The adult-film industry is looking to cryptocurrencies as a payment gateway, with several websites looking to accept virtual currencies like Bitcoin [BTC] and Ethereum [ETH].
Initmate.io, an adult-film start-up, is all set to launch its payment gateway based on virtual currencies next week. Over the first half of 2019, more than 60 partners are looking to add cryptocurrencies as a payment gateway, reported Micky, an Australian news portal.
To add onto the payment gateway, intimate.io will also launch its very own native token Intimate [ITM], which can be used across the adult-film industry for, “payment, privacy, and reputation”. Intimate.io is also expanding their client base at a fast pace and has signed partnership deals with 47 adult sites, including the likes of Sexpo, ClubX, Rendevu, among others.
Intimate.io is also looking to market their endeavor at several events around the globe, including some of the industry’s flagship awards like the Xbiz Awards, and the Cybersocket awards. From these events alone, around, “15 to 20 more partners” are expected to sign-up, said Ruben Coppa, CEO of intimate.io.
The start-up’s first payment gateway is set to be operational with Smile Makers Collection, which, following Intimate’s integration, will accept Bitcoin [BTC], Ethereum [ETH] and Binance Coin [BNB], in addition to their native token, Intimate [ITM].
Cryptocurrency payment gateways are eyeing the adult-film industry as a new frontier, as traditional online payment processors like Mastercard and Visa view the aforementioned industry as being high-risk, hence charging commissions of 5 percent to 15 percent, with a high probability of payment suspension.
Furthermore, customers also prefer cryptocurrencies, to traditional payment portals as the former provides anonymity.
Ruben Coppa, stated:
“Adult is the use case crypto has been waiting for. I absolutely think that’s the case and the more time that goes on, the more people in crypto agree with us.”
Initmate.io began operations in late 2017 when the crypto-boom commenced and has slowly gained a foothold in the adult-film industry. Given the tumultuous nature of the industry and the perception of its customers to digital currencies, several of Intimate.io’s competitors have exited the market, with the only remnants being Spankchain and PumaPay.
The Intimate.io CEO added:
“There was a huge influx of crypto payments methods, but there are only a handful left. I think it’s now extremely difficult for someone else to enter the space.”
Pornhub, a leading adult-film website, partnered with Verge [XVG], ZenCash [ZEN], now Horizen, and Tron [TRX] last year for a similar project, but reported that less than 1 percent of their payments on the site was in the form of cryptocurrencies.
Despite this, Coppa remains hopeful, adding that the decentralized currency world can assist the adult-film industry, stating:
“I think crypto will save adult.”
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