PayPal Stops Payouts for Pornhub Models, Opening the Door for Crypto Adoption

Marco Verch / Flickr

Models who earn a living on Pornhub, the largest porn site on the internet, took a major hit on Wednesday evening after it was revealed that PayPal (PYPL) has stopped processing payouts from the platform.

According to the announcement, the decision to stop processing payments from Pornhub was an abrupt one that came out of left field. “We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods,” stated Pornhub in the announcement.

A PayPal spokesperson told Vice, “Following a review, we have discovered that Pornhub has made certain business payments through PayPal without seeking our permission. We have taken action to stop these transactions from occurring.”

PayPal’s decision to bail on Pornhub may encourage models to switch to digital currencies to continue earning money from the site. Based on Pornhub’s current payment options, models can accept privacy-focused cryptocurrency Verge (XVG) directly by downloading the appropriate wallet.

Pornhub added XVG as a payment option in 2018 — a fairly controversial event at the time as Verge raised significant community funds to form the partnership. Things became even worse after Pornhub revealed that less than 1% of purchases made on the platform are with cryptocurrency, further devaluing the partnership.

However, the loss of PayPal could be a significant opportunity for Verge, TRON (TRX) and other cryptocurrencies to gain additional users as the website’s current payment options include Paxum, snail-mail checks, wire transfers or direct deposit (for US and Canadian performers).

XVG is currently up 5.7% on the day to $0.00467, giving the altcoin a $75 million market cap.

More: PayPal Pulls Out of Pornhub, Hurting ‘Hundreds of Thousands’ of Performers
Image: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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