Paxful delists Ethereum citing ‘integrity over revenue’

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Ethereum
Paxful delists Ethereum citing ‘integrity over revenue’

Paxful, a P2P crypto marketplace, reveals kicking Ethereum off its marketplace, citing its increasing centralization and ETH-based scam tokens.

The CEO of Paxful, Ray Youssef, said he would delist ethereum from the platform on Dec. 22. Youssef cited integrity over revenue as the basis of his decision:

Youssef reiterated the initial purpose of establishing Paxful: to create a world where bitcoin would emancipate people from a reality pervaded by economic apartheid.

The CEO further highlighted the reasons for obliterating ETH from his crypto exchange. According to Youssef, its consensus layer upgrade from proof-of-work to proof-of-stake has converted ETH to a digital form of fiat. When ethereum was still operating on PoW, it was decentralized like bitcoin. Since its detachment from PoW, the chain went under central control, Youssef concluded.

Finally, Paxful CEO mentioned several ETH-based scam projects that cost lured billions of dollars from investors and stole momentum from bitcoin.

Earlier this month, Youssef called for self-custody of crypto assets. Paxful’s CEO established that he has never tampered with customers’ funds. As a show of support for self-custody, he advised users of the platform to transfer their assets to private wallets. Finally, Youssef admonished users to gain oversight of their assets and be mindful of developments that put their funds at stake.

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Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.