Crypto Marketplace Paxful Delists Ethereum Over ‘Honesty’ Issues, Here’s Why

Ethereum Paxful Delisting News: Crypto marketplace Paxful on Wednesday said it took off Ethereum its marketplace. The company cited issues around integrity of the blockchain network. The decision to delist ETH comes at an immediate effect on the platform, the company CEO Ray Youssef said. The CEO cited the blockchain network’s switch to the proof of stakemechanism from proof of reserves.

“Ethereum Is Not Decentalized”

The Paxful CEO said Ethereum is not decentralized and that it is controlled by a group of people. The claim could have huge repercussions for Ethereum, which is the second largest cryptocurrency by market cap. While Youssef said Ethereum has utility in use cases in finance like credit and lending, he criticized the blockchain’s tokenization model. Ethereum spawned tokens that are scams that have robbed people of billions, he stated in a statement. He added that the ETH tokens stole valuable momentum away from Bitcoin.

“ETH is not decentralized. It is controlled by a small group of people and one day you will need permission to use it.”

He said in a tweet,

“We finally kicked Ethereum off our marketplace. 11.60 million humans safer. Integrity over revenue. Who is next?”

The Ethereum (ETH) is yet to price in the benefit of its switch to the proof of stake consensus, as predicted by Vitalik Buterin prior to The Merge. As of writing, ETH price stands at $1,213, up just 0.03% in the last 24 hours, according to price tracking platform CoinMarketCap.

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