It’s not often that a company is able to deliver a plethora of information with such a punch! However, when you find out their name is RocketFuel it’s hardly surprising.
Payoutmag/ShootX were lucky enough to catch up with Peter Jensen the CEO of RocketFuel at TES Prague in September. We were keen to find out more about his background and hopefully provide some basic understanding of Crypto Payments for our readers.
Biography
Peter Jensen is RocketFuel’s CEO, a leading Silicon Valley-based crypto/ACH payment solution company. He has over 30 years of experience in technology, having served in senior positions with Oracle and Symantec. As a CEO, he has built up several growth-stage companies from pre-revenue to successful exists where those companies were sold to major corporations including IBM and Cloudflare.
Before that, Jensen was most recently CEO of Spanugo, a venture-capital backed provider of security assurance applications The company was sold to IBM in 2020. Prior to that, he was CEO of Presidiohealth, a venture capital backed provider of analytics databases for the Internet of Things (IOT). The company was acquired by CISCO in 2016. He was also the VP of Sales at Pancetera, a data management and protection company, acquired by Quantum in 2011 and of Thinstall, an application virtualization company acquired by VMWare in 2008.
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As we know, sometimes innovations burst on the scene and the technology moves so fast, those in the know are using acronyms before the rest of us have even had the chance to catch up! So, for the benefit of several readers I asked him to briefly explain the basics behind Crypto Payments?
“I’m happy to share the info and I hope this gives you a clearer picture of how this crypto stuff works”!
Cryptocurrencies: So, cryptocurrencies are like digital money, but with a twist. They use fancy encryption techniques to make sure no one can mess with them. You might have heard of Bitcoin – it was the first and is still the most famous cryptocurrency out there. But now, there are thousands of others floating around too.
Wallets: To deal with cryptocurrencies, you need a digital wallet. It’s like a digital piggy bank. You can send, receive, and store your cryptocurrencies in there. Wallets can be software-based, like apps or online wallets, or hardware-based, like physical devices. They give you unique addresses for each transaction. You can download a wallet like any other app on your phone.
Merchants can send and receive payments. They can also move money between countries in crypto, stablecoins or FIAT (local currencies).
Security and Anonymity: Cryptocurrencies take security seriously. Your transactions are encrypted and spread out across the network, so no one can mess with them. Plus, you can stay anonymous because you use your wallet address instead of personal information. Just remember, even though it’s pseudonymous, all transactions are recorded in the public blockchain. Imagine someone who doesn’t want to expose his or her credit card to an adult-related charge.
Volatility: Because we convert crypto so quickly to FIAT by using stablecoins, we avoid any price volatility. In fact, we are responsible for any price volatility, not the merchant.
Fees: Merchants pay crypto payment solution companies like RocketFuel a small percentage contrary to traditional payment methods where merchants often pay high fees, ranging from 3-10% in some industries like adult entertainment, to credit card companies. Additionally, cryptocurrency payments are settled in fiat currencies (e.g., USD, euros, pesos), ensuring that merchants receive their payments the next business day – guaranteed. RocketFuel guarantees the payment no matter what.
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Your 30 + years’ worth of experience has proved crucial in gaining insight into what the next big thing will be. Do you have a special power which allows you to see the ‘end game’ right from the start?
“I don’t have a special power. However, I have successfully sold 5 startups in the past to companies such as IBM and Cloudflare. The future of crypto payments in the adult industry looks promising simply because of all the issues with the banking industry. Both merchants and content creators are tired of having their bank accounts being shut down because banks believe the adult entertainment industry is risky. Technology and innovation have shown us that high risk industries can utilize other outlets to streamlines processes in an easy, faster and secure way. In 2023, there are 500 million people who use cryptocurrencies around the world. I do believe that more and more people will keep using them because merchants will want to increase their profits and content creators will need to simplify things”.
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Much of your experience comes from Data management led companies, do you believe this allows for a more methodical approach when dealing with technology-based enterprises?
“Data is king, and it is important for any company, regardless of the industry. I don’t think our approach is more methodical; instead, I believe it is more organic. We are adapting to current financial trends, embracing new technologies, and empowering merchants and shoppers to have a seamless experience”.
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RocketFuel offers Crypto Pay-ins for cams and adult merchants, as well as Pay-outs for content creators. How important do you think it is for crypto payment solution companies to engage with the adult industry?
“It is essential. An increasing number of merchants in high-risk industries, such as adult entertainment, gambling, and cannabis, are accepting crypto payments. We must continue educating both merchants and creators about the simplicity, security, and profitability of this new technology and its benefits. In addition to pay-ins and payouts, merchants can also make B2B cross-border payments and easily move money between countries”.
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Was TES Prague your first conference of this type? What did you gain from the event?
“During our visits to adult industry events like InterNext in Las Vegas, XBiz in Los Angeles, Miami, and Amsterdam, and TES in Cascais and Prague, we have noticed a growing interest in crypto payments among merchants and creators. We strongly believe that crypto payments will revolutionize the adult industry.
At these events, we frequently hear merchants expressing their struggles with moving money and creators dealing with constant shutdowns of their bank accounts. However, when we educate them about the benefits of crypto payments, we witness how easily they embrace this new payment method.
Crypto payments offer a solution to the challenges faced by the adult industry. They provide a safer and more secure payment option while avoiding the issues associated with traditional financial institutions. With crypto payments, merchants and creators can have greater control over their finances and avoid disruptions caused by account closures.
The enthusiasm we encounter at these events reaffirms our belief that crypto payments will be a game changer in the adult industry. The ease with which individuals in the industry adopt this innovative payment solution demonstrates its potential to address the specific needs and challenges faced by merchants and creators”.
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Are you planning on attending further shows in 2024? If so, which ones and why?
“In 2024, we are committed to attending all adult-related events. It’s crucial for us to have a presence and show support for these gatherings. We understand that the adult industry is continuously growing, with more people joining in. Therefore, it’s essential for us to continue educating and spreading awareness about the benefits of accepting crypto payments”.
It was a real pleasure meeting up with RocketFuel and unlocking some of the mysteries behind Crypto with their help.
If you need any help or advice, feel free to contact them. They are always happy to offer advice whether you are a business or an individual.
RocketFuel’s website: www.RocketFuel.inc
Crypto pay-ins for cams and any adult merchant:
https://rocketfuel.inc/crypto-payments/
Crypto payouts for content creators:
https://rocketfuel.inc/crypto-payments/#payouts
