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Paxful Removes ETH From its Marketplace

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Bitcoin marketplace for peer-to-peer trade In response to the issues surrounding the second-largest cryptocurrency in the world by market capitalization, Paxful has withdrawn Ether, Ethereum’s native token, from its marketplace.

Paxful CEO Ray Youssef made the announcement in a message to the platform’s 11.6 million users, which he later published on Twitter.

Youssef cited Paxful intention to uphold its integrity and efforts to prevent “economic apartheid” around the world caused by fiat monetary systems as reasons for the marketplace’s removal of ETH, highlighting three fundamental concerns with the Ethereum ecosystem:

“I want to see a world where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the global south.”

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The initial justification for the change was Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus. Youssef said that Ethereum’s switch to PoS has transformed ETH into a “digital form of fiat” and that PoW is the “invention that makes Bitcoin the only honest money there is.”

Additionally, Youssef attacked Ethereum for not being decentralized and pointed to the protocol’s potential to enable asset tokenization as a source of frauds and fraud throughout the cryptocurrency ecosystem.

See Also: ETHEREUM MERGE COULD TRIGGER TAX PROBLEMS FOR THE UK CRYPTO USERS

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