Playboy Enterprises To Introduce Cryptocurrency Wallet

FinTech, Innovation, News | March 16, 2018 By:

Media and lifestyle company Playboy Enterprises is developing an online wallet that supports multiple cryptocurrencies.

Playboy Enterprises publishes Playboy magazine in the US and licenses foreign editions of Playboy around the world. It also creates content for distribution via television networks, websites, mobile platforms, and radio.

In its media release, the company said that the digital wallet will support a number of cryptocurrencies across its online media, digital and casual gaming businesses. The first of the company’s platforms to feature the new wallet will be Playboy.TV. The wallet will accept Playboy’s Vice Industry Token (VIT) for access to exclusive content. By integrating with VIT, visitors will be able to pay and earn tokens to view Playboy.TV’s original content, as well as comment on and vote for content.

The new digital wallet is expected to be rolled out before the end the year. Playboy also has plans to integrate cryptocurrency to its casual gaming, augmented reality and virtual reality initiatives in the future.

Launched earlier this year, Playboy’s VIT token is a decentralized blockchain platform and cryptographic coin that rewards viewers just for watching content. It aims to enhance the efficiency of digital advertising on adult sites by paying users to consume content and tracking their engagement. Its crowdsale is currently ongoing and will end on March 20. It has raised 24074.91 ETH so far.

According to a white paper, VIT has an advantage over cryptocurrencies such as bitcoin because it serves as both as a medium of exchange and as a tool for capturing viewer engagement data in a single token. VIT has partnered with Penthouse, Extras, Playmen, RedHot TV, SkineMaxHD and others.

Reena Patel, Chief Commercial Officer and Head of Operations for Playboy Enterprises, said that as the popularity of alternative payment methods continues to grow around the world, along with the reach of Playboy’s digital platforms, they felt it was important to give their 100 million monthly consumers increased payment flexibility.

“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 Patel.