PayPal is an American Company that is operating worldwide as an online payment method, which would help for online money transfers as well as working as an alternative for traditional methods like cash and cheques. PayPal is a global system that is used by millions of users across the globe to receive payments for the work they do including people associated with the PornHub platform.
PayPal, however, has always been against the adult entertainment industry as there have been cases of various people involved in the adult industry who got their PayPal accounts blocked by the company without any notices. It was the most trusted way by which the PornHub models received their payments until now.
PayPal leaving support: effects on PornHub models, PornHub VR, PornHub premium, PornHub App and Cryptocurrencies
PayPal suddenly stopped its services for the platform without even any prior warning, which left the PornHub platform devastated. PayPal was one of the significant ways in which PornHub received payments for its premium memberships and app services. The payments to the PornHub models were also made with the help of PayPal.
PayPal has not yet come forward with any information on why they stopped their operations on the leading adult entertainment platform and why the payments were stopped around the world. On the other hand, PornHub has started looking for an alternative for making payments to the models who are dependent on the platform for earning money.
Bitcoin and other cryptocurrencies are proving to be the best option for the platform as the payments done using Bitcoin cannot be canceled by any third-party payment platform. Another cryptocurrency that is witnessing a surge is Verge. It is among the three cryptocurrencies that are accepted by the site.
Sounds like an opportunity for #crypto? https://t.co/vHG8XrtHU5
— CZ Binance (@cz_binance) November 14, 2019
In the past 24 hours, the price of XVG against the U.S. Dollar has remained stable in a bearish crypto market. The news of PayPal banning was published on the PornHub Model help and updates twitter page informed the community about the PayPal ban. Binance CEO, Changpeng Zhao through his twitter, reacted to this by hinting that maybe the platform will move towards more crypto acceptance. PornHub also posted the news on its official website, which you can read here.
Lack of Interest by Models
The cryptocurrencies prove to be a suitable payment option for the performers, but the complexity of the crypto world is a drawback for them. Award-winning performers, Shyla Jennings, replied to Token Pay by stating that she would prefer bank deposits over crypto payments.
Crypto, personal portal… LOL. I don’t understand what that even is. I’m cool with just direct deposit into my bank account.
— Shyla Jennings🦄 (@shylajdotcom) November 14, 2019
The Verge price has broken the bearish channel, and an increase is seen in the price after the news. It is not decided yet what the platform is planning to do, but there are chances that PornHub might move to crypto assets for the payments and other processes.
