Playboy is allegedly suing a Canadian cryptocurrency company for supposedly failing to incorporate a “wallet that would support a range of cryptocurrencies across the company’s online media, digital and casual gaming businesses.” Playboy.tv was presumed to be the earliest of their business’s platforms to incorporate the brand new crypto wallet and payment choices.
, the parent firm of this Playboy magazine empire based by Hugh Hefner, is having a cryptocurrency company recorded on the Canadian Securities Exchange (CSE) “on allegations of fraud and breach of contract,” that the LA Times reported Monday.
In the litigation filed in Los Angeles, Playboy asserts that Global Blockchain Technologies (CSE: BLOC) “failed to live up to an agreement to integrate blockchain technology into Playboy’s online media channels,” the book elaborated. The Beverly Hills-established firm is seeking unspecified compensatory and punitive damages.
Global Blockchain Technologies, on the other hand, dismissed the lawsuit as a “normal dispute” involving two companies, predicting the fraud allegation “frivolous.” In a statement to the news outlet, the Vancouver-established firm composed, “Global believes it has a strong defense to the action and will be vigorously defending same.”
The two firms made an arrangement in March, according to the lawsuit. At that time, Playboy declared:-LRB-************)
The business is developing an internet payment wallet which will support lots of cryptocurrencies throughout the business’s online media, casual and digital gambling companies.
“Playboy.tv will be the first of the company’s media platforms to feature the new digital wallet,” the firm wrote, adding that it “will enable the online platform to accept vice industry token (VIT), among other leading cryptocurrency tokens, for access to the brand’s exclusive content.” The crypto pocket is anticipated to be “available before the end of the year,” Playboy verified in the moment. Playboy.tv currently elevates over 80 TV displays and more than two,000 episodes)
Launched in April, VIT intends to become a payment medium to its adult, gaming, and cannabis businesses. Its market cap rapidly climbed to a high of $7 million after launching but has been falling steadily to just above $1 million now, with every token now worth two-thirds of a cent in the time of this writing.
Global Blockchain Technologies created a separate statement in May it had been “building a cryptocurrency wallet for Playboy that can hold VIT” to be incorporated into “the Playboy.tv web media portal.” The firm also confirmed in the time “the integration of VIT into Playboy.tv and the wallet is set to be launched before the end of 2018.”
However, at the litigation filed, the LA Times reported:-LRB-************)
Playboy stated GBT [Global Blockchain Technologies] has not made good on the deal and failed to cover the $4 million it promised within their arrangement.
What would you think about Playboy suing Global Blockchain Technologies? ) Do you believe Playboy will discover another means to incorporate crypto?
Images courtesy of Shutterstock, Global Blockchain Technologies, also Playboy.
Need to compute your bitcoin holdings? Check that our tools section.
Original post initially appeared in https://news.bitcoin.com/playboy-sues-integrate-crypto/