- Paxful eliminated Ethereum from its market citing totally different causes.
- The explanations embrace the transition of Ethereum from PoW to PoS consensus, and claiming Ethereum is a centralized platform.
- The last word intention of the corporate is to realize integrity.
Paxful, the worldwide peer-to-peer advertising platform, eliminated the native token of Ethereum, ETH, from its market, commenting its intentions as “integrity over income”.
Ray Youssef, the CEO of Paxful, tweeted on December 2021 that the platform has kicked off Ethereum:
Notably, Youssef has shared a screenshot of the publication addressed to the Paxful clients, wherein he has identified that the ETH commerce will come to finish on Thursday.
Within the following tweet, Youssef assured the group that the commerce would fully finish the subsequent day, explaining that the time has been given to folks to “finish trades and disputes”.
Considerably, the CEO highlighted the main causes for the corporate to take away Ethererum from its market. Significantly, the primary cause cited by the corporate was the transition of the community from the proof-of-work (PoW) to the proof-of-stake (PoS) consensus mechanism.
Youssef put ahead explanations by saying that Bitcoin is “sincere cash” with its PoW whereas Ethereum’s transition to PoS has modified it right into a “digital type of fiat”.
Secondly, Youssef criticized Ethereum for not being decentralized and commented on the tokenization of belongings as a driver of scams and fraud throughout the ecosystem:
The tokens that ETH has spawned have been scams that robbed folks of billions. They’ve stolen useful momentum away from Bitcoin and price us years on our mission.
It’s important to notice that Youssef has commented on the corporate’s final intention to take care of integrity and to fight “financial apartheid” world wide ruled by fiat currencies.