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Playboy Announces Online Payment Wallet to Accept Payments in Cryptocurrency

| Updated
by Bhushan Akolkar · 3 min read
Playboy Announces Online Payment Wallet to Accept Payments in Cryptocurrency
Photo: Ángel Álvarez / Flickr

Playboy also announced a new Vice Industry Token (VIT) which is basically an adult-industry token and will be used to access the exclusive content on Playboy and other partner websites.

Playboy Enterprise Inc. has now decided to tap the digital currency space as the company plans to launch its new online payment wallet which will support a number of cryptocurrencies across all of the company’s online businesses which includes casual gaming, media and digital.

The first of the Playboy’s platforms that will be integrating the payment wallet is Playboy TV. In its official press release, Reena Patel, Chief Commercial Officer and Head of Operations for Playboy Enterprises Inc. said that the company is adopting cryptocurrencies within its network in order to provide its customers with “increased payment flexibility.”

Reena Patel said: “As the popularity of alternative payment methods continues to grow around the world, along with the reach Playboy’s digital platforms, we felt it was important to give our 100 million monthly consumers increased payment flexibility.”

In addition to this, the company in its press release also had a mention of own new Vice Industry Token (VIT) which is basically an adult-industry token and will be used to access the exclusive content on Playboy and other partner websites. The VIT coin is currently undergoing an ICO will impressive list of partners like Playboy and Penthouse. The crowdsale of the token ends on March 20. More details of the token can be obtained on vicetoken.com.

As detailed in the whitepaper, the VIT token’s network ledger serves three purposes. The first that it will record all the transactions using digital currencies. The other is that it will measure and track the content engagement and user interaction with videos. This will allow the content providers to customize their content as per the needs and tastes of users. The last use of the VIT token is that it can be used in order to reward its users for interacting with the content either through votes and comments. This means that the customers in a way will be incentivized to consume more content.

Vice Industry Token tweeted the news about the announcement on its Twitter handle.

The whitepaper also stated that “VIT has an advantage over general-use cryptocurrencies such as Bitcoin because it serves as both as a medium of exchange, and as a means of capturing viewer engagement data in a single token.”

“This innovation gives the millions of people who enjoy our content, as well as those in the future who participate in our casual gaming, AR and VR platforms, more choices with regard to payment and in the case of VIT, an opportunity to be rewarded for engaging with Playboy offerings,” said Reena Patel.

Karl Kaufman, a Forbes contributor wrote: “This technology could not only disrupt the adult entertainment industry, but it could also change the way consumers interact with all forms of content online.”

Rewarding customers for interacting through comments is certainly not a new idea. However, is the rewards are suitable attractive, all the partners gathered by VIT under its network can make a considerable difference to content consumption at these websites.

The new digital wallet will be available by the end of the year.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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