Verge Jumps into Bed With Pornhub, Sees Price Plummet

Verge has been touting a massive mystery partnership deal that involved asking for $3 mln in donations, and that partner has been revealed as pornography giant, Pornhub. The Porn website announced that it would now accept payment in Verge (XVG), meaning there is no paper trail to be linked back to the pornographic services.

However, while the news of this mystery partnership helped Verge grow to new heights, and achieve their $3 mln target in donations, the news of the partner has not been accepted to well in the markets with Verge’s price down over 30 percent.

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Convenience and security

Pornhub, which offers a premium service which users have to pay for, says that it was attracted to the idea of cryptocurrency to help with ‘convenience and security.’

“Here at Pornhub, we’re all about convenience and security, which makes cryptocurrency an attractive form of payment for us,” VP Corey Price told Hard Fork. “We’ve been looking at crypto for quite some time and, while overall adoption is relatively low, we think it has gained enough steam for us to penetrate the market.”

Verge was equally excited, predominantly about the reach that their coin would be getting thanks to the massive global porn site.

“This partnership represents an enormous market with a global reach that will compete with fiat currencies,” said Verge founder and lead developer Justin Sunerok. “It’s huge for Verge and we’re extremely excited to finally be able to announce it.”

In a Medium post, Verge said the $3 mln it raised from its community will go towards integrating their technology into the Pornhub payment gateway system, marketing, as well as hardware wallet integrations for Ledger and Trezor.

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Price bail

Over the past few weeks, Verge has seen a number of significant spikes and upwards swings, thanks in part to their mystery partnership announcement.

However, when the partner was finally revealed, Verge’s price dropped a massive 31 percent in the 24 hour period of the announcement. That drop makes it the worst performing coin over the last 24 hours in the top 100 by some way.

The price, at its highest this month, was $0.11, but it is now down to $0.07 at time of publishing.