PayPal Holdings Inc. abruptly stopped payment support to models on popular pornography site PornHub following the discovery that the site had made “certain payments without the permission of the payment processor,” according to a Reuters report published November 14.
However, as the site scrambles to find a new payments platform, the cryptocurrency industry seems to see an opportunity. PornHub itself has said that it is considering a payments option that uses cryptocurrency: “we currently pay out in Verge [XVG] and are evaluating adding other cryptocurrency payout options,” said Corey Price, vice president at Pornhub, to CoinDesk on Thursday.
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However, there have been long-standing ties between cryptocurrency and sex work, as sex industry workers have been forced to seek unconventional payment methods in exchange for their services.
Finance Magnates previously reported that the cryptocurrency and sex work industries began to intersect in a serious way in 2015 when Visa and Mastercard pulled their services from now-defunct Backpage, a site for personal ads that was often used by sex workers. At the time, both companies explained that the decision was made to end human trafficking.”
However, when the two major payment providers exited the site, sex workers who relied on Backpage to connect with clients were forced to switch to crypto; Bitcoin, Dogecoin, and Litecoin became the only forms of payment that could be used on Backpage.
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