Chatspin, a popular live video streaming multi-platform app, is abandoning its plans to accept cryptocurrencies as a form of payment due to the significant losses in the value of Bitcoin and other coins have suffered this year, the company announced in a press release on December 6, 2018.
Bearish Market Affects Companies Offering Crypto Payments
While companies focusing on blockchain technology have seen their businesses flourish during the second half of 2018, it seems that the bearish market has been able to slow down cryptocurrency adoption.
Companies that have been quick to jump on the crypto bandwagon, offering coins such as Bitcoin as a form of payment, were even quicker to abandon their plans as the uncertainty surrounding the asset is everything but good for business.
One of those companies is Chatspin, a popular live video streaming app that was among the first social media platforms to announce the support for cryptocurrencies.
The company is now abandoning its plans to accept any cryptocurrency as a form of payment on its platform. According to the company’s press release, the decision comes in the wake of significant losses in value Bitcoin and other digital coins have suffered throughout the fourth quarter of 2018.
With many analysts doubting that any of the major cryptocurrencies will be able to recover in short to medium future, the company decided to pull the plug on their original plan to introduce crypto payments to their users.
Live Chat App Pulls the Plug on Bitcoin
In its press release, Chatspin explained that the decision to implement cryptocurrency as a form of payment was taken due to an increase in popularity of the digital coin when making online payments earlier in 2018.
“Just a few months ago, the idea of accepting Bitcoin, Litecoin, and other cryptocurrencies as forms of payment seemed like a no-brainer,” Chatspin Press Manager, Shay Robin, said. “But, having closely followed the cryptocurrency markets, we can see no value to accepting these digital coins and feel the risk far outweighs the reward.”
And while the announcement might deter some crypto enthusiasts from using its video chat app, Chatspin has seen a steady increase in the number of users during the second half of 2018, mostly due to the introduction of new features.
Chatspin became the first platform to launch AR filters available on desktop, creating a more seamless experience for users on all devices. On December 4, the company also introduced a new location and gender filters which make the platform more secure and easier to use.
The update also saw the release of new premium filters, only available for users who subscribe to the video streaming community. The premium features originally targeted to users willing to pay in cryptocurrencies, will now be available only via credit and debit cards.