NEW YORK: YouTube-style website Rumble Inc., popular among American conservatives, has acquired a stake in payment processor Parallel Economy, the companies said on Tuesday, as a cottage tech industry evolves to resist the so-called cancellation culture online.
Following the US Capitol riots on January 6, 2021, tech companies such as PayPal Holdings Inc. and Twitter Inc. distanced themselves from and took action against those encouraging or engaging in violence at the Capitol. Twitter Inc and Facebook banned former US President Donald Trump, and major service providers cut the right-wing social media platform Parlor, accusing it of failing to police violent material related to the attack.
In response, technology firms, including Trump’s upcoming venture, have provided their founders and users with what appears to be a protected space for free speech online. These companies are trying to work together in services like delivery and payments, bypassing the established tech players.
The Parallel Economy is the latest venture from Jeffrey Wernicke, an investor whose portfolio includes Airbnb, Uber and Parler; and Dan Bongino, a fellow parlor investor and conservative host of nationally syndicated radio shows, podcasts, and Fox News programs.
Parallel Economy serves as an alternative to Stripe, a US technology startup that was valued at $95 billion in March. Users can transfer money from their bank account to the creator’s account by credit or debit card.
Parallel Economy Rumble assures content creators that they can still transact with their supporters if their statements are deemed offensive by other tech companies.
In exchange for an equity stake in Wernicke and Bongino’s holding company, Rumble will make Parallel Economy the preferred payment processor for its users.
Top-trending videos on the Rumble include Bongino and former Trump White House strategist Steve Bannon. Trump’s media venture, Trump Media & Technology Group, said in December that Rumble would distribute video and streaming for the venture’s upcoming social media app, Truth Social.
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