Ethereum-based adult entertainment platform SpankChain has decided to close its crypto payment processor, SpankPay, after being unable to secure a new payment service provider.
In February, it was revealed that SpankPay’s previous provider — crypto payment platform Wyre — had terminated its agreement due to supposed “violations of any third-party payment processor or network rules”.
SpankPay announced on March 20 that this was a “targeted shutdown” by Wyre, as their new payment processor “doesn’t work with the adult business”.
“This came as a surprise, considering that our relationship with Wyre had been productive and respectful up until this point,” the platform said.
According to SpankPay, they have been unable to find another service provider since then due to the hostile banking environment surrounding the adult industry.
SpankChain was launched in July 2019 as an Ethereum-based blockchain with the goal of helping adult content creators cut out third-party intermediaries such as banks — which have a long history of animosity with the adult industry.
SpankPay was designed to be an adult-industry-friendly payment solution to assist adult entertainers and merchants in accepting cryptocurrency for their services.
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In spite of the closure, the company reassured users that “your money is safe and we’ll get it to you as soon as possible.”
“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,” SpankPay said in a Twitter thread.
