Crypto platform Paxful removes ETH from its marketplace

Peer-to-peer cryptocurrency marketplace Paxful has removed Ether (ETH), Ethereum’s autochthonal token, from its marketplace, citing a fig of concerns astir the world’s second-largest cryptocurrency by marketplace capitalization.

Paxful CEO Ray Youssef announced the determination successful a connection to immoderate 11.6 cardinal users of the platform, which helium subsequently shared connected Twitter.

We yet kicked #ethereum disconnected our marketplace. 11.6m humans safer. Integrity implicit gross Who is adjacent ? pic.twitter.com/JTJXa5RYJ8

— Ray Youssef (@raypaxful) December 21, 2022

Youssef highlighted 3 large concerns astir the Ethereum ecosystem which led to the marketplace removing ETH, citing Paxful’s intent to support its integrity and efforts to combat ‘economic apartheid’ astir the satellite driven by fiat monetary systems:

“I privation to spot a satellite wherever Bitcoin frees billions of radical held backmost by this evil system, particularly those unnecessarily harmed surviving successful the planetary south.”

Ethereum’s power from proof-of-work (PoW) to proof-of-stake (PoS) statement was the archetypal crushed fixed for the move. Youssef explained that PoW is the ‘innovation that makes Bitcoin (BTC) the lone honorable wealth determination is’ and that Ethereum’s modulation to PoS has turned ETH into a ‘digital signifier of fiat.’

Related: We request to determination a batch faster connected Global South Bitcoin adoption — Paxful CEO

Youssef besides criticized Ethereum for not being decentralized and cited the protocol's quality to let the tokenization of assets arsenic a operator of scams and fraud crossed the cryptocurrency ecosystem.

“The tokens that ETH has spawned person been scams that robbed radical of billions. They person stolen invaluable momentum distant from Bitcoin and outgo america years connected our mission.”

Paxful’s CEO has besides been a vocal advocate for Bitcoin and cryptocurrency self-custody successful the aftermath of FTX’s illness successful November 2022. Youssef implored cryptocurrency users to displacement BTC holdings to self-custody storage, with Paxful users besides encouraged to travel suit.