Ethereum-based adult entertainment platform SpankChain shut down its crypto payment processor, SpankPay, after losing payment service provider Wyre in February and failing to find a new one.
In February, SpankPay revealed that the previous provider – crypto payment platform Wyre – has terminated the agreement to provide payment services for SpankPay, referring to “violation of any third party payment processor or network rules.”
After long and difficult consideration, we have decided to close SpankPay, a crypto payment processor built as a haven for our community. Guaranteed your money is safe and will be sent to you as soon as possible.
– SpankPay (@SpankPay) March 20, 2023
On March 20 postSpankPay said it was a “dead target” by Wyre because the new payment processor “doesn’t work with mature businesses.”
“This comes as a surprise, as our relationship with Wyre has been supportive and respectful up until now,” it wrote.
SpankPay said since then, all attempts to find other services available resulted in rejection because it is “in a mature industry.”
Other service providers we explored also rejected us because they were in a mature industry. SpankPay’s operations in a hostile banking environment are certainly challenging, but the growing assaults are unbearable for the small team and the niche markets they serve.
– SpankPay (@SpankPay) March 20, 2023
“SpankPay’s operations in a hostile banking environment are always challenging, but the growing number of attacks is unbearable for our small team and the niche markets we serve,” SpankPay wrote in a Twitter thread.
SpankChain is an Ethereum-based blockchain aimed at helping adult content creators cut out third-party intermediaries such as traditional banks – which have come into conflict with the adult industry.
SpankChain launched SpankPay in July 2019. The adult industry-friendly payment solution helps adult entertainers and merchants to accept cryptocurrency for their services.
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Despite the shutdown, the company assured users, “your money is safe and will be sent to you as soon as possible.”
“We encourage users to create crypto wallets and explore personal financial sovereignty. We will continue to develop and invest in advanced products in a mature industry,” he added.