Paxful, a popular peer-to-peer (P2P) cryptocurrency trading platform announced This is delisting ethereum (ETH/USD) from its market.
According to Ray Youssef, founder and CEO of Paxful, p2p crypto exchange Ultimately removing Ethereum as it seeks to move forward with integrity as opposed to focusing on revenue.
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as previously reported, Joseph had asked crypto users to consider self-custody amid the fallout from the aftermath of the FTX explosion. they did separately hinted On delisting Ethereum from bitcoin exchanges earlier this month.
On Wednesday, he tweeted that the decision has been implemented.
“We finally removed #ethereum from our marketplace. 11.6m humans safe. Integrity over revenue.
Why Paxful Delisted Ethereum
Youssef also sent out a note to all Paxful users, informing them that Ethereum will be officially delisted from the market on December 22, 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 Change Proof-of-Stake (PoS) has essentially rendered Ether a digital fiat b) that ETH is centralized and c) that the chain is literally a conveyor belt of scams.
The CEO of Paxful addressed the last point:
“ETH has some utility in real use cases, such as credit and lending, but it thrives because of tokens. The tokens that ETH spawned are scams that have robbed people of billions.”
According to him, these shocks are that “Has stolen valuable momentum from bitcoin“The Cost of the Major Cryptocurrency Years”Mission,
He said that his decision may not be popular, but it is the right thing to do, arguing that the payoff from this action could dwarf the billions lost through scams.
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