Pornhub Embraces Cryptocurrency, Adult Content Creators Can Withdaw Money In Tether

Paypal's exodus as Pornhub's payment processor in November left the adult entertainment website to seek other ways of paying its hundred thousand performers.

The search led Pornhub to turn to cryptocurrencies once more, as the porn site indicated on its blog. This time they found a solution with controversial stablecoin Tether (USDT). The fifth-largest crypto by market cap will now facilitate zero-fee transactions with digital wallet TronLink. Tether is said to be backed by the U.S. dollar, $1 for every ₮1.

Models who earn from uploading their own content can download the TronLink wallet from the App Store or Google Play to receive USDT.

What about Bitcoin?

Pornhub's move seems to have overlooked the most popular crypto, but Bitcoin's high volatility may have something to do with that decision. Nonetheless, Tether isn't the most immaculate option either as the issues that surround it include pumping BTC's price and not having enough USD to cover each Tether, which was last reported to be down to $0.74 per Tether. Then, there's also the Department of Justice's investigations.

Still, the "stability" it represents maybe a better option, at least for now, for Pornhub rather than deal with an extremely volatile cryptocurrency.

Other cryptos

This isn't the first time that Pornhub embraced crypto, though, as last year, the adult site teamed up with PumaPay to accept PumaPay tokens (PMA), according to CryptoSlate. That partnership is seen as a "match made in crypto heaven."

As the industry is still heavily stigmatized, with PayPal's departure seen as merely contributing to the discrimination of sex workers, the inherent characteristics of a blockchain token offer anonymity and security for people subscribing to this form of entertainment.

Pornhub users may feel more comfortable accessing the site's services since payment privacy is taken care of by the crypto.

XVG

Pornhub also partnered with Verge (XVG) in 2018 to provide a more private and convenient way for its users to pay, but CryptoGlobe reports that only 1 percent of its users were using cryptocurrencies for subscription payments.

The market value of XVG only surged after PayPal announced its exit, jumping 40 percent in the process.