CYBERSPACE – The emergence of multiple cryptocurrency platforms catering to the adult industry is hardly a surprise, given the intuitive pairing of anonymous purchasing power with adult entertainment.
The latest to announce its presence is PumaPay, a platform with the ambition to “disrupt the current payments system and eventually to become the default payment method worldwide,” Muly Litvak, an advisor and strategic investor in PumaPay told Venture Beat.
The idea of becoming “the default payment method worldwide” is a lofty goal indeed, and it sounds as though PumaPay is counting on the adult industry providing a launch pad to get there.
“[The] adult entertainment industry has always been keen on innovation,” Litvak said. “In the case of PumaPay, it is a perfect fit for adult entertainment companies for a number of reasons. Credit card companies classify adult entertainment as a ‘high-risk’ industry.”
While Litvak is right about credit card companies classifying the adult industry as high risk, credit cards do have some significant advantages going for them, including they’re already widely used by and familiar to consumers – something which isn’t yet true of cryptocurrencies.
As the author of the Venture Beat article observed, cryptocurrencies are “are not known for high-speed transactions right now, and transaction costs are increasing.” Asked how PumaPay would be any different in this respect, Litvak conceded this is “one of the problems we are trying to solve.”
“In spite of the multiple disadvantages of the current payments system, it still offers the benefits of immediate transactions (at least from the consumer’s perspective) and bearable fees,” Litvak said. “Until recently, crypto payments couldn’t compete with that. PumaPay will be built on the next generation blockchain, ORBS, enabling nearly immediate transactions and low fees, so it will be a good fit for micropayments and daily use.”
Of course, the other thing PumaPay will need to confront is a market in which adult-friendly cryptocurrency platforms are popping up left and right. In the last several months alone, we’ve seen ICO announcements from ViceToken, WankCoin, JizzCoins and Eroiy, to name just a handful.
Of course, before PumaPay can transform or disrupt any market, it must first complete a successful ICO – something which can be said of several of its competitors, as well.
“Right now, our immediate goal is to complete the crowdsale and get as much support and funding as we can, so we can develop the protocol and align it with as many early adopters as possible,” Litvak said. “This is not an easy task, but we’ve got a highly capable and committed team who is standing up to the challenge, and we’re excited to share PumaPay with the world.”
Will the world be just as excited to use PumaPay and/or other adult cryptocurrency platforms as those platforms are to announce their availability in an ICO? Only time will tell.
