Pornhub’s Partnership with Verge Could Fuel the Crypto Frenzy
Pornhub and its sister sites have long accepted Bitcoin for their premium service, but crypto payment processor GoCoin will now support Verge (VGX) for all services, including the ad-supported free version.
The Verge (VGX) blockchain is designed to be especially private. It’s a fork of Dogecoin, which was itself based on Litecoin, and it uses multiple anonymity-centric networks including Tor and I2P. The idea is to conceal both the sender and receiver of transactions as well as the amount being sent.
Crypto enthusiasts have been trying to get mainstream companies to accept cryptocurrencies since Bitcoin’s early days, but big companies have been reluctant to take the plunge. Payment processors such as PayPal are notoriously risk-averse and many online merchants don’t have much of an appetite for new technologies. The risk of chargebacks is a major barrier, while the volatility of cryptocurrencies is another deterrent.
Verge has a market cap of $1.6 billion, according to CoinMarketCap, making it the 28th largest cryptocurrency. Verge is a privacy-focused cryptocurrency that aims to offer anonymous transactions by obscuring the IP address and geolocation of its users so that they can’t be identified or tracked.
According to Pornhub’s vice president Corey Price, this is the first time a major adult entertainment platform will accept cryptocurrency payments.
“History has proven that the adult entertainment industry plays a critical role in adoption for innovative technology,” said Price in an official statement. “We saw that with VHS, Beta Max, credit card payment icons, and, most recently, VR goggles.”
Verge’s partnership with Pornhub will allow the adult-entertainment site’s millions of users to pay for premium services using Verge’s digital currency. Verge says it’s an ideal coin for purposes like this because its transactions are private by default, whereas Bitcoin transactions are public and can be traced back to users’ wallets.
Verge has done some interesting things to promote itself. In February, it raised 75 million XVG through crowdfunding to support its development work. According to The Next Web, this was worth about $3 million at the time — but with cryptocurrency prices soaring, it is now worth about $8 million.
Author bioBlair Thomas has been a music producer, bouncer, screenwriter and, for over a decade, has been the proud Co-Founder of eMerchantBroker, the highest-rated high-risk merchant account and crypto payments processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.
