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Privacy-based cryptocurrency Verge (XVG) has announced today that they’ve partnered with Pornhub. The move means that users can now pay for premium subscriptions using an anonymous cryptocurrency.
Verge’s Price Takes a Pounding Following Pornhub Announcement
The partnership has been teased for weeks now. Earlier in March, Verge were slated for their appeals to users to contribute $3 million to reveal the name of the company they’d be working with.
The announcement of the Pornhub partnership was initially penned for late March, it was then postponed until April 16 and finally the 17th. However, earlier today, both Verge and Pornhub officially acknowledged the deal. The Next Web reported Corey Price, Vice President of the adult entertainment website, comments on the move:
“Here at Pornhub, we’re all about convenience and security, which makes cryptocurrency an attractive form of payment for us… We’ve been looking at crypto for quite some time and, while overall adoption is relatively low, we think it has gained enough steam for us to penetrate the market.”
Meanwhile, the publication reported on Verge’s founder’s own take on the partnership:
“This partnership represents an enormous market with a global reach that will compete with fiat currencies… It’s huge for Verge and we’re extremely excited to finally be able to announce it.”
According to a Medium blog post by Verge, the privacy-centric startup will use the capital raised by the controversial funding round in March towards successfully launching payments on the Pornhub platform, marketing, and hardware wallet integration. However, Ledger Tweeted earlier that they had not yet heard of these plans:
Except there is no partnership nor planned integration with us.
— Fred de Villamil ¯_(ツ)_/¯ (@fdevillamil) April 14, 2018
For those that have followed the history of the Verge project, the new partnership might come as a surprise. After all, the road has been anything but smooth for them. In March this year, there was controversy over a security breach over Verge’s social media accounts were hacked. Later, the currency was forced to hard fork its blockchain. This was the result of a bug in the coding that allowed attackers to launch a 51% attack. Also adding doubt to the security of the project is the suggestions that there may be a vulnerability in the protocol that exposes users’ IP addresses. Whilst these were never confirmed, such a weakness would be catastrophic for a crypto which uses anonymity as its main selling point.
Despite a brief pullback in price following the announcement, Verge now seems to be pumping hard at the time of writing. It remains to be seen if this is just a short term move, or if the privacy coin is heading towards new all-time highs.
Image from Shutterstock.
