Cryptocurrency platform Paxful has announced the removal of its native Ethereum (ETH) token from its market, citing a number of concerns about the world's second-largest cryptocurrency by market cap.
This came through the CEO of Paxvel, Ray Youssef, announcing this step in a message to about 11.6 million users of the platform, which he later shared on Twitter, according to Coin Telegraph.
Youssef highlighted three major concerns about the Ethereum ecosystem, which led to the market's delisting of the ETH token, citing Paxvel's intent to maintain its integrity and efforts to combat economic apartheid worldwide driven by fiat-money systems.
“I want to see a world where Bitcoin liberates the billions of people who have been held back by this evil system, especially those who have been needlessly harmed and who live in the Global South,” Paxvel CEO said.
Ethereum's shift from Proof of Work (PoW) to Proof of Stake (PoS) consensus was the first reason given for the move. Youssef explained that Proof of Work is the innovation that makes Bitcoin the only honest money in existence and that Ethereum's move to Proof of Stake has transformed Ethereum into a digital form of fiat currency.
He also criticized the CEO of (Paxfil) Ethereum; for not being decentralized and cited the protocol's ability to allow asset tokenization as a driver for scams across the cryptocurrency ecosystem.
Youssef said in this regard: The tokens produced by Ethereum were scams that stole billions from people. They stole valuable momentum away from bitcoin and cost us years in the job.
The CEO of Paxfil has also been an outspoken advocate of Bitcoin and cryptocurrency self-preservation in the aftermath of the FTX crash last November; Youssef implored cryptocurrency users to transfer their Bitcoin holdings to self-storage, while also encouraging Paxvel users to do the same.
