Paxful, a global peer-to-peer trading platform, will remove Ethereum (ETH) trading from its marketplace.
“We’ve finally kicked Ethereum off our market. 11.6M people are safer. Integrity over revenue 🤝🏽 Who’s next?” CEO Ray Youssef chirp Wednesday.
According to one of the newsletter screenshots sent to Paxful users, ETH trading will be halted on Thursday, which, explained Joseph, gives people some time to finalize deals and any disagreements.
Paxful, which also offers USDT and USDC stablecoin trading, added support for ETH in April 2021, with the company saying at the time that “Ethereum gives users another chance to claim their stake in the crypto world.”
At the time, the company also praised Ethereum transactions for taking much less time than Bitcoin transactions, “making ETH a top-notch cryptocurrency if you’re looking for fast processing times.”
Paxful did not immediately respond Decode Comment request.
Bitcoin is the ‘only honest money’
The Paxful chief first disclosed plans to mine ETH on Dec. 12, in response to a tweet from software engineer Jeremy Garcia, who criticized Ethereum as a project doomed to fail due to its poor design and “sandbox foundation” in contrast to Bitcoin’s “establishment.” from granite. “
In the newsletter announcing the news today, Youssef said the biggest problem in the world today is “economic apartheid,” adding that he wants to see “a world where bitcoin liberates billions of people who are held back by this evil system, especially those who are unnecessarily harmed.” and who live in it. the global south.”
The only way to achieve this, according to Youssef, is through Bitcoin, which he calls “the only honest money”.
On the reasons for the delisting of ETH, Youssef points to the network’s transition from Proof-of-Work to Proof-of-Stake, which “basically made ETH a digital thing,” as well as its lack of decentralization.
“the [Ethereum] It’s controlled by a small group of people, and one day you’ll need permission to use it,” said the Paxful executive.
While agreeing that Ethereum “had some use in real-world situations like credit and lending,” Youssef said that it is now “thriving because of tokenization,” as Ethereum-based tokens have turned into “scams that have stolen billions from people.”
These tokens, Youssef added, “steal valuable momentum from Bitcoin and cost us years in our mission.”
In recent weeks, so has Joseph advocates To self-care for crypto assets, he urged people to “never hold savings on any exchange, including Paxful.”
Stay up to date with cryptocurrency news, and get daily updates in your inbox.