Pornhub began accepting payments in Verge (XVG) last year, but the site is still searching for another new payments option.
PayPal Holdings Inc. abruptly stopped payment support to models on popular pornography site PornHub following the discovery that the site had made “certain Payments without the permission of the payment processor,” according to a Reuters report published November 14.
However, as the site scrambles to find a new payments platform, the cryptocurrency industry seems to see an opportunity. PornHub itself has said that it is considering a payments option that uses cryptocurrency: “we currently pay out in Verge [XVG] and are evaluating adding other cryptocurrency payout options,” said Corey Price, vice president at Pornhub, to CoinDesk on Thursday.
Perhaps non-incidentally, the price of Verge had risen by more than 41.5% percent in the 24 hours since the news of Paypal’s withdrawal from PornHub first broke.
"[The] porn industry is definitely a leading indicator of technology adoption."
At the time that the partnership between Verge and PornHub was formed, Litecoin founder Charlie Lee tweeted that the “porn industry is definitely a leading indicator of technology adoption. I'm glad to see them opening up to cryptocurrency.”
I think I was a bit too negative on this news. Wasnt trying to be. Anyways, congratulations to @justinvendetta and the Verge team. Porn industry is definitely a leading indicator of technology adoption. I'm glad to see them opening up to cryptocurrency. ? https://t.co/lS9bekE3aS
In an emailed statement, the payments company said that “following a review, we have discovered that PornHub has made certain business payments through PayPal without seeking our permission. We have taken action to stop these transactions from occurring.”
PornHub said in a blog post that it was “devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods,” and asked users who “have PayPal as your payout option [to] please select a new method and update your information in your Model Settings tab.”
PornHub’s parent company, Luxembourg-based “MindGeek,” has not commented publicly on the matter. Finance Magnates reached out to Pornhub and to MindGeek but did not hear back by press time.
Ties between crypto and the sex industry are closer than meets the eye
While a crypto payment option may be the best eventual choice for PornHub’s models, there may be a learning curve to overcome.
A number of news outlets have pointed to a tweet by PornHub model Shyla Jennings in response to a question from TokenPay.
Crypto, personal portal... LOL. I don’t understand what that even is. I’m cool with just direct deposit into my bank account.
However, there have been long-standing ties between cryptocurrency and sex work, as sex industry workers have been forced to seek unconventional payment methods in exchange for their services.
Finance Magnates previously reported that the cryptocurrency and sex work industries began to intersect in a serious way in 2015 when Visa and Mastercard pulled their services from now-defunct Backpage, a site for personal ads that was often used by sex workers. At the time, both companies explained that the decision was made to end human trafficking.”
However, when the two major payment providers exited the site, sex workers who relied on Backpage to connect with clients were forced to switch to crypto; Bitcoin, Dogecoin, and Litecoin became the only forms of payment that could be used on Backpage.
PayPal Holdings Inc. abruptly stopped payment support to models on popular pornography site PornHub following the discovery that the site had made “certain Payments without the permission of the payment processor,” according to a Reuters report published November 14.
However, as the site scrambles to find a new payments platform, the cryptocurrency industry seems to see an opportunity. PornHub itself has said that it is considering a payments option that uses cryptocurrency: “we currently pay out in Verge [XVG] and are evaluating adding other cryptocurrency payout options,” said Corey Price, vice president at Pornhub, to CoinDesk on Thursday.
Perhaps non-incidentally, the price of Verge had risen by more than 41.5% percent in the 24 hours since the news of Paypal’s withdrawal from PornHub first broke.
"[The] porn industry is definitely a leading indicator of technology adoption."
At the time that the partnership between Verge and PornHub was formed, Litecoin founder Charlie Lee tweeted that the “porn industry is definitely a leading indicator of technology adoption. I'm glad to see them opening up to cryptocurrency.”
I think I was a bit too negative on this news. Wasnt trying to be. Anyways, congratulations to @justinvendetta and the Verge team. Porn industry is definitely a leading indicator of technology adoption. I'm glad to see them opening up to cryptocurrency. ? https://t.co/lS9bekE3aS
In an emailed statement, the payments company said that “following a review, we have discovered that PornHub has made certain business payments through PayPal without seeking our permission. We have taken action to stop these transactions from occurring.”
PornHub said in a blog post that it was “devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods,” and asked users who “have PayPal as your payout option [to] please select a new method and update your information in your Model Settings tab.”
PornHub’s parent company, Luxembourg-based “MindGeek,” has not commented publicly on the matter. Finance Magnates reached out to Pornhub and to MindGeek but did not hear back by press time.
Ties between crypto and the sex industry are closer than meets the eye
While a crypto payment option may be the best eventual choice for PornHub’s models, there may be a learning curve to overcome.
A number of news outlets have pointed to a tweet by PornHub model Shyla Jennings in response to a question from TokenPay.
Crypto, personal portal... LOL. I don’t understand what that even is. I’m cool with just direct deposit into my bank account.
However, there have been long-standing ties between cryptocurrency and sex work, as sex industry workers have been forced to seek unconventional payment methods in exchange for their services.
Finance Magnates previously reported that the cryptocurrency and sex work industries began to intersect in a serious way in 2015 when Visa and Mastercard pulled their services from now-defunct Backpage, a site for personal ads that was often used by sex workers. At the time, both companies explained that the decision was made to end human trafficking.”
However, when the two major payment providers exited the site, sex workers who relied on Backpage to connect with clients were forced to switch to crypto; Bitcoin, Dogecoin, and Litecoin became the only forms of payment that could be used on Backpage.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
US Prosecutors Recommend 3-Year Prison Sentence for Binance's Changpeng Zhao: Report
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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