Ethereum-based grownup leisure platform SpankChain is shuttering its crypto cost processor, SpankPay, after dropping its cost service supplier Wyre in February and failing to discover a new one.
In February, SpankPay revealed that its earlier supplier — crypto cost platform Wyre — had terminated its settlement to offer cost providers to SpankPay, referring to “violations of any third-party cost processor or community guidelines.”
After an extended and tough consideration, now we have determined to shut down SpankPay, our crypto cost processor that we constructed as a protected haven for our group. Relaxation assured your cash is protected and we’ll get it to you as quickly as potential.
— SpankPay (@SpankPay) March 20, 2023
In a March 20 publish, SpankPay mentioned this was a “focused shutdown” by Wyre as a result of their new cost processor “doesn’t work with the grownup enterprise.”
“This got here as a shock, seeing as our relationship with Wyre had been supportive and respectful up till this level,” it wrote.
SpankPay says since then, all makes an attempt to seek out one other service supplied resulted in rejection resulting from it “being within the grownup {industry}.”
Different service suppliers that we explored additionally rejected us resulting from being within the grownup {industry}. Working SpankPay in a hostile banking surroundings has all the time been difficult, however the escalating assaults have develop into untenable for our small workforce and the area of interest market we serve.
— SpankPay (@SpankPay) March 20, 2023
“Working SpankPay in a hostile banking surroundings has all the time been difficult, however the escalating assaults have develop into 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 geared toward serving to grownup content material creators minimize out third-party intermediaries equivalent to conventional banks — which have had an extended historical past of battle with the grownup {industry}.
SpankChain launched SpankPay in July 2019. The adult-industry-friendly cost resolution assisted grownup entertainers and retailers in accepting cryptocurrency for his or her providers.
Associated: Blockchain expertise may also help create protected and inclusive grownup platforms
Regardless of the shutdown, the corporate assured customers, “your cash is protected and we’ll get it to you as quickly as potential.”
“We encourage customers to create crypto wallets and discover private monetary sovereignty. We’ll proceed to develop and put money into merchandise that advance the grownup {industry},” it added.
