Popular pornographic website, Pornhub, adds two new payments options, one of them is a crypto stablecoin with the sixth largest market capitalization in crypto-markets, USDT.
The models and actors on the website were recently cut-off from their PayPal payroll as it withdrew support from the site in November last year for regulatory compliance.
It seems like crypto have come to the rescue for the livelihood of the porn actors with the addition of USD-Tether payments. The twitter page of Pornhub reports,
Heads up Models! We just added USDT, @CosmoPayment& more to our Payment Method options! Click here for details: https://pornhub.com/blog/9381 #USDT #Cosmopayment
Tether stablecoin is the most liquid and largest stable-coin in the crypto ecosystem with a total market capitalization above $4.6 billion.
Tether is operational on OMNI, Ethereum, Tron, EOS and Liquid chain. The percentage allocation on the platforms is at 32.9%, 48.7%, 19.4%, respectively, with less than 1% allocation on EOS and Liquid Chain.
Countries have prohibited banking services from facilitating porn sites for long to counter human and drug trafficking. Nevertheless, the industry continues to thrive with a large number of sex workers in it.
Introduction of stablecoin payments which excludes the volatility aspect of cryptocurrencies could help in the growth of its adoption outside crypto exchanges. Currently, it is primarily used as a medium to hedge one’s value in FIAT on exchanges when trading cryptocurrencies.
Do you think that blockchain based stablecoins’ adoption would increase in 2020? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com