PornHub utilizes crypto to bypass Paypal ban
Now models on pornographic video site Pornhub can accept the US dollar stablecoin Tether (USDT) as payment. In a recent statement, Pornhub said that adding the cryptocurrency was a direct response to PayPal�s decision to cut off payments to models in November 2019.
According to Tron CEO Justin Sun, it will use the TRON variant of USDT, building on Pornhubâs existing partnership with TRON.
âThis is a brilliant way to support the victims of centralized payment platforms like PayPal,â tweeted Sun.
Models on pornographic video site Pornhub can now accept the US dollar stablecoin Tether (USDT) as payment. In a statement, Pornhub said that adding the cryptocurrency was in direct response to PayPalâs decision to cut off payments to models in November 2019.
According to Tron CEO Justin Sun, it will use the TRON variant of USDT, building on Pornhubâs existing partnership with TRON.
âThis is a brilliant way to support the victims of centralized payment platforms like PayPal,â tweeted Sun.
In addition to the USDT announcement, Pornhub mentioned that it now supports Cosmo Payment, a digital (fiat) payments network that supports the adult industry. It has also added support for direct deposits for Australia and Puerto Rico.Â
Itâs not just models who can use crypto; Itâs also possible to buy Pornhub membership in three cryptocurrencies: Horizen (ZEN), TRON (TRX), and Verge (XVG).Â
When PayPal made its decision to cut off PornHub models, Verge spiked in volume and value. Within 24 hours of the announcement, it increased in value by around 31%. Volume rose from around $1-2 million prior to the announcement, to over $20 million. Alas, within ten days the price had fallen lower than it was before the news broke.
Though the porn industry may not be the most glamorous, they have been early adopters of technology. It's also a multi-billion dollar industry which gives huge exposure to these projects. Especially now that Paypal has banned Pornhub.
It happened for the VHS, if youâre old enough to remember those. And it happened again for DVD, and the porn industry even was the
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