On Tuesday, the Verge digital currency (XVG) experienced a substantial increase in value due to the announcement that Mindgeek, the prominent owner behind Pornhub and Brazzers, is accepting this anonymous cryptocurrency as a form of payment.
Justin Sunerok, the founder of Verge, expressed his excitement about the collaboration, highlighting the expansive market and international reach it represents. “With its nearly hundred million daily users, Pornhub is a global force,” Sunerok shared, emphasizing how significant this is for Verge.
Corey Price, the Vice President of Pornhub, issued a statement emphasizing the partnership’s potential to bolster security measures on the platform while maintaining the adult industry’s innovative edge with emerging technologies.
The adult entertainment industry has historically been instrumental in the widespread adoption of new technologies, from VHS tapes to VR headsets, Price noted. He predicts swift acceptance of cryptocurrency usage, enhancing content purchases across Pornhub, Brazzers, and Nutaku by allowing payments in digital currency.
As of 3:43 p.m. UTC on Tuesday, the value of XVG hovered just under $0.08, leading to a market capitalization of approximately $1.14 billion.
As a dominant force resembling a YouTube for adult content, Mindgeek profits significantly through subscription fees for premium content. Despite criticism and accusations of content appropriation from competitors, the company’s acceptance of cryptocurrency marks a pivotal shift in its significant market control and positions it as an innovative industry leader.
Verge has not been without its controversies, including allegations against John McAfee for price manipulation and concerns over its recent crowdfunding activities intended for the Mindgeek collaboration. The unexplained withdrawal of 18 million XVG from its funds prompted concern among stakeholders.
