Paxful, a global peer-to-peer trading platform, is set to remove Ethereum (ETH) trading from its marketplace.
“We finally kicked Ethereum off our marketplace. 11.6m humans safer. Integrity over revenue 🤝🏽 Who is next ?” Paxful CEO Ray Youssef tweeted on Wednesday.
According to a screenshot of the newsletter sent to Paxful users, ETH trades will be stopped on Thursday, which, as explained by Youssef, gives people some time to end trades and possible disputes.
Paxful, which also offers trades for USDT and USDC stablecoins, added support for ETH in April 2021, with the company saying at the time that “Ethereum gives users a different chance to claim their stake in the crypto world.”
Back then, the firm also praised Ethereum transactions for taking far less time than Bitcoin transactions, “making ETH a top-tier cryptocurrency if you’re looking for speedy turnaround times.”
Paxful didn't immediately reply to Decrypt's request for comment.
The Paxful chief first revealed plans to remove ETH on December 12, replying to a tweet by software engineer Jeremy Garcia, which slammed Ethereum as a project destined to fail due to its 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
In today’s newsletter announcing the news, Youssef said that the world’s biggest problem today is the “economic apartheid," adding 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.”
The only way to achieve that, per Youssef, is through Bitcoin, which he calls “the only honest money.”
As for the reasons for delisting ETH, Youssef points to the network’s switch from proof of work to proof of stake, something that “has rendered ETH essentially a digital fiat,” as well as its lack of decentralization.
“It [Ethereum] is controlled by a small group of people, and one day you will need permission to use it,” said the Paxful boss.
While agreeing that Ethereum “had some utility on real cases, such as credit and lending,” Youssef, however, said that it now “thrives because of tokenization,” with Ethereum-based tokens turning into “scams that have robbed people of billions.”
These tokens, added Youssef, “have stolen valuable momentum away from Bitcoin and cost us years on our mission.”
In recent weeks, Youssef has also been advocating for self-custody of crypto assets, urging people to “never keep savings on any exchange, including Paxful.”
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Coinbase shares spiked 5% to $375 when markets opened on Thursday, putting the crypto exchange’s stock on track for its highest closing price on record.
Coinbase shares were recently changing hands around $372, well above the company’s record closing price of $357 in November 2021, according to Yahoo Finance. Year-to-date, the company’s stock price has climbed 50% from $256 in January.
Although Circle’s blockbuster IPO is contributing to Coinbase hype, alongside the Senate’s recent passage of st...
ASX-listed Opyl Limited, an Australian AI-biotech company grappling with financial stress, announced Thursday in Melbourne that it's adopting a Bitcoin treasury strategy, joining a growing number of public firms experimenting with the alpha crypto as a lifeline.
Opyl acquired approximately two Bitcoin, valued at roughly $214,500 (AU$330,000), through the DigitalX Bitcoin ETF listed on the ASX. Opyl shares surged more than 47% on the day, according to Yahoo Finance data, as investors reacted to t...
Predictions market startup Kalshi has raised $185 million at a $2 billion valuation, the firm announced Wednesday, elevating the startup to unicorn status amid its growing foray into the crypto world.
Cryptocurrency-focused venture capital firm Paradigm led the Series C round, with participation from Sequoia, Multicoin, Peng Zhao, Neo and Bond Capital, according to Mansour. Kalshi will use the funds, in part, to grow its technology team and facilitate its integration with brokers.
Bloomberg firs...