PayPal’s PornHub Blacklisting Offers Crypto Adoption Opportunity
PayPal has suddenly ceased offering support for popular adult entertainment website PornHub. Performers on the platform now have to use other payout methods which include cryptocurrencies with some industry leaders saying the development is a positive for mainstream crypto adoption.
In recent times, crypto adoption has been growing in the adult entertainment scene with several platforms enabling virtual currency support. Some commentators say crypto is increasingly showing the world the benefits inherent in a censorship-resistant payment gateway.
PayPal No Longer Supports PornHub Payouts
PornHub issued a statement on its website announcing the decision by PayPal to discontinue offering support to the adult entertainment service. An excerpt from PornHub’s statement reads:
“We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods. If you have PayPal as your payout option please select a new method and update your information in your Model Settings tab.”
Given the popularity of PayPal as a payment means, close to 100,000 performers on the platform were affected. PornHub suggested that affected performers utilize other payment means including cryptocurrency.
Several responders to the announcement by PornHub expressed displeasure at the development calling out PayPal for their censorship antics.
Crypto Adoption to the Rescue?
Some crypto heavyweights have come out in the last few hours to suggest that PayPal’s pulling out presents an opportunity for greater crypto adoption by PornHub and its team of performers. Tweeting in response to the issue, Binance CEO Changpeng Zhao remarked that the news sounded “like an opportunity for crypto.”
Sounds like an opportunity for #crypto? https://t.co/vHG8XrtHU5
— CZ Binance (@cz_binance) November 14, 2019
Zhao isn’t the only notable crypto figure to comment on the matter via Twitter. TRON (TRX) chief Justin Sun revealed that PornHub already accepts TRX payments. Sun also hinted on plans to add support for USDT-TRC20. By so doing, performers can receive payments in stablecoins which are free from the usual volatility in crypto token prices.
.@Pornhub accepts $TRX payment. We need to add USDT-TRC20 supports too. #TRON #TRX https://t.co/2cK6jgqP3e
— Justin Sun (@justinsuntron) November 14, 2019
Growing Crypto Adoption in the Adult Entertainment Industry
PornHub already has a partnership with Verge (XVG) that allows users to pay for premium content on the Canadian adult entertainment website using the XVG token. According to Bloomberg, Ripple and NetCents are working on a new partnership deal. NetCents is PornHub’s partner and there are reports that the deal could see XRP adoption on PornHub.
Despite a slow start to crypto adoption in the porn industry, recent events seem to be causing stakeholders within the industry to consider broader utilization of virtual currency payment options.
Many porn websites now accept bitcoin and other crypto payments. Some porn platforms have even taken to launching their own digital currencies in attempts to benefit from the emerging crypto commerce landscape.
Apart from payment and token creation, many other forms of crypto adoption examples exist within the porn industry. As previously reported by Blockonomi, Vice Industry Token (VIT) partnered with PornHub subsidiary Tube8 to tokenize porn content viewership. The system enabled users to earn cryptos while viewing porn videos.
Crypto adoption in the porn industry also brings up one of the more important aspects of virtual currency utility — censorship resistance. Given the sensitive nature of the industry’s activities, crypto adoption might be the solution to the industry suffering heavy censorship from government authorities.
The post PayPal’s PornHub Blacklisting Offers Crypto Adoption Opportunity appeared first on Blockonomi.
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