For many sex workers, cryptocurrency payments have become a vital source of income, given that banks and other financial institutions refuse to provide services.
For example, Visa and Mastercard have severed ties with the popular adult platform PornHub, and OnlyFans has been on the verge of banning the publication of banned content on minors on its platform.
Allie Eve Knox is a content creator who has no access to multiple payment platforms, such as PayPal, Square, Circle, Cashapp or Venmo, according to Motherboard. She claims that this happened because she is a sex worker and a dominatrix. The woman produces adult content, which she distributes on profile sites or personalized videos for clients. Because it cannot receive money through more conventional platforms, Knox is paid in cryptocurrencies. It has also launched banned NFTs for those under the age of 18.
Knox claims that her virtual currency transactions even attracted the attention of the FBI. She says she doesn’t know exactly why she was targeted by the agency.
In the same situation is Belle Creed, another woman in the industry who uses virtual currencies as the main method of payment.
Read also: A Russian billionaire has donated $ 5 million to Ethereum for Ukraine
He has been using cryptocurrencies and Liara Roux for many years. She said she was often discriminated against because of her job by banks and payment processors. Roux uses virtual currencies for another important reason. Once the payment has been made, a customer can no longer withdraw it, as is sometimes the case with card payments, for example.
Where there is demand, supply also appears. That’s how the SpankChain startup came about, offering crypto services for people like Allie, Belle and Liara. This is a platform that hosts content and allows payments or transactions with cryptocurrencies.
SpankChain was developed especially for employees in the sex industry. The platform has its own cryptocurrency, SPANK (also called SpankCoin), based on the Ethereum blockchain.
More details on the topic can be found in episode 5 of the CRYPTOLAND series, published by Motherboard on YouTube: