{"id":46967,"date":"2023-03-21T16:58:39","date_gmt":"2023-03-21T20:58:39","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=46967"},"modified":"2023-03-21T17:35:22","modified_gmt":"2023-03-21T21:35:22","slug":"spankpay-shuts-down-cryptocurrency-payment-service","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/spankpay-shuts-down-cryptocurrency-payment-service\/","title":{"rendered":"SpankPay shuts down cryptocurrency payment service"},"content":{"rendered":"\n

SpankChain was forced to shut down their cryptocurrency payment <\/a>processor, SpankPay after failing to find a replacement service provider.<\/p>\n\n\n\n

\"SpankPay
SpankPay shuts down cryptocurrency payment service<\/figcaption><\/figure>\n\n\n\n

After losing its payment service provider Wyre in February and failing to find a replacement, the Ethereum-based adult entertainment site SpankChain<\/a> is shutting down its cryptocurrency payment processor, SpankPay .<\/p>\n\n\n\n

According to information released by SpankPay in February, Wyre, a cryptocurrency payment platform, had canceled its contract with the crypto payment processor to provide payment services due to “violations of any third-party payment processor or network rules.”<\/p>\n\n\n\n

\n

After a long and difficult consideration, we have decided to close down SpankPay, our crypto payment processor that we built as a safe haven for our community. Rest assured your money is safe and we\u2019ll get it to you as soon as possible.<\/p>— SpankPay (@SpankPay) March 20, 2023\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/blockquote>

This was a “targeted shutdown,” according to the crypto payment processor, since Wyre's new payment processor “doesn't fit with the adult industry,” the company said in a March 20 article. It wrote:<\/p>\n\n\n\n

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“This came as a shock, seeing as our relationship with Wyre had been supportive and respectful up until this point”<\/p>\n<\/blockquote>\n\n\n\n

Since then, the crypto payment processor claims, all searches for similar services have been unsuccessful because they “are in the adult industry.” SpankPay wrote in a Twitter thread:<\/p>\n\n\n\n

\n

\u201cOperating SpankPay in a hostile banking environment has always been challenging, but the escalating attacks have become untenable for our small team and the niche market we serve,”<\/p>\n<\/blockquote>\n\n\n\n

With its Ethereum-based SpankChain blockchain<\/use><\/svg><\/span><\/a>, adult content producers may avoid third-party middlemen like conventional banks, who have a long history of friction with the sector.<\/p>\n\n\n\n

The crypto payment processor was introduced by SpankChain in July 2019. The adult-industry-friendly payment method made it easier for businesses and entertainers to accept cryptocurrencies in exchange for their goods and services.<\/p>\n\n\n\n

The business informed consumers that “your money is safe and we'll transfer it to you as quickly as we can” despite the shutdown.<\/p>\n\n\n\n

\n

“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” it added.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

SpankChain was forced to shut down their cryptocurrency payment processor, SpankPay after failing to find a replacement service provider. After losing its payment service provider Wyre in February and failing to find a replacement, the Ethereum-based adult entertainment site SpankChain is shutting down its cryptocurrency payment processor, SpankPay . According to information released by SpankPay […]<\/p>\n","protected":false},"author":43,"featured_media":46969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[13837,13836],"class_list":["post-46967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-spankchain","tag-spankpay"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/03\/croc_1679427509620.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=46967"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/46967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/46969"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=46967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=46967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=46967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}