Cam Girls Earned Over $70K Through Spankchain Since April Launch

John Vibes

In a statement released to CoinDesk this week, SpankChain (SPANK), the Ethereum token built for the adult entertainment industry, announced that they have paid their models $72,422 since their launch in April. In a few short months, the platform has attracted over six thousand active users and thirty-one regular performers.

Since the platform works on a blockchain, SpankChain (SPANK) is able to cut out the middleman that typically stands between the performers and their fans, allowing the performers to make more money than ever because they no longer need to split their profits with the platform. Traditional cam sites typically charge models 50% or more to use their platform, while SpankChain (SPANK) just charges a 5% service fee.

Cam model River Sunshine told Coindesk:

 

“I crunched the numbers. I was making on three sites combined, 6 percent of what I made in the same 30-day period on SpankChain. I feel more in control of my money than I did using the banks and payment processors on other sites.”

 

Spankchain also allows performers and their fans to have a stake in the platform by giving them the option to hold their tokens to earn rewards.

Another performer, Molly Mae Meow, said that SpankChain has changed her mind about cryptocurrency. Mae Meow said:

 

“I think a lot of members appreciate that I’m getting almost the whole amount of it. I was a little skeptical about all of it at first. But now I really, really love crypto. Giving models that much power in your site can be very beneficial. You’re not just working on the site, everyone on the site is also working for you.”

 

Proof of Concept

Earlier this month, CryptoGlobe reported that activists and journalists who were facing censorship through traditional channels are finding a new home in decentralized blockchain-based platforms.

Adult entertainers and sex workers are facing similar challenges as they regularly lose access to payment channels like PayPal or Patreon, so now they too are finding a new home on the blockchain.

SpankChain (SPANK) offers a censorship-resistant platform in an industry that desperately needs it, making it one of the most interesting use-cases in the cryptocurrency market. Just this week, adult entertainers across the US found their PayPal accounts locked and funds frozen after extremists known as "Incels" started a campaign to report sex workers and models to regulators and payment processors. SpankChain offers a solution to problems like this because on a decentralized platform there is no middle-man to freeze your funds.

Since SpankChain (SPANK) is a disruptive technology in a taboo industry, some investors have voiced concerns about problems from regulators, especially because SPANK had an ICO.

SpankChain (SPANK) CEO Ameen Soleimani believes that since the company never promoted the project as a money making opportunity, which should keep them safe from scrutiny.

Soleimani made a statement in the Discord channel for the project saying that the team “never discussed price appreciation of the token” and “deliberately tried to keep SPANK off the major exchange,” to avoid issues with regulators.

XRP Trading Now Available to Customers of Huobi Marketplace in USA and China

On Thursday (April 18), Huobi Marketplace (formerly known as "HBUS"), the cryptoasset exchange operated by San Francisco-based company HBUS Holdco, Inc. ("HBUS"), the exclusive U.S. partner of Singapore-based Huobi Global Limited (“Huobi Global”), announced that XRP trading had become available on Huobi.com.

The Huobi Marketplace originally went live under the "HBUS" brand on 10 July 2018. Initially, trading was only available in Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Tether (USDT), Civic (CVC), Dash (DASH), and TrueUSD (TUSD). By 29 November 2018, 12 cryptoassets and 35 trading pairs were supported. 

Then, on January 11, HBUS published a blog post in which the company's CEO, Frank Fu, said that HBUS had "obtained exclusive rights to use the Huobi brand in the U.S." and changed the name of its marketplace (i.e. crypto trading platform) from HBUS to Huobi. HBUS also said that it had migrated "from its previous website (www.hbus.com) to the new domain at www.huobi.com."

In a press release issued on the same day, which was also posted to its blog, HBUS explained that it would continue to be "the company operating the U.S. trading platform," while Huobi Global, Huobi Group’s flagship digital asset exchange, would continue "to operate under its own name at hbg.com."

Here is how HBUS explained the advantages of this strategic partnership with Huobi Global:

"The exclusive licensing agreement and partnership gives HBUS a reputable brand to provide U.S. traders with localized trading experience. A closer relationship also means more technological support from Huobi Global for HBUS, which will provide advanced stability and security features."

Thursday's announcement by Huobi Marketplace informed customers that in order to provide them with "carefully vetted and high-quality trading options," it was adding support for XRP:

"Starting now, you can deposit XRP on the Huobi Marketplace, and the estimated opening time for XRP trading and withdrawals will be April 19th, 2019 at 12:00AM PST. Supported XRP trading pairs include XRP/USD, XRP/BTC and XRP/USDT."

 

Featured Image Courtesy of HBUS