Playboy to Sue a Cryptocurrency Platform

Playboy to Sue a Cryptocurrency Platform

The cryptocurrencies have been successful, but with so many companies taking part in the arena, it’s becoming difficult to trust a currency. Many companies and enterprises across the globe are blocking various cryptocurrency companies due to bad reputation and other reasons.

In one such news, Playboy is also suing a particular cryptocurrency company. The parent company of Playboy, the Playboy Enterprises, will be suing a Canadian cryptocurrency company known as Global Blockchain Technologies also known as BLOC. The reason the Playboy Enterprises tells is the breach of contract and fraudulent activities. This report is from the Los Angeles Times.

The partnership between BLOC and Playboy started in May. According to the reports the company is suing BLOC because it has failed to meet its goals and did not live up to the bargains.

According to the report, the reason for suing is that BLOC did not meet the deadlines to incorporate their technology in the media stream of Playboy.

According to Global Blockchain Technologies, they were to ingrate a new token into Playboy TV platform. The token was named Vice Industry Token. The purpose of the token was to facilitate the users to make the payments using cryptocurrency instead of other currencies.

According to the Los Angeles Times report, Playboy Enterprises alleges BLOC for the failure of meeting this criterion. There is also news that BLOC hasn’t paid $4 million to Playboy Enterprises which was part of the deal.

There hasn’t been an active and aggressive response from both parties, i.e., BLOC and Playboy Enterprises. However, the Canadian company says that the charges are “frivolous.” The company also tells LA Times that it’s not a big dispute at all.

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