Peer-to-peer crypto marketplace, Paxful has removed the native token of Ethereum, Ether from its marketplace. This development was confirmed in a Twitter post by its CEO, Ray Youssef. In the post, Youssef said the decision was in connection to numerous concerns ravaging the token.
Notably, the Paxful CEO cited three concerns about Ether which compelled its removal from the marketplace. One of the concerns, according to Youssef, revolves around the transition of Ethereum from PoW to PoS last September. The CEO said this development made ether a digital form of fiat. He described BTC, the largest cryptocurrency by market cap as the only honest money owing to its usage of PoW.
The second concern raised by Youssef is that Ethereum is not decentralized, stressing that it is controlled by a small group of people. He said this will result into a need to take permission before using it in the future. Thirdly, the CEO said the protocol’s ability to allow tokenization of assets as a driver of scams and fraud across the cryptocurrency ecosystem. He noted that the tokens that ETH has spawned have been scams that robbed people of billions. The Paxful CEO also accused Ethereum and its native token of stealing valuable momentum away from Bitcoin.
Youssef pushing wider access to BTC through Paxful
Over time, Youssef has continued to be a staunch advocate for Bitcoin. Through Paxful, the CEO engaged in numerous partnerships and programs to aid accessibility to BTC. Recall that in September, Paxful integrated Lightning network into its platform, giving its 7 million users access to near-instant Bitcoin transfers. This thus enables users to send and receive BTC using their Paxful wallet within seconds. According to Youssef, Bitcoin remains the best financial option, but scalability issues have been hindering its adoption. He, however, feels the crypto tends to achieve better scalability through lightning network so as to make micro-transactions a reality.
Recently, Paxful also partnered with nonprofit organization Built With Bitcoin Foundation and Miami Mayor Francis Suarez to devise a new education initiative centered around Bitcoin. Then, the company said the initiate aims to disburse free tickets to the Bitcoin 2022 conference to local colleges and universities. According to Paxful, it took the decision to enhance financial literacy among the minority and underserved communities in Miami. Notably, about 500 students and local residents received the free ticket to attend the conference, which unfolded last April.