Bear market makes plans to abandon Chatspin to accept crypto payments
Chatspin, a popular cross-platform live video streaming app, is abandoning its plan to accept cryptocurrencies as a form of payment due to the significant losses in value of Bitcoin and other coins this year, the company said in a press release on December 6, 2018.
Bear market affects companies offering crypto payments
While companies focusing on blockchain technology saw their businesses thrive in the second half of 2018, it appears that bear market may have slowed the adoption of cryptocurrency.
Companies that quickly jumped on the crypto bandwagon, offering coins like Bitcoin as a form of payment, have been even quicker to abandon their plans as the uncertainty surrounding the asset is anything but good for business.
One of those companies is Chatspin, a popular live video streaming app that was one of the first social media platforms to announce support for cryptocurrencies.
The company is now abandoning its plan to accept any cryptocurrency as a means of payment on its platform. According to According to the company’s press release, the move comes in the wake of the significant impairment losses Bitcoin and other digital coins suffered throughout the fourth quarter of 2018.
With many analysts doubting that any of the major cryptocurrencies can recover in the near to medium future, the company has decided to end its initial plan to introduce crypto payments to their users.
Live Chat App Ends Bitcoin
In its press release, Chatspin explained that the decision to implement cryptocurrency as a form of payment was made due to an increase in the popularity of the digital coin during online payments earlier in 2018.
“Just a few months ago, the idea of accepting Bitcoin, Litecoin and other cryptocurrencies as payment methods seemed like a given,” Chatspin Press Manager, Shay Robin, mentionned. “But, having followed the cryptocurrency markets closely, we see no value in accepting these digital coins and believe the risk far outweighs the reward.”
And while the announcement may deter some crypto enthusiasts from using its video chat app, Chatspin has seen a steady increase in user numbers during the second half of 2018, mainly due to the introduction of new features.
Chatspin became the first platform to launch AR filters available on the desktop, creating a more seamless experience for users on all devices. On December 4, the company also introduced new location and gender filters that make the platform more secure and easier to use.
The update also saw the release of new premium filters, only available to users who subscribe to the video streaming community. The premium features initially intended for users willing to pay in cryptocurrency, will now be available only through credit and debit cards.
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