Gab, a controversial social media platform which is banned by several major payment processors such as Visa, PayPal, Stripe, Square, Coinbase, and Bitpay, has earned over $100,000 in a month for the first time and this was all thanks to Bitcoin payments, according to an announcement.
“This month against all odds Gab had our first six figure revenue month in our four year history. This is without one single credit or debit card transaction, which makes it all the more impressive,” said Gab CEO Andrew Torba.
Gab positions itself as a “Free Speech Social Network,” opposed to any kind of censorship—similar to the accusations hurled at platforms such as Twitter and Facebook. As such, Gab quickly earned itself the reputation of an “alt-right” platform, leading many major payment processors to ban it. Even he and his family have been blacklisted by VISA for merchant processing.
According to the announcement, Gab mostly relies on the support from its community to stay operational. And BTC payments play a major role in that thanks to the crypto’s immutability and censorship resistance, Torba said.
“Gab has always accepted bitcoin, or free speech money, but once we could no longer accept credit or debit card purchases to operate our business we learned how crucial bitcoin is for the future,” he explained, adding, “Increasingly businesses like Gab and individuals like me are being cut off from traditional payment processing, banks, and more. Bitcoin solves this problem.”
In his post, he also highlighted the importance of Bitcoin for different communities that are currently also at risk of being cut off from traditional payment networks. To remedy this, “we spend a lot of time at Gab working to educate our community about the importance of understanding and using bitcoin,” said Torba.
“We want to also thank God for bitcoin. Bitcoin makes it possible for Gab to generate revenue and scale our rapidly growing community,” he noted, adding, “Any Gabber from around the world can purchase bitcoin from an exchange and use it to support Gab. They don’t need permission from any third-party payment processor in order to do this.”
As previously reported, Gab switched to Bitcoin payments after banks withdrew their support back in November 2018. In mid-2019, the platform built its own web browser—a forked version of crypto-friendly Brave.
Bitcoin has clearly been friendly to Gab too.