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Paxful removes Ethereum from its marketplace

Paxful

TL;DR Breakdown

  • Paxful delists Ethereum from its platform
  • The company’s CEO cites three issues with the asset
  • Paxful advises traders to try self-custody asset storage

Paxful has announced that the platform has delisted Ethereum from its platform effective immediately. According to the statement issued, the issues with the second digital asset, according to market capitalization, were the trigger for the decision. The CEO of the platform Ray Youseff also took to Twitter to intimate his followers, about 11 million users, and the general public about the company’s decision.

The company’s CEO cites three issues with the asset

In his update on Twitter, Youseff buttressed three points as the reason why the second digital asset was booted off the exchange. However, the CEO also claimed that the main reason the decision was taken was that the platform promises to maintain integrity. He also claimed that the platform is also trying to fight economic differences that has been a thing worldwide.

Youseff claims that this issue was first started by the several systems operating worldwide. He also said he is rooting for Bitcoin to free that held hostage by the system. The CEO mentioned that the switch earlier in the year was the first trigger that pushed for the decision. Finally, he claimed that using a PoW system means that the money is made honestly, while a PoS is like another digital fiat money.

Paxful advises traders to try self storage

Paxful CEO also mentioned that the lack of decentralization on the part of the digital asset was another driver. Youseff claims that the recent tokenization could create a field for scams and fraud to thrive across the crypto space. He mentioned that most tokens that have been respawned on Ethereum had been scams, resulting in people losing their hard-earned funds. Youseff also said that Ethereum has been able to undo the hard work that Bitcoin had done over the years by stealing away some of its momentum.

The Paxful boss has been a voice for Bitcoin over the last few years. After FTX saga, he has also called on traders to explore several self-custody methods of safekeeping their digital assets. Paxful also echoed the same sentiment shared by its CEO after its announcement regarding the issue with FTX.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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