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January 19, 2022

Rumble acquires stake in payment processor Parallel Economy

Video platform Rumble has acquired an undisclosed stake in Parallel Economy, a payment processing company.

Parallel Economy was set up last year by Jeffrey Wernick,  whose portfolio includes Airbnb, Uber and Parler, and Dan Bongino, a fellow Parler investor  and a host of  nationally syndicated radio show and cable television news programme, reported Reuters.

Parallel Economy is claimed to create a financial ecosystem where creators can take part in the marketplace of ideas.

Rumble CEO Chris Pavlovski said: “Our mission is to eliminate every chokepoint and backdoor to cancel companies like Rumble and our creators.

“This investment in a digital payment processing system is another example of Rumble’s commitment to put creators first.

“With Parallel Economy, creators won’t have to worry about arbitrary cancellation. Giving creators financial security is a critical part of Rumble’s mission to protect a free and open Internet.”

Dan Bongino said: “Partnering with Rumble allows Parallel Economy to continue building the infrastructure we need for an economy free from discrimination.

“We won’t decide who gets access and who doesn’t based on constantly shifting standards. Instead, our new economy is built on freedom. A payment processing platform is an important step toward achieving true independence.”

Jeffrey Wernick said: “We make no claim that to place ourselves above others, standing in judgment and deciding whether their ideas or commerce deserve access.

“Parallel Economy is a network of peers in support of each other to facilitate the voluntary exchange as seamlessly and frictionless as possible. We believe that the solution to society’s problems is commerce and conversation, not cancel culture.”

Besides making Parallel Economy its preferred payment processor, Rumble plans to encourage creators and users on the Rumble and Locals platforms to use Parallel Economy.

In December 2021, Rumble announced the execution of a definitive business merger agreement with CF Acquisition Corp. VI.

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