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Why Paxful is removing Ethereum from its platform: “Integrity before revenue” – Ethereum (ETH/USD)

Global peer-to-peer trading platform Paxful banned the trade of Ethereum ETH/USD of its market.

“We finally kicked Ethereum out of our market. 11.6 million humans safer. Revenue Integrity. Who’s next?” Ray YoussefPaxful CEO, tweeted Wednesday.

A snapshot of the newsletter sent to Paxful users states that ETH transactions will be halted on Thursday.

In April 2021, Paxful announced support for ETH, stating at the time that “Ethereum gives users a different chance to claim their stake in the crypto world.”

Read also : Retail Investors Now Hold Largest Share of Bitcoin Supply: Report

Paxful also offers exchanges for Attached USDT/USD and USD Coin USD/USD stablecoins.

Bitcoin’s “Granite Foundation”

Paxful CEO first announced plans to phase out ETH on December 12 in response to a tweet from a software engineer Jeremy Garciawho criticized Ethereum as a doomed project due to poor design and “a foundation of sand” as opposed to the “granite foundation” of Bitcoin.

Youssef said “economic apartheid” is the biggest problem facing the world in the bulletin.

He also said he wanted to see “a world where Bitcoin frees billions of people held back by this evil system, especially those who live unnecessarily in the South.”

Youssef cited the network’s transition from proof-of-work to proof-of-stake, which “turned ETH into a digital fiat,” as well as its lack of decentralization, as reasons for delisting ETH.

“He [Ethereum] is controlled by a small group of people, and one day you will need permission to use it,” he said.

Although Youssef said Ethereum “has some utility in real-world cases, such as credit and lending,” he said it “now thrives on tokenization,” with Ethereum-based tokens evolving into “ scams that have robbed billions of people”.

Following: Trump’s NFT struggle as floor price drops 74% in 3 days: what’s next for his Web3 adventure?

Photo from Pixabay.

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