Crypto analogue of OnlyFans closes due to Wyre problems

SpankPay, a platform for monetizing adult content using cryptocurrencies, will close due to problems with the crypto provider Wyre. This was announced by representatives of the site on their Twitter page.

According to SpankPay, Wyre’s new business partners don’t want to do business with the adult content industry. Wyre’s new partner is Checkout.com.

“This came as a shock considering our relationship with Wyre up to this point had been supportive and respectful,” SpankPay said.

The project noted that they were trying to find another partner, but no one wants to deal with the adult entertainment industry. SpankPay emphasized that the banking industry is too hostile to such projects and the platform had no choice but to close. SpankPay encouraged users to open their own crypto wallets and learn the basics of financial independence.

In early 2023, the media learned of Wyre’s management plans to close the company due to business profitability issues. Axios reported that Wyre’s top management notified employees of imminent layoffs. A little later, the project announced the introduction of restrictions on the withdrawal of cryptocurrencies.

Wyre customers can now only withdraw up to 90% of their assets from their accounts. At the same time, Wyre assured that the interests of the community remain the highest priority for the company and it is “exploring strategic options for working in the current market conditions”, while still adhering to its goals of “simplifying and revolutionary changing the global payments ecosystem.” The timing of the closure of the site remains unknown.

• The situation around the problematic payment provider has already affected a number of projects that used its services. For example, Topps, a company that produces licensed NFT collectibles, has issued a warning to its customers that it is temporarily suspending NFT transactions in the store and marketplace to assess the situation. In doing so, the project assured users that their collections continue to be safe.