Crypto platform Paxful removes ETH from its market

Peer-to-peer cryptocurrency market Paxful has eliminated Ether (ETH), Ethereum’s native token, from its market, citing various issues world wide’s second-largest cryptocurrency by market capitalization.

Paxful CEO Ray Youssef introduced the transfer in a message to some 11.6 million customers of the platform, which he subsequently shared on Twitter.

Youssef highlighted three main issues across the Ethereum ecosystem that led to {the marketplace} eradicating ETH, citing Paxful’s intent to take care of its integrity and efforts to fight “financial apartheid” world wide pushed by fiat financial programs:

“I need to see a world the place Bitcoin frees billions of individuals held again by this evil system, particularly these unnecessarily harmed residing within the world south.”

Ethereum’s change from a proof-of-work (PoW) to proof-of-stake (PoS) consensus was the primary purpose given for the transfer. Youssef defined that PoW is the “innovation that makes Bitcoin the one trustworthy cash there may be” and that Ethereum’s transition to PoS has turned ETH right into a “digital type of fiat.”

Associated: We have to transfer loads sooner on International South Bitcoin adoption — Paxful CEO

Youssef additionally criticized Ethereum for not being decentralized and cited the protocol’s potential to permit the tokenization of belongings as a driver of scams and fraud throughout the cryptocurrency ecosystem.

“The tokens that ETH has spawned have been scams that robbed individuals of billions. They’ve stolen worthwhile momentum away from Bitcoin and value us years on our mission.”

Paxful’s CEO has additionally been a vocal advocate for Bitcoin and cryptocurrency self-custody within the wake of FTX’s collapse in November 2022. Youssef implored cryptocurrency customers to shift BTC holdings to self-custody storage, with Paxful customers additionally inspired to observe go well with.