The exchange added support for Ethereum in April last year, stating that “Ethereum gives users a different chance to claim their stake in the crypto world.”
Global peer-to-peer trading platform Paxful has announced that it will delist Ethereum from its platform. A newsletter sent to the platform’s 11.6 million users reveals that ETH trades will be halted on Thursday. A screenshot of the newsletter was shared in a tweet Paxful CEO Ray Youssef. In the letter, the CEO gives three reasons for his decision to delist Ethereum.
The first is Ethereum’s move from proof-of-work (PoW) to proof-of-stake (PoS). According to Youssef, PoW is what makes Bitcoin “the only honest money” while PoS has turned Ethereum into a “digital form of fiat.” For the second reason, Youssef alleges that Ethereum is not decentralized and is instead run by a group of people. While acknowledging the cryptocurrency’s utility in areas such as credit and lending, the CEO noted that Ethereum now “thrives because of tokenization,” adding that Ethereum-based tokens have been used to scam people out of ”billions.” Youssef opines that such tokens have “stolen valuable momentum away from Bitcoin and cost us years on our mission.”
The “mission,” according to Youssef is to free people, especially those in the “Global South” from “economic apartheid.” The CEO believes that the “crypto industry is under attack right now – which means our responsibility to protect our users is greater than ever before.”
Youssef first revealed plans to delist ETH on December 12 when he responded to a tweet by Jeremy Garcia, a software developer who state that the Ethereum project was headed for failure owing to its poor design and “a foundation of sand” as opposed to Bitcoin’s “foundation of granite.”
Working to remove eth from our marketplace. Revenue is nice but integrity trumps all https://t.co/k57ZYgGdqT
— Ray Youssef (@raycivkit) December 12, 2022
The exchange added support for Ethereum in April last year, stating that “Ethereum gives users a different chance to claim their stake in the crypto world.”
Youssef is a known Bitcoin supporter and most recently, following the collapse of crypto exchange FTX, has been advocating for self-custody. He recently encouraged Paxful users to move their crypto to self-custody. Centralized exchanges (CEX) and self-custody have been major topics of discussion in the crypto industry following the FTX collapse.
Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student.
She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.
