownup {industry}. Working SpankPay in a hostile banking atmosphere has all the time been difficult, however the escalating assaults have grow to be untenable for our small group and the area of interest market we serve.
— SpankPay (@SpankPay) March 20, 2023
“Working SpankPay in a hostile banking atmosphere has all the time been difficult, however the escalating assaults have grow to be 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 comparable 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 objective. The adult-industry-friendly fee answer assisted grownup entertainers and retailers in accepting cryptocurrency for his or her providers.
Associated: Blockchain expertise can assist create protected and inclusive grownup platforms
Regardless of the shutdown, the corporate assured customers, “your cash is protected and we’ll get it to you as quickly as doable.”
“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.
