{"id":38835,"date":"2022-12-21T19:43:35","date_gmt":"2022-12-21T19:43:35","guid":{"rendered":"http:\/\/egrowonline.com\/?p=38835"},"modified":"2022-12-21T19:43:35","modified_gmt":"2022-12-21T19:43:35","slug":"crypto-platform-paxful-removes-eth-from-its-marketplace","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=38835","title":{"rendered":"Crypto platform Paxful removes ETH from its marketplace"},"content":{"rendered":"


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Peer-to-peer cryptocurrency marketplace Paxful has removed Ether (ETH<\/a>),\u00a0Ethereum\u2019s native token, from its marketplace, citing a number of concerns around the world\u2019s second-largest cryptocurrency by market capitalization.<\/p>\n

Paxful CEO Ray Youssef announced the move in a message to some 11.6 million users of the platform, which he subsequently shared on Twitter. <\/p>\n

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We finally kicked #ethereum<\/a> off our marketplace. 11.6m humans safer. Integrity over revenue Who is next ? pic.twitter.com\/JTJXa5RYJ8<\/a><\/p>\n

\u2014 Ray Youssef (@raypaxful) December 21, 2022<\/a><\/p><\/blockquote>\n

Youssef highlighted three major concerns around the Ethereum ecosystem that led to the marketplace removing ETH, citing Paxful\u2019s intent to maintain its integrity and efforts to combat \u201ceconomic apartheid\u201d around the world driven by fiat monetary systems:<\/p>\n

\u201cI want 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.\u201d<\/p><\/blockquote>\n

Ethereum\u2019s switch from a proof-of-work<\/a> (PoW) to proof-of-stake (PoS) consensus was the first reason given for the move. Youssef explained that PoW is the \u201cinnovation that makes Bitcoin\u00a0the only honest money there is\u201d and that Ethereum\u2019s transition to PoS has turned ETH into a \u201cdigital form of fiat.\u201d<\/p>\n

Related:\u00a0<\/em><\/strong>We need to move a lot faster on Global South Bitcoin adoption \u2014 Paxful CEO<\/strong><\/em><\/a><\/p>\n

Youssef also criticized Ethereum for not being decentralized and cited the protocol\u2019s ability to allow the tokenization of assets as a driver of scams and fraud across the cryptocurrency ecosystem.<\/p>\n

\u201cThe tokens that ETH has spawned have been scams that robbed people of billions. They have stolen valuable momentum away from Bitcoin and cost us years on our mission.\u201d<\/p><\/blockquote>\n

Paxful\u2019s CEO has also been a vocal advocate for Bitcoin<\/a> and cryptocurrency self-custody in the wake of FTX\u2019s collapse in November 2022. Youssef implored cryptocurrency users to shift BTC holdings to self-custody storage, with Paxful users also encouraged to follow suit.<\/p>\n<\/div>\n


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Peer-to-peer cryptocurrency marketplace Paxful has removed Ether (ETH),\u00a0Ethereum\u2019s native token, from its marketplace, citing a number of concerns around the world\u2019s second-largest cryptocurrency by market capitalization. Paxful CEO Ray Youssef announced the move in a message to some 11.6 million users of the platform, which he subsequently shared on Twitter. We finally kicked #ethereum off […]<\/p>\n","protected":false},"author":1,"featured_media":38836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[62,181,308,6360,487,4367],"class_list":["post-38835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-crypto","tag-eth","tag-marketplace","tag-paxful","tag-platform","tag-removes"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/12\/19ba84bd-c1f2-4a34-a033-95f6109d5673.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38835","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=38835"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38835\/revisions"}],"predecessor-version":[{"id":38837,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/38835\/revisions\/38837"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/38836"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=38835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=38835"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=38835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}