Adult industry-oriented blockchain project SpankChain has launched a cryptocurrency payments platform.
Dedicated to helping adult content providers maintain a reliable payments provider in the face of a largely reluctant traditional finance industry, the new SpankPay service allows users to pay with cryptocurrencies including bitcoin (BTC), ether (ETH) and litecoin (LTC), as well as the “privacy coins” zcash (ZEC) and monero (XMR).
“With SpankPay, we are bringing immediate value to adult merchants by helping them accept crypto, avoid chargebacks, and reach a global audience,” said Ameen Soleimani, CEO of SpankChain.
The service is said to offer “instant” transactions made with a single click. SpankPay charges a fee of 0.5 percent per transaction, which compares favorably with the charges for credit card use of up to 3 percent in the non-porn world. Soleimani said that card companies will charge adult sites up to 10 percent, however.
In recent years, many adult services have had problems receiving payments via credit cards, banks and payment services, with accounts being denied or closed.
SpankPay launches with two partners that have already integrated the solution: Skype-based webcam service SkyPrivate and fan-focused adult platform JustFor.Fans.
Dominic Ford, creator of JustFor.Fans, said:
“We are excited to offer cryptocurrency payment options to our subscribers. Using SpankChain, we don’t have to worry about being shut down due to the fact we are an adult company. We’d much rather support our fellow adult solution providers than use outside solutions that are potentially not adult-friendly.”
SpankChain already offers a webcam site, Spank.live, that aims to better serve the models that provide the content, and provides credit card payments via Segpay. SpankPay is planned for integration with Spank.live soon, according to the announcement.
Edit (09:20 UTC, Aug. 1, 2019): Updated with extra detail from Ameen Soleimani.