{"id":257798,"date":"2020-04-16T07:07:26","date_gmt":"2020-04-16T11:07:26","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=257798"},"modified":"2020-04-16T07:07:26","modified_gmt":"2020-04-16T11:07:26","slug":"coronavirus-pushes-adult-entertainment-space-closer-to-crypto","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/coronavirus-pushes-adult-entertainment-space-closer-to-crypto","title":{"rendered":"Coronavirus Pushes Adult Entertainment Space Closer to Crypto\u00a0"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">The coronavirus pandemic has created an opportunity for several industries, even while others have significantly slowed down.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One of the industries that fall into the former category is the adult entertainment space. With more people being forced to stay home, many have turned to porn sites to keep them entertained and engaged.\u00a0<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Crypto and its Ability to Transcend Restrictions\u00a0<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">Reports have confirmed that <a href=\"https:\/\/www.pornhub.com\/insights\/coronavirus-update-april-14\">Pornhub<\/a> and Stripchat, two of the most popular porn sites, have seen up to a 25 percent surge in traffic in the United States alone. In comparison, Stripchat has also recorded a 300 percent increase in the number of daily sign-ups in coronavirus-hit areas like Italy.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, there\u2019s a bit of a challenge for many porn stars. With lockdowns and social distancing measures being put in place, many of them are unable to find work. So, while there\u2019s a considerable increase in the need for new content, the supply hasn\u2019t especially been commensurate.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">While many of them have had no choice but to go online to make a living, there\u2019s also the challenge of not being able to access your cash once you get paid. This is why several of them have turned to crypto.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a conversation with industry news source Decrypt, a spokesperson for Stripchat confirmed that the platform had seen a 59 percent increase in crypto payments since March 1.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A similar trend has been noticed on SpankChain, another adult entertainment platform. The platform\u2019s payment processor, SpankPay, allows models to be paid in different cryptocurrencies \u2013 including Bitcoin and Ether.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Company chief executive Ameen Soleimani confirmed to Decrypt that they\u2019ve seen a 40 percent increase in the number of SpankPay transfers over the past month.\u00a0<\/span><\/p>\n<blockquote><p><span data-preserver-spaces=\"true\">\u201cThe cam models and clip artists are largely doing OK, but many sex workers offering physical services (strippers, etc&#8230;) who were the most impacted are now going digital and offering content and companionship through online platforms,\u201d he added.\u00a0<\/span><\/p><\/blockquote>\n<h2><strong><span data-preserver-spaces=\"true\">Pornhub Shows a Recipe for Success<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">This isn\u2019t the first notable symbiosis between cryptocurrencies and the adult entertainment scene. Last year, Pornhub was caught unawares when PayPal suddenly decided to stop offering its payment-processing services to its models, leaving up to 10,000 sex workers stranded and unable to receive payments.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The adult entertainment company explained in a\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.pornhub.com\/blog\/9122\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">blog post<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0at the time that PayPal had suddenly quit serving it without even notifying or giving probable cause. In the interim, the platform had to make a pivot.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Thankfully, the platform already had some notable crypto partnerships to help keep operations moving. In 2018, it partnered with Verge (XVG) last year, thus allowing users to use cryptocurrencies to purchase services. It also started working with crypto payment and billing service PumaPay last August to enable purchases.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At that time, the platform has brought on several crypto payment options to its models. In January, Pornhub\u00a0<\/span><a class=\"_e75a791d-denali-editor-page-rtfLink\" href=\"https:\/\/www.pornhub.com\/blog\/9381\" target=\"_blank\" rel=\"noopener noreferrer\"><span data-preserver-spaces=\"true\">announced<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that it had partnered with Tether to provide instant and zero-fee crypto payments through TronLink, the wallet and browser extension.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The firm also strengthened its PumPay partnership by adding the service\u2019s crypto payments solution.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In truth, crypto payments still account for a small fraction of total revenue on adult entertainment sites. However, with the coronavirus on a rampage and an increasing shift to the digital space, we could see increased levels of adoption soon. ]<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">The coronavirus pandemic has created an opportunity for several industries, even while others have significantly slowed down.\u00a0 One of the industries that fall into the <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/coronavirus-pushes-adult-entertainment-space-closer-to-crypto\" title=\"Coronavirus Pushes Adult Entertainment Space Closer to Crypto\u00a0\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":257799,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[10646,9849,10645,10647],"class_list":["post-257798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-adult-enterntainment","tag-pornhub","tag-spankchain","tag-stripchat"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - 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