Verge (XVG), a privacy centered cryptocurrency has experienced a 33% surge in the last 24 hours, due to Paypal’s ban on adult entertainment website Pornhub.
Prior to this time, Verge had partnered with Pornhub in April 2018, according to Coin360 the coin has seen a rapid increase in price following Paypal’s announcement on November 14. Built to ensure truly anonymous payments, Verge is indeed important to the adult entertainment industry. Shortly after Paypal’s ban announcement, Verge released instructions on how Pornhub users can change their payment method to Verge. The instruction also came with steps on how Pornhub models can convert their XVG into cash.
Verge (XVG) is based on networks such as Tor and I2P. They are both anonymity-focused networks. It also comes with several layers in encryption to boost security and privacy. Currently ranked 71st on CoinMarketCap, and also trading at $0.004799 (as per the time of publishing)
Trading volumes of the coin have also skyrocketed from $6,806,206 to 18,244,214 in November. About a 168% increase in trading volume. Before this time, Verge had experienced a downside losing over 50% of its value.
Pornhub and crypto adoption
Pornhub claims to be the largest adult entertainment in the world. It currently boasts of over 4.97 million videos. During its partnership announcement with Verge, Pornhub VP Corey Price said that: “History has proven that the adult entertainment industry plays a critical role in adoption for innovative technology.”
August 2018, pornhub also collaborated with payment startup PumaPay. The partnership was designed to facilitate payment in crypto for subscription on the website.
In June 2018, users also announced that its users can now pay for Pornhub Premium with Tron and Zencash.
Prior to this time, PayPal had enabled payouts for Pornhub models. There have however been rumours that the payment giant had knowingly blacklisted several models. This blacklisting happened years before Paypal completely closed its doors to the adult entertainment site.
