According to Paxful founder and CEO Ray Youssef, the p2p crypto exchange is finally removing Ethereum as it looks to push forth with integrity as opposed to focusing on revenue.
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As previously reported, Youssef had asked crypto users to consider self-custody amid the fallout that followed the FTX implosion. He had also separately hinted at removing Ethereum from the Bitcoin exchange earlier this month.
On Wednesday, he tweeted the decision had been implemented.
“We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue.”
Why Paxful delisted Ethereum
Youssef also sent a note to all Paxful users, noting that Ethereum will officially be removed from the marketplace on 22 December 2022 at 12:00 UTC. He then explained the decision to delist the world’s second largest cryptocurrency by market cap.
According to Youssef, there are three main reasons for removing support for Ethereum: a) the switch to proof-of-stake (PoS) has essentially rendered Ether a digital fiat b) ETH is centralized and c) that the chain is literally a conveyor belt of scams.
On the last point, the Paxful CEO noted:
“ETH had some utility on real use cases, such as credit and lending, but it thrives because of tokenization. The tokens that ETH has spawned have been scams that have robbed people of billions.”
According to him, these are setbacks that “have stolen valuable momentum away from Bitcoin,” costing the flagship cryptocurrency years on its “mission.”
He added that his decision might not be popular, but it’s the right thing to do, arguing that the payoff from this action could dwarf the billions lost via scams.