- Paxful removed Ethereum from its marketplace citing different reasons.
- The reasons include the transition of Ethereum from PoW to PoS consensus, and claiming Ethereum is a centralized platform.
- The ultimate intention of the company is to attain integrity.
Paxful, the global peer-to-peer marketing platform, removed the native token of Ethereum, ETH, from its marketplace, commenting its intentions as “integrity over revenue”.
Ray Youssef, the CEO of Paxful, tweeted on December 2021 that the platform has kicked off Ethereum:
Notably, Youssef has shared a screenshot of the newsletter addressed to the Paxful customers, in which he has pointed out that the ETH trade will come to end on Thursday.
In the following tweet, Youssef assured the community that the trade would completely end the next day, explaining that the time has been given to people to “end trades and disputes”.
Significantly, the CEO highlighted the major reasons for the company to remove Ethererum from its marketplace. Considerably, the first reason cited by the company was the transition of the network from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus mechanism.
Youssef put forward explanations by saying that Bitcoin is “honest money” with its PoW while Ethereum’s transition to PoS has changed it into a “digital form of fiat”.
Secondly, Youssef criticized Ethereum for not being decentralized and commented on the tokenization of assets as a driver of scams and fraud across the ecosystem:
The tokens that ETH has spawned have been scams that robbed people of billions. They have stolen valuable momentum away from Bitcoin and cost us years on our mission.
It is significant to note that Youssef has commented on the company’s ultimate intention to maintain integrity and to combat “economic apartheid” around the world governed by fiat currencies.