Crypto has been associated with the porn industry on many occasions as it has been acting as a popular mode of payment in this sector. The most popular name to be involved directly with cryptocurrencies is a popular adult website Pornhub.
Traditional systems fail
Pornhub first made the headlines back in November 2019, when leading American payment processor PayPal stopped processing the payments related to the adult platform. This cut off pay-outs to “over a hundred thousand performers who rely on them for their livelihoods.”
PayPal had been the most commonly used payment processor for Pornhub models. With PayPal out of the scene, cryptocurrencies came to the rescue. The website has been accepting crypto payments for a few years now, but the usage has been minimal so far. Some of the big names in the industry like Changpeng Zhao and Justin Sun considered this an opportunity for cryptocurrencies to leave their mark.
Efforts to boost crypto adoption
Only one percent of Pornhub’s revenue flows in via crypto. To further boost crypto use in this sector, PumaPay has partnered with Pornhub to enable recurring subscription services for Pornhub Premium, the platform’s high-definition, on-demand premium subscription service.
PumaPay provides innovative payment solutions to merchants today, with no unnecessary transaction fees, enhanced cybersecurity, and private transactions. The system runs on PumaPay’s PullPay protocol, which enables recurring subscriptions for the premium on-demand service.
PumaPay CEO Yoav Dror, told media outlet Cointelegraph:
“The PullPay Protocol is unique in that it inverts the mechanics of a typical blockchain transaction: Instead of the customer ‘pushing’ the funds to the merchant, PumaPay’s Protocol allows the merchant to ‘pull’ the funds from the customer’s wallet, based on pre-approved terms.”
Pornhub users will now be able to pay for their monthly and one-time subscription fees using PumaPay’s PMA tokens, via the PumaPay Mobile Wallet application. The PMA cryptocurrency is listed on a number of exchanges including HitBTC, Coinbene, Bittrex, and OKEx.
The mobile wallet also has support for other cryptocurrencies namely Bitcoin, Ethereum, Litecoin, Dash, and ERC20 tokens. These tokens can be exchanged in the mobile app itself for PMA tokens. To further enhance customer experience, the wallet is also accessible via a Chrome Extension.
Pornhub Vice President, Corey Price, commented on the latest move:
“Pornhub’s 100 million daily visitors want choice and security when it comes to payments. With an uptick in crypto adoption, adding PumaPay to the list of cryptocurrencies Pornhub accepts allows us to better cater to the millions of crypto holders around the world.”
Pornhub and Crypto
Pornhub has been quite active in adopting crypto-based solutions. Earlier this January, the company also added support for popular stable coin Tether (USDT) to allow instant and zero-fee payments via the crypto wallet TronLink. To recover from the Paypal ban, Pornhub models used the TronLink wallet app to start accepting crypto payments.
Prior to this, Pornhub had partnered with another popular cryptocurrency, Verge (XVG) last year. It is already listed as a payout method and the model just needs a Verge wallet to start receiving their payments. Pornhub partner Netcents had also partnered with Ripple (XRP) last week to allow for purchases at all participating merchants, a Bloomberg report states.
