Paxful removes Ethereum (ETH) from its platform

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Paxful removes Ethereum (ETH) from its platform

By Onose Enaholo - min read
Updated 26 January 2023
  • Paxful CEO has called Ether a form of fiat.
  • He also cited the Ethereum network’s switch to proof-of-stake validation from proof-of-work.
  • As a result, the CEO has slammed the use of ETH on the platform.

In a surprising twist, peer-to-peer crypto marketplace Paxful founder and CEO, Ray Youssef, has removed Ethereum (ETH) from the platform. While announcing the removal via Twitter, Youssef said:

“Integrity over revenue.”

Youssef said that ETH has become a fiat after the Merge upgrade. He said:

“Proof-of-work is the innovation that makes bitcoin (BTC) the only honest money there is, whereas proof-of-stake has rendered ETH essentially a digital form of fiat. ETH is controlled by a small number of people and one day you will need permission to use it.”

After being warned that “Being a maxi of anything isn’t right,” Youssef said:

“No. We need maximum momentum behind one clearing layer to win and bitcoin is the only game in town. This isn’t an investment strategy, this is humanity rising up to liberate itself. ALL IN!”

Youssef has been routing for Bitcoin and when asked if Paxful can add Litecoin since people in Madagascar, Somalia, Nigeria, and Ethiopia are looking for the coin, he said:

“No, we must guide them to bitcoin. This is the way.”

Prevalence of scams among Ethereum-based tokens

The Paxful CEO also cited the prevalence of scams among tokens that operate on the Ethereum blockchain.

Nevertheless, Paxful confirmed via Twitter that it will continue offering stablecoins USD Coin (USDC) and Tether (USDT) although it is not too optimistic about them.