A stagnant price period seems at an end as Pornhub is forced to go full crypto for payments.
Verge (XVG), the cryptocurrency now infamous for its links to the porn industry, is on the up again — thanks to a classic fiat money scandal.
As adult entertainment giant Pornhub confirmed this week, payment providers Visa and MasterCard are no longer servicing its payments, leaving only cryptocurrency for its roughly 120 million daily visitors.
“Crushing news” for Pornhub
The reason, the companies say, is questions which remain over Pornhub’s handling of illegal content. For MasterCard, the block is permanent, while Visa will continue to monitor its decision.
Responding, Pornhub told the Associated Press that the allegations were “irresponsible and flagrantly untrue.”
“This news is crushing for the hundreds of thousands of models who rely on our platform for their livelihoods,” it added in a statement.
Visa and MasterCard follow PayPal in shunning the world’s biggest porn site, which is now forced to lean exclusively on cryptocurrency payments.
Verge steps up to the plate
The move has put a spring in the step of Verge, however, the Dogecoin (DOGE) fork which until recently had languished almost unnoticed at near multi-year lows.
At press time on Dec. 12, XVG/USD traded at almost $0.007, having previously matched highs from June. Verge is now the 97th largest cryptocurrency, with a total market cap of $112 million.
Responding to Pornhub’s troubles, Mark Wittenberg of the Verge Core Marketing Team appealed to stranded models to consider cryptocurrency.
“Our #1 focus at @vergecurrency $XVG is to be a #currency,” he tweeted on Friday.
“It is our position to be used as one. If any models at @Pornhub need assistance in getting familiar with payment options, its our role as a #worldwide #community. to help out. We should be embracing #decentralized payments.”
With Pornhub also accepting Bitcoin (BTC) and Litecoin (LTC), while also allowing models to cash out in a small number of other altcoins, Verge’s appeal may remain limited. Nonetheless, a payment gateway has already been found for Pornhub’s workers.
“We would be happy to help as a #decentralized payment option!” NOWPayments confirmed.
Verge originally partnered with Pornhub in April 2018 in a decision which immediately buoyed the altcoin’s fortunes as the original “altseason” came to an end. At the time, Corey Price, supposedly the site’s vice president, described it as “an affirmation of our dedication to innovation and privacy, which recently has caused much concern and been at the forefront of all tech consumers’ minds.”
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