SpankPay (1), a cryptocurrency payment service, has announced that it will shut down due to a hostile banking environment.
Closure due to difficulties in securing banking relationships
The company cited difficulties in securing banking relationships as the primary reason for the closure. In a statement, the company’s CEO stated that SpankPay had been “forced to deal with constant uncertainty and delays” in its efforts to secure banking services.
SpankPay was launched in 2018 as a payment service for the adult entertainment industry. The company allowed users to make payments and donations using a variety of cryptocurrencies, including Bitcoin and Ethereum.
Despite its popularity within the adult entertainment industry, SpankPay was unable to overcome the challenges posed by the banking environment. The company’s closure highlights the ongoing challenges faced by cryptocurrency businesses in securing reliable banking services.
Significant setback for the adult entertainment industry
The closure of SpankPay is a significant setback for the adult entertainment industry, which has relied on the service to process payments and donations. It also serves as a cautionary tale for other cryptocurrency businesses, who must navigate a complex and sometimes hostile banking environment in order to operate effectively.
Moving forward, it is likely that more cryptocurrency businesses will seek to partner with banks and financial institutions in order to ensure reliable and stable banking services. However, it remains to be seen whether such partnerships will be forthcoming, given the continuing challenges faced by the cryptocurrency industry in securing banking relationships.
In the meantime, the closure of SpankPay highlights the need for continued advocacy and education on behalf of the cryptocurrency industry. Only by working together can the industry hope to overcome the challenges posed by the banking environment and build a more stable and sustainable future for cryptocurrency payments.