Playboy Files Lawsuit against GBT for Contract Violation
Playboy Enterprises is taking Global Blockchain Technologies, a crypto-company, to court on several accusations of fraudulent activities by the company and a direct violation of contract as reports have stated.
Playboy Enterprises revealed a new collaboration with BGT earlier this year after announcing that Playboy was in the process of developing a new online wallet designed to back digital currencies. Initially, it was planned that a test phase would be conducted by adopting Vice Industry Tokens, a brand new digital currency and a new wallet by Playboy to be used on Playboy.TV prior to further expansion to other entertainment services belonging to Playboy.
Additionally, Vice Industry said that customers will be provided with a means of earning their tokens and using them to pay for content, including commenting and voting. According to reports, Playboy Enterprises filed for a lawsuit in Los Angeles following the founding of a partnership with GBT to introduce the DLT into the company’s web channels. Furthermore, the report revealed that GBT was meant to introduce VIT coins into the network of internet websites own by Playboy.
As of now, Playboy is aiming to be compensated, although the exact amount has not be disclosed, and punishable damages involved as well, stating that the company violated its contract conditions by failing to pay the $4M included within the contract. On GBT’s end, the company has stated that it will aggressively defend itself during the lawsuit. Several adult entertainment companies have been researching$ cryptocurrencies due to the anonymity and privacy associated with them and to move past traditional payment methods.
Two websites now accept payments in crypto form, including Pornhub and Brazzers, two of the leading adult entertainment sites online.