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Popular p2p crypto marketplace Paxful removes Ethereum citing several concerns. Company CEO Ray Youssef cited several reasons for their move. One of the main reasons is Ethereum’s move to Proof of Stake, which has created centralization concerns and also affects Ethereum’s ability to innovate. This is a big step for Paxful because removing the second largest crypto by market cap is no joke.
Paxful CEO tweets about removing Ethereum
Finally we kicked. #Ethereum Outside of our marketplace. 11.6m people safe. Loyalty over income 🤝🏽 Who is there? pic.twitter.com/JTJXa5RYJ8
— Ray Paxful (@raypaxful) December 21, 2022
Ray Youssef’s removal of Ethereum from the platform means ensuring the safety of 11.6 million people. Saying this, he shared a photo. “Income is good, but loyalty trumps all.” Ray then explains all the reasons why Ethereum should no longer be on Paxful.
- Stock Confirmation: The switch to proof-of-stake means that bitcoin is now the only real form of money left, says Ray. PoS claims to make Ethereum a digital fiat currency. This is why many Ethereum users opposed this merger.
- Centralization: The first cryptocurrency was Bitcoin, which is why the entire foundation of this technology is built on the idea of decentralization. However, not all projects are decentralized, and Ethereum is one of them. Ray says that ETH is only controlled by a small group of people.
- Utility: Ethereum has advantages in loan, mortgage and construction applications. However, because of these, there are many tokens that have been built on top of ETH and have defrauded people of billions of dollars. Ray says this will take away important progress from BTC and slow us down in our mission.
Ray wants to protect users
In the year The events of 2022 had a significant impact on the crypto industry. First, we experienced the collapse of Luna and UST, which led to the bankruptcy of several lending platforms. This affected millions of users who lost their money. And now, the collapse of FTX, the biggest scam ever in the US.
This is why Ray believes the crypto industry is under attack. And it’s up to them to protect users more than ever before. So it says that they always do the right thing, even if it costs them extra.
What are your thoughts on Paxful removing Ethereum from the marketplace? And do you think they will bring it back? Let us know in the comments below. And, if you find our content informative, share it with your family and friends.
Also read: Glassnode claims that more than $3 billion worth of stablecoins have left Binance in the past 30 days..
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