Anti-Money Laundering News and Information

XRP, Binance Coin, Dogecoin, and USD Coin Added to Pornhub’s Crypto Payment Options

Pornhub has added new cryptocurrency options to its list of accepted payments while removing other ones.

While the adult entertainment platform recently removed privacy coin Dash and PumaPay token from its payment options, it seems to have replaced the cryptocurrencies with other ones, namely Ripple (XRP), Binance Coin (BNB), USD Coin (USDC), and Dogecoin (DOGE). Pornhub has therefore increased the number of cryptocurrencies it accepts as payments for its Premium content.

Crypto as payment for Pornhub accounts is not accepted in all countries, but it is accepted in the United States, the UK, and Singapore. For other EU nations such as Germany, Pornhub supports bank wires.

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Why Visa and Mastercard exited Mastercard

After having faced a ban from Visa and Mastercard last December, Pornhub has moved to add cryptocurrency as an option for payments. For its premium accounts, the only accepted payments for now are cryptocurrencies. Visa and Mastercard both pulled their support of Pornhub last months, when videos of sexual assault and child sexual abuse material (CSAM) were uncovered on the platform.

The scandal caused the credit major credit card companies to withdraw their payment services and support of Pornhub. Following that, Pornhub announced that it will be accepting more cryptocurrencies as payment options. Bitcoin, Bitcoin Cash, Tether, Tron, Ethereum, Litecoin, Monero, to name a few, are accepted for payment for its premium accounts, and currently, sixteen cryptocurrencies are supported on the platform.

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Repercussions on content performers more than Pornhub

According to people familiar with the talks, Visa and Mastercard exiting have not impacted Pornhub the most, but rather, the content creators who rely on the adult entertainment platform to get paid. As Pornhub’s revenue depends heavily on advertisements, it is not as heavily impacted by the change in payment.

However, adult performers have disclosed that it was unfortunate that Visa and Mastercard are holding Pornhub accountable by pulling their partnership. If performers are not able to receive Visa and Mastercard for their work, this becomes problematic as many rely on the adult platform as their main source of income.

While adding cryptocurrencies as a payment option may be seen as innovative on the part of Pornhub, this may serve to paint digital assets in an even more unflattering light. Cryptocurrencies such as Bitcoin have been perceived as a means to facilitate dark web transactions by non-conformists, for the anonymity it provides while transacting online.

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Will XRP regain more value?

While many have moved away from XRP operations in the US, Pornhub has seized the opportunity to add the token to its options. Will this be enough to save the cryptocurrency from plummeting to new depths? Currently, amid all the heat it has been receiving from the SEC alleging it is not a security, XRP has managed despite it all to retain a ranking among the top five cryptocurrencies by market cap. However, it may plummet further and be overtaken by Cardano (ADA), as many exchanges have backed away from it. XRP has lost a lot of its market value and has dropped in value, underperforming compared to other cryptocurrencies.

Currently, it is struggling to break $0.30, and its market cap rests at approximately $13 million. With the cryptocurrency being added to Pornhub’s payment options, this may serve to boost the altcoin slightly, as traffic on the adult entertainment platform has significantly increased during the ongoing COVID-19 pandemic.

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By Shine Li,  January 21, 2021, published on Blockchain News

 

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