NEW YORK, Jan 18 (Reuters) – Rumble Inc, a YouTube-style website popular among U.S. conservatives, has acquired a stake in payments processor Parallel Economy, the companies said on Tuesday, as a tech industry artisanal evolves to oppose so-called online cultural cancellation.
After the US Capitol riots on January 6, 2021, tech companies such as PayPal Holdings Inc (PYPL.O) and Twitter Inc (TWTR.N) distanced themselves and took action against those who encouraged or engaged in violence in the Capitol. Twitter Inc and Facebook (FB.O) have banned former US President Donald Trump, and major service providers have cut off the right-wing social media platform Talk, accusing it of failing to police violent content linked to the attack. Read more
In response, tech companies, including a future Trump venture, have sprung up to provide what their founders and users see as a protected space for free speech online. These companies seek to work together on services such as distribution and payment, bypassing established tech players.
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Parallel Economy is the latest venture from Jeffrey Wernick, an investor whose portfolio includes Airbnb, Uber and Parler; and Dan Bongino, another Parler investor and conservative host of a nationally broadcast radio show, podcast and Fox News program.
Parallel Economy operates as an alternative to Stripe, an American tech startup valued at $95 billion in March. learn more Users can transfer money from their bank account to a creator’s account with a credit or debit card.
Parallel Economy gives Rumble content creators the assurance that they can still transact with their supporters if their statements are deemed objectionable by other tech companies.
In exchange for a stake in Wernick and Bongino’s holding company, Rumble will make Parallel Economy the preferred payment processor for its users.
The top trending videos on Rumble include those of Bongino and former Trump White House strategist Steve Bannon. In December, Trump’s media company, Trump Media and Technology Group, said Rumble would provide video and streaming for TRUTH Social, the company’s upcoming social media app. Read more
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Reporting by Helen Coster in New York; Editing by Richard Chang
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