Peer-to-peer crypto marketplace Paxful permanently removes ETH from the platform.
CEO & co-Founder Ray Youssef has announced the removal of ETH from Paxful which is one of the largest peer-to-peer Bitcoin marketplaces in the world. Backing up his action, Ray tweeted “valuing integrity over revenue”.
The move came months after Ethereum switched from Proof-of-Work consensus to Proof-of-Stake consensus mechanism. Ray expanded his statement by saying that Proof-of-Stake has made Ethereum (ETH) a digital fiat which is controlled by a small number of people (validators).
He further forecasted that one day users will need permission to access ETH since it has become somewhat like fiat. Only Bitcoin is honest money which is based on Proof-of-Work consensus and cannot be controlled by anyone.
He strongly believes that most scams are based on the tokens built on the Ethereum blockchain. Paxful added ETH in April 2022 and also supports stablecoins USDC and USDT (Tether).
Back in time, the company praised Ether for processing transactions faster than Bitcoin. However, things took a u-turn after Ethereum migrates to POS. Paxful is highly active in Africa and believes “economic apartheid” to be the world’s biggest problem.
The founder has a strong opinion that Bitcoin can overcome this problem since it has the power to free billions from the control of the centralized system and it cannot be manipulated by any authority.
This will probably be the first time that a crypto company has discarded ETH, the top altcoin with the highest trading volume from its platform. It may look like a bold and foolish move especially when we are in a down market but only the future holds the truth.
Paxful has completely removed the support for Ethereum at the time to writing this post.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.