Ethereum-based grownup leisure platform SpankChain is shutting down its crypto fee processor, SpankPay, after dropping its fee service supplier Wire in February and failing to discover a new one.
In February, SpankPay declared That its earlier supplier – crypto fee platform Wire – had terminated its contract to supply fee companies to SpankPay, citing “violation of any third-party fee processor or community guidelines”.
After lengthy and troublesome consideration, we now have determined to close down SpankPay, our crypto fee processor that we constructed as a protected haven for our group. Relaxation assured that your cash is protected and we are going to get it to you as quickly as attainable.
— SpankPay (@SpankPay) March 20, 2023
In March 20 SubmitSpankPay mentioned this was a “focused shutdown” by Wyre as a result of their new fee processor “would not work with mature enterprise.”
“This got here as a shock, as our relationship with Wyre up thus far has been supportive and respectful,” he wrote.
SpankPay says that since then, all makes an attempt to search out one other service offered have resulted in rejection “attributable to being in a mature {industry}”.
Different service suppliers that we explored additionally rejected us for being in a mature {industry}. Working SpankPay in a hostile banking atmosphere has all the time been difficult, however growing assaults have grow to be untenable for our small workforce and the area of interest market we serve.
— SpankPay (@SpankPay) March 20, 2023
“Working SpankPay in a hostile banking atmosphere has all the time been difficult, however growing assaults have grow to be untenable for our small workforce and the area of interest market we serve,” SpankPay wrote in a Twitter thread.
SpankChain is an Ethereum-based blockchain that goals to assist grownup content material creators lower out third-party intermediaries resembling conventional banks – which have a protracted historical past of battle with the grownup {industry}.
SpankChain launched SpankPay in July 2019 as a method to comprehend that purpose. An adult-industry-friendly fee answer helps grownup entertainers and retailers settle for cryptocurrencies for his or her companies.
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Regardless of the shutdown, the corporate assured customers, “Your cash is protected and we are going to get it to you as quickly as attainable.”
“We encourage customers to create crypto wallets and discover private monetary sovereignty. We are going to proceed to develop and put money into merchandise that advance the grownup {industry},” it added.
