Back

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.

Fallout

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.

2 years ago

Start Weekly Digest

Similar news