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Crypto platform Paxful removes ETH from its marketplace

December 22, 2022
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Peer-to-peer cryptocurrency market Paxful has eliminated Ether (ETH), Ethereum’s native token, from its market, citing quite a lot of issues all over the world’s second-largest cryptocurrency by market capitalization.

Paxful CEO Ray Youssef introduced the transfer in a message to some 11.6 million customers of the platform, which he subsequently shared on Twitter.

Youssef highlighted three main issues across the Ethereum ecosystem that led to {the marketplace} eradicating ETH, citing Paxful’s intent to take care of its integrity and efforts to fight “financial apartheid” all over the world pushed by fiat financial techniques:

“I wish to see a world the place Bitcoin frees billions of individuals held again by this evil system, particularly these unnecessarily harmed dwelling within the world south.”

Ethereum’s swap from a proof-of-work (PoW) to proof-of-stake (PoS) consensus was the primary purpose given for the transfer. Youssef defined that PoW is the “innovation that makes Bitcoin the one sincere cash there may be” and that Ethereum’s transition to PoS has turned ETH right into a “digital type of fiat.”

Associated: We have to transfer so much quicker on World South Bitcoin adoption — Paxful CEO

Youssef additionally criticized Ethereum for not being decentralized and cited the protocol’s potential to permit the tokenization of belongings as a driver of scams and fraud throughout the cryptocurrency ecosystem.

“The tokens that ETH has spawned have been scams that robbed individuals of billions. They’ve stolen precious momentum away from Bitcoin and value us years on our mission.”

Paxful’s CEO has additionally been a vocal advocate for Bitcoin and cryptocurrency self-custody in the wake of FTX’s collapse in November 2022. Youssef implored cryptocurrency users to shift BTC holdings to self-custody storage, with Paxful users also encouraged to follow suit.