Why Paxful Is Removing Ethereum From Its Platform: 'Integrity Over Revenue'

Global peer-to-peer trading platform Paxful has banned trading in Ethereum ETH/USD from its market.

“We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue. Who is next?” Ray Youssef, CEO of Paxful, tweeted on Wednesday.

A snapshot of the newsletter that was delivered to Paxful users states that ETH trades will be halted Thursday.

In April 2021, Paxful announced support for ETH, stating at the time that “Ethereum gives users a different chance to claim their stake in the crypto world.”

Also read: Retail Investors Now Hold The Largest Share of Bitcoin Supply: Report

Paxful also provides trading for Tether USDT/USD and USD Coin USDC/USD stablecoins.

Bitcoin's 'Foundation Of Granite'

The Paxful CEO first announced plans to remove ETH on Dec. 12 in response to a tweet by software engineer Jeremy Garcia, who criticized Ethereum as a project doomed to fail due to poor design and "a foundation of sand" as opposed to Bitcoin's "foundation of granite."

Working to remove eth from our marketplace. Revenue is nice but integrity trumps all https://t.co/k57ZYgGdqT

— Ray Youssef (@raypaxful) December 12, 2022

Youssef stated that "economic apartheid" is the biggest problem facing the world in the newsletter.

He also stated that he wants to see “a world where Bitcoin frees billions of people held back by this evil system, especially those unnecessarily harmed living in the Global South.”

Youssef cited the network's transition from proof of work to proof of stake, which “has rendered ETH essentially a digital fiat,” as well as its lack of decentralization, as the grounds for delisting ETH.

“It [Ethereum] is controlled by a small group of people, and one day you will need permission to use it,” he said.

Although Youssef said Ethereum “had some utility on real cases, such as credit and lending,” he said that it now "thrives because of tokenization," with Ethereum-based tokens evolving into "scams that have robbed people of billions."

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