PHOTO: Reuters
PornHub, the adult entertainment website had to seek other means to pay its hundred thousand performers after Paypal’s departure as PornHub’s payment processor.
According to the PornHub’s blog, the search to find a solution for this led the company to a turn to cryptocurrencies and to the debatable stablecoin Tether (USDT).
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Tether, the highest-profile stablecoin, is the ninth-biggest cryptocurrency by market capitalisation, with coins worth around $3.5 billion in existence. That’s a fraction of bitcoin’s $163 billion market cap.
Tether is said to be backed by the US dollar, $1 for every ₮1.
Models who upload their own content can simply download the TronLink Wallet from the App Store or Google Play to receive USDT.
It is surprising that the company sidelined Bitcoin, the most popular cryptocurrency.
This is not the first time the adult entertainment company took on crypto, last year they partnered with PumaPay to accept PumaPay tokens, CryptoSlate describes this partnership as "match made in crypto heaven."
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The fact of the matter is that the Porn industry is still scorned upon hence the departure of Paypal could be considered as an act of discrimination against sex workers.
There is a sense of security with Blockchain token as it offers privacy and security to people who are opting for this form of entertainment.
In 2018, Pornhub has also partnered with Verge (XVG) to provide its users with a private and convenient way to pay, but according to CryptoSlate report, only 1% of the websites’ users adopted cryptocurrencies as a payment method.
This article originally published on International Business Times.
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