Pornhub Partnership Ups Verge Cryptocurrency Price

The price of the digital coin Verge (XVG) skyrocketed Tuesday following news that adult entertainment giant Mindgeek, the owner of Pornhub and Brazzers, is now accepting payments in the form of the anonymous cryptocurrency. 

The partnership, which had been hinted at over the past month, means that users now have the option to pay for a premium subscription without leaving any trace. In March, Verge launched a crowdfunding campaign with a target of collecting 75 million worth of the cryptocurrency. It is currently unknown whether Mindgeek has taken an ownership stake in the digital currency, according to Fortune. (See also: Santander Launches Blockchain Payments Service.)

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

Thirsty for New Tech

In a statement, Pornhub Vice President Corey Price indicated that the alliance will increase security on its platform and maintain the adult entertainment industry's role at the forefront of the adoption of new technology.

"History has proven that the adult entertainment industry plays a critical role in adoption for innovative technology. We saw that with VHS, Betamax, credit card payment icons and, most recently, VR goggles. We expect to see widespread adoption of crypto and blockchain in short order," stated the VP. In allowing customers to pay in digital currency on its three sites, including Pornhub, Brazzers, and adult gaming portal Nutaku, Price foresees an "uptick on the purchasing of content."

Mindgeek, a clear market leader in the porn streaming industry—think a YouTube-like platform for X-rated content—makes a portion of its money on charging subscription fees for its higher-quality clips. The company, which owns several production studios, is not well-liked in its industry, and has been repeatedly accused of stealing content from other "tube sites," as reported by Fortune. Nonetheless, its acceptance of cryptocurrency is a significant decision given the firm's massive hold on its market and its place as first in its space to put such plans into action.

XVG Price Up 160% in the Past Month

Verge has also faced its fair share of criticism, most recently with allegations of paid pumping by John McAfee and its recent crowdfunding efforts used to "support development" of its partnership with Mindgeek. Without explanation, Verge removed 18 million XVG from its fundraising pool without explanation, causing alarm among some investors. 

At a price just below $0.08 on Tuesday at 3:43 p.m. UTC, XVG reflects a $1.14 billion market capitalization and has gained 160% over the most recent one-month-period. (See also: Bitcoin ‘Fad’ May Survive a Crash: Robert Shiller.)