Ethereum will be kicked out of the Paxful marketplace due to the Proof-of-Stake transition. The founder believes that ETH is not decentralized.
Ray Youssef, the founder and Chief Executive Officer of Paxful marketplace, announced through Twitter that they would remove ETH from the marketplace to make 11.6 million users safer.
Paxful is a global peer-to-peer marketplace for trading cryptocurrencies. The decision, whose hints were given earlier this month, would be effective from Dec. 22, Thursday.
Ethereum Kicked-Out From Paxful
Ray Youssef, the founder of Paxful, believes that Proof-of-Work is the innovation that makes Bitcoin the only honest money. Ethereum’s transition to Proof-of-Stake makes it a digital form of fiat. The community resonates with the belief that Bitcoin Proof-of-Work is a feature, not a bug.
He further states that with Proof-of-Stake, Ethereum is no longer Decentralized. The Bitcoin bull Michael Saylor believes that Ethereum is obviously a security. Read our article on whether Ethereum PoS would be classified as a security.
Purpose Before Profit
The CEO claims that tokens spawned on the Ethereum ecosystem have robbed people of billions. It has caused the industry years on its mission. “In short, our industry is under attack right now – which means our responsibility to protect our users is greater than ever before,” says Ray Youssef.
According to the tweet, there are around 11.6 million Ethereum users in the Paxful marketplace. The CEO claims to prioritize purpose over profits. “You have my word as a CEO and as a human being that I will always put purpose before profit,” the CEO promised.
ETH, as of writing, is trading at around $1216, with a market cap of over $146 billion.
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Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
