Market responds to Pornhub’s Verge adoption… by dumping Verge

One of the world’s largest websites, Pornhub, has begun to accept Verge cryptocurrency payments for memberships – the market has not been impressed, however. 

With it’s double entendre laden press release and assertion that it’s decision was a move that could “spur widespread crypto adoption”, the world’s 36 largest website (yes, 36th… It’s only five below Twitch as of the end of March) announced its adoption of Verge as a payment method with its usual tongue-in-cheek version of pomp.

The crypto markets were not impressed, however, and quickly bought Verge’s price back down from a peak caused by a couple of days worth of hype about an announcement by 25%. The anti-climax, and the aftermath of it, still leaves the – let us not forget – anonymity driven spin-off from Dogecoin at a price level that it has not hit since mid-January and well up on the low it fell to in mid-March.

 

In line with Verge’s raison d’etre, Pornhub’s announcement heralds that it users “will now be able to use Verge, which allows for anonymous transactions by obfuscating the IP address and geolocation of its users so that they are untraceable, to pay for all Pornhub purchases – including Pornhub Premium, the company’s HD, On-Demand streaming service”.

“Here at Pornhub, we have always strongly valued innovation and privacy”, said Pornhub’s Corey Price, adding that “Our acceptance of Verge is an affirmation of our dedication to innovation and privacy, which recently has caused much concern and been at the forefront of all tech consumers’ minds.”

“History has proven,” he added, “that the adult entertainment industry plays a critical role in adoption for innovative technology. We saw that with VHS, Beta Max, credit card payment icons and, most recently, VR goggles. We expect to see widespread adoption of crypto and blockchain in short order.”

According to the release, porn producer Brazzers, and adult gaming portal Nutaku, will also be accepting Verge in what is described as “the largest cryptocurrency collaboration to hit the market”.

Interestingly, the statement also makes reference to some recent controversy surrounding the cryptocurrency – specifically its request for backing from its community and is the partnership Verge had solicited donations from users to close. In a recent request, the team behind Verge had asked for help “with efforts to establish the largest cryptocurrency collaboration to hit the market” and invited backers to “Help us accelerate this crowdfunding effort and reach our target by donating coins today.”

Doubt had recently been cast on exactly why this money had been requested, when 18.6m of the donated Verge coins were transferred from the fundraising wallet to Binance, igniting fears of an exit scam where the money – and the Verge team – would disappear. Initial statements implied that the money was being paid to Ledger for work on Verge integration with its wallets, but speculation was only increased when the hardware company denied knowledge of any such work.

The Pornhub release explicitly states that it is “the partnership Verge had solicited donations from users to close”, but exactly which company received the payment in question remains a worrying mystery.