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Crypto platform Paxful is removing ETH from its marketplace

Crypto platform Paxful is removing ETH from its marketplace

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Peer-to-peer cryptocurrency marketplace Paxful has removed Ether (ETH), Ethereum’s native token, from its marketplace, citing a number of concerns surrounding the world’s second-largest cryptocurrency by market cap.

Paxful CEO Ray Youssef announced the move in a message to around 11.6 million users of the platform, which he subsequently shared on Twitter.

We finally kicked #Ether from our marketplace. 11.6 million people safer. Integrity before revenue Who’s next?

— Ray Youssef (@raypaxful) December 21, 2022

Youssef highlighted three major concerns surrounding the Ethereum ecosystem that led to the marketplace removing ETH, citing Paxful’s intent, integrity, and efforts to combat “economic apartheid” around the world that of Fiat -monetary systems is driven to maintain:

“I want to see a world where bitcoin liberates billions of people held back by this evil system, especially those who are being unnecessarily harmed in the Global South.”

Ethereum’s move from Proof-of-Work (PoW) to Proof-of-Stake (PoS) consensus was the first reason given for the switch. Youssef explained that PoW is the “innovation that makes Bitcoin (BTC) the only honest money there is,” and that the transition from Ethereum to PoS has turned ETH into a “digital form of fiat.”

Related: We Need to Move Much Faster on Global South Bitcoin Adoption – Paxful CEO

Youssef also criticized Ethereum for not being decentralized, citing the protocol’s ability to facilitate asset tokenization as a driver of fraud and fraud across the cryptocurrency ecosystem.

“The tokens that created ETH were scams that robbed people of billions. They stole valuable momentum from bitcoin and cost us years on our mission.”

The CEO of Paxful was also a vocal supporter of Bitcoin and cryptocurrency self-custody following the FTX collapse in November 2022. Youssef implored cryptocurrency users to move BTC holdings to self-custody, with Paxful users also encouraged to follow suit.

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