SpankPay closes operations as service provider Wyre shuts account
TL;DR SpankPay, an Ethereum-based adult entertainment platform, is closing its crypto payment processor after losing its payment service provider Wyre. SpankPay was created to assist adult entertainers and merchants in accepting cryptocurrency for their services. However, the company’s attempts at finding another service provider have all resulted in rejection due to it “being in the adult industry.” SpankPay has assured customers that their funds are secure.
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.
After a long and difficult consideration, we have decided to close down SpankPay, our crypto payment processor that we built as a safe haven for our community. Rest assured your money is safe and we’ll get it to you as soon as possible. — SpankPay (@SpankPay) March 20, 2023
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.”
1/ Once again, we have unfortunate news: Payments on SpankPay are suspended indefinitely (again), this time because @sendwyre decided to shut down our account in a targeted fashion. https://t.co/6jmPNj09KB pic.twitter.com/oXSCP4i9Rj — SpankPay (@SpankPay) February 15, 2023
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.”
Other service providers that we explored also rejected us due to being in the adult industry. Operating SpankPay in a hostile banking environment has always been challenging, but the escalating attacks have become untenable for our small team and the niche market we serve. — SpankPay (@SpankPay) March 20, 2023
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.”
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.