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Spankchain, an adult industry blockchain company, has launched SpankPay, a new cryptocurrency-powered payment platform designed to offer lower transaction fees to porn consumers and performers.
SpankPay will have transaction fees fixed at 0.5 percent—far lower than the 10 percent rate demanded by regular payment providers like Segpay, according to SpankChain CEO, Ameen Soleimani. SpankPay will let masturbators on integrated websites pay for services using bitcoin, ethereum, litecoin and “privacy coin” monero.
“With our state of the art 0-conf payment system”—meaning no wait times on transactions—“we can accept crypto instantly, creating an experience competitive with credit cards and eliminating the risk of an eager prospective adult customer being thwarted by delays in cryptocurrency settlement systems,” Soleimani told Decrypt. “Wankers rejoice!”
According to a Medium post, SpankPay has already been integrated by two partners—cam site JustFor.fans and Skype-powered cam service Skyprivate. SPANK.live, Spankchain’s own cam site, will integrate the platform at a later date.
“I had to interrupt my wank to tell you this, thanks,” grumbled Soleimani.
Spankchain, which grew out of Decrypt financier and VC incubator ConsenSys, was founded in late 2017 in San Francisco, before relocating to Los Angeles. Its camming service, Spank.live, lets models receive instant payments through a digital wallet via a “stablecoin,” BOOTY, which spares them from abrupt account freezes, which are common in the adult industry.