Playboy sues virtual currency company for contract terms

According to LA Times, the parent company of Playboy magazine, the Playboy Enterprise, told the virtual currency company Global Blockchain Technologies (GBT) about the fraud that was inconsistent with the facts and the contract terms.

Playboy Enterprises announced in March that they are developing an online virtual currency payment wallet and announced a partnership with GBT to support their business.

 The move is to test the new virtual currency called Vice Industry Token (VIT) and the new wallet of the Playboy TV channel, in order to expand the revenue of the company’s entertainment media channels and platforms. This flagship lifestyle brand also mentions that customers can now view content by paying for Vice Industry Token (VIT) in addition to comments and voting on program content.

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