Adult Website CamSoda Starts Accepting Cryptocurrency Payments

Adult entertainment website CamSoda, ranked among the top 4,000 websites in the world according to Alexa,has recently started accepting cryptocurrency payments for various features on its platform.

According to The Next Web, CamSoda users can now purchase on-site tokens using several cryptocurrencies, including bitcoin, litecoin, bitcoin cash, ether, TRX, monero, and zcash. These tokens can then be used to tip models, pay for private chats, and more.

Speaking to the news outlet the company’s vice president Daryn Parker stated:

Now that we are seeing more adoption of the technology, we decided to give our users what they’ve been asking us for some time.

This is notably not the first time CamSoda ventures into the cryptocurrency space. In December of last year it created a platform called BitCast that let users pair their interactive sex toys with the performance of leading cryptos. In March of last year it launched CokcBlockchain, a platform that allowed users to earn cryptocurrency for their nude pictures.

Accepting cryptocurrencies allows the models on its website to deal with less fees, and as such to earn more. The company itself benefits from cryptocurrency adoption as its users are able to instantly purchase its services. Speaking to Breakermag Parker stated:

Say you’re an independent model in Romania, and you earn $500 a week. To get that wire might cost you $100 in fees, so it really takes a significant dent out of your work.

The company has claimed it’s been receiving requests to accept crypto for a “couple of weeks,” and that since the feature was launched last week it has seen less than 1% of its users pay with these currencies, a figure higher than expected at this stage.

Notably CamSoda isn’t the only adult website accepting cryptocurrency payments. Last year MindGeek, the firm behind Pornhub, started accepting cryptocurrency payments. While the company started through an “exclusive” partnership with Verge (XVG), it soon added TRX and ZenCash as payment options.

Since then, Pornhub has also partnered with PumaPay to enable recurring cryptocurrency payments for its subscription. Another popular porn website, VRPorn, quietly added LTC payments in May of last year.

Top-Tier Crypto Exchanges' Volumes Climb Back to One-Third of Total Market Share

The aggregate trading volume of top-tier cryptocurrency exchanges has increased by 61.2% during the month of January, while the volume of lower-tier crypto exchanges increased 46.4%.

According to CryptoCompare’s January 2020 Exchange Review, the trading volume of top-tier crypto exchanges – those rated AA-B according to its Exchange Benchmark – climbed last month to represent 29.3% of the total trading volume in the space.

The rise is significant as in December, the cryptoasset data provider’s report showed top-tier cryptocurrency exchanges were seeing their trading volumes drop as they lost market share to lower-tier crypto exchanges, those rated C-F. At the time, they represented 26.4% of the cryptocurrency market’s total trading volume.

top tier trading volumesSource: CryptoCompare Exchange Review

The report further found that exchanges that charge taker fees represented 76% of the total volume last month, while those that implement the controversial trans-fee mining (TFM) model represented 22%.

It also found that regulated bitcoin derivatives are still dominated by the CME, whose total trading volumes went up 145.6% since December. Grayscale’s Bitcoin Trust product (GBTC) saw its total trading volume rise 131% since December.

As for derivatives trading on cryptocurrency exchanges, in January OKEx represented the majority of daily derivatives volumes, trading $4.96 billion per day and capturing 31.1% of the total market share. Huobi traded $4.29 billion a day for 26.9% of it, while BitMEX traded $3.13 billion for 19.6%.

Pure crypto-to-crypto exchanges notably represented 75.4% of the market’s trading volume, in a similar proportion to the last two months. The stablecoin space, per the report, is still dominated by Tether’s USDT, as it still represents 94% of the total Bitcoin trading volume into the top four stablecoins.

Decentralized Exchanges Lose Trading Volume

CryptoCompare’s report also addresses decentralized cryptocurrency exchanges, noting IDEX was the largest one in January. It traded a total of $10 million as its trading volume went up 25.4%, and it was followed by Switcheo and Bitsquare. While these platforms’ volumes went up, DEXs as a whole have been losing volume.

dex CHARTSource: CryptoCompare Exchange Review

According to the report they have diminished 88% since early 2019 to now represent a small fraction of the global spot exchange volume. In January, decentralized trading platform traded $17.8 million in total, representing 0.003% of the market. In January 2019, for comparison, they traded $148 million.

Featured image via Unsplash.