Claim Giveaway Token Proof of Reserve

P2P exchange Paxful delists Ethereum

  • Ethereum will no longer be supported in the Paxful marketplace as of December 22.

  • Paxful CEO Ray Youssef believes Ethereum is no longer decentralized.

  • To help the industry, the CEO claims to prioritize purpose over profits.

22-Dec-2022 By: Rohit Tripathi
P2P exchange Paxful

Paxful, a peer-to-peer cryptocurrency marketplace, has announced that it is delisting Ethereum from its marketplace due to increasing centralization and ETH-based scam tokens.

Ray Youssef, the founder and CEO of the Paxful marketplace, announced on Twitter that ETH would be delisted from the marketplace to safeguard its 11.6 million users. Ray noted that his decision was centered on integrity rather than revenue. The decision is effective as of today, December 22nd.

Paxful, with a 6 million user base, is a popular peer-to-peer marketplace for buying and selling Bitcoin utilizing 350+ payment methods. The platform was founded in 2015 and has its headquarters in New York.

What prompted Paxful to make this decision?

Paxful founder Ray Youssef believes that Proof-of-Work is the innovation that will make Bitcoin the only authentic money. With the transition to Proof-of-Stake, Ethereum has become a digital form of fiat. 

Ray continues by asserting that this transition makes Ethereum a centralized digital currency. Moreover, Michael Saylor also believes that Ethereum is unquestionably a security. 

Lastly, Paxful CEO mentioned several ETH-based scam projects that cost investors billions of dollars and stole bitcoin's momentum. All of this clearly illustrates the reason behind Ethereum's removal from the P2P platform.

Possible Aftereffects

The delisting of Ethereum from a leading P2P platform may spark a debate concerning the token's legitimacy. Experts had previously raised similar concerns regarding the token’s centralized nature, but accusations were quickly dismissed by a closer examination of the stakers in question.

Meanwhile, the announcement had no impact on the price of Ethereum, which is currently trading at $1,215.7. The token has also gained more than 1% in the last 24 hours.

What are your thoughts on the delisting of the second-largest cryptocurrency from a trading platform? Share your thoughts in the comment section below.

Read also: Brazil Cryptocurrency Bill Becomes Law

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