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SpankPay closes operations as service provider Wyre shuts account

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SpankPay closes operations as service provider Wyre shuts account

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  • SpankPay is closing its crypto payment processor after losing its payment service provider, Wyre.
  • SpankPay assisted adult entertainers and merchants in accepting cryptocurrency for their services.

SpankPay, an Ethereum [ETH]-based adult entertainment platform, is closing its crypto payment processor SpankPay after it lost its payment service provider Wyre last month and failed to find another.

On 16 February, SpankPay revealed that crypto payment platform Wyre had terminated its agreement to provide SpankPay with payment services, citing “violations of any third-party payment processor or network rules.”

SpankPay stated in a tweet yesterday that it was a “targeted shutdown” by Wyre. Notably, its new payment processor, checkout dot com, “doesn’t work with the adult business.”

SpankPay wrote:

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

The firm’s’s attempts to find another service provider have all resulted in rejection since then due to it “being in the adult industry.”

However, the company assured customers that their funds were secure.

SpankPay stated that while operating in a hostile banking environment has always been difficult, the escalating attacks have made it untenable for its small team and the niche market they serve.

“With SpankPay being discriminated against due to the nature of our business, we’re as motivated as ever to end these extra-legal censorship practices enforced by financial institutions.”

SpankPay serves content creators marginalized by TradFi

SpankChain is an Ethereum-based blockchain that seeks to help adult content creators in eliminating third-party intermediaries such as traditional banks, which have a long history of conflict with the adult industry.

SpankChain introduced SpankPay in July 2019. The payment solution for the adult industry aided adult entertainers and merchants in accepting cryptocurrency for their services.

“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.”

The adult entertainment industry has shown in the past that it leads in adopting new technology iterations. This made it an intriguing proposition for the future of cryptocurrencies. The adult entertainment industry is estimated to be worth billions of dollars, giving it significant clout over cutting-edge technologies like Web3 and blockchain.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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