Business on the Blockchain: PornHub & Verge – Ep. 007

3 min read

What is Verge up to?

Verge xvg cryptocurrencyOver the past few months there has been a lot of controversy surrounding the cryptocurrency Verge (XVG). On March 22th they announced that they had arranged a partnership, and that was the only detail given. Although, to unlock the rest of that information, including who this mystery partner was, the creators of Verge were requesting $16 million (75 million XVG) in the cryptocurrency. The reasoning they gave was that they had a non-disclosure agreement. Therefore, the $16 million is the amount of money they would be liable for if they released that information early.

The outcry from the crypto-community was swift, as most declared this Verge fundraiser to be a scam. Some even alleged that it was all a scam to help cover the creators tax liability. Even with this overarching sentiment, there were a few Verge holders who still believed in the project. The fundraising goal was reached, but only to be delayed until April 17. Even so, this didn’t give the cryptocurrency community much more confidence.

And the new partner is…

pornhub and cryptoBut that date came around, and there was news of an actual partner released. That partner happens to be PornHub. Yes, PornHub and Verge are partnering up!

No matter what you think about the creator’s fundraiser, there’s definitely room for critique. But the delay was likely due to PornHub fine tuning their release commercial, which has amazing production value in case you were wondering, along with making sure that the payment integration would function properly.

Verge is considered a privacy token that currently guarantees as much anonymity that the blockchain can provide, making it a very logical partnership, since some people might not want that PornHub subscription coming up on their credit card statement. Try explaining that to your significant other…

While the partnership has been announced, we’re still yet to see much price movement, but it’s still early. Verge definitely had some issues coming into the partnership, so it will likely have to address investor confidence in order to grow.

Future of Payments

But there’s a greater trend that PornHub and Verge’s story is just one part of. Cryptocurrency is being accepted as a legitimate means of payment by merchants. Presently, there are already several that offer services, allowing merchants to incorporate solutions that allow them to accept cryptocurrency. This is going to be easier to institute for web-based services, like PornHub or Twitch, which uses 1Up to facilitate cryptocurrency donations.

Physical purchases are being addressed as well. More and more local and national retailers are exploring how to accept cryptocurrency. There are several small businesses already accepting cryptocurrency; and more and more are jumping on the cryptocurrency wave. There’s even companies offering to set up these cryptocurrency merchant solutions.

Business on the Blockchain is a new series aimed at keeping you up to date on all of the big business moves towards blockchain technology. More and more businesses are exploring cryptocurrencies and blockchain, and we’re here to help you understand how some of these businesses are making this transition. It’s an exciting time for blockchain adoption, check out which businesses are jumping onto the wave!

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