Paxful, a peer-to-peer platform for trading crypto, has delisted ether (ETH) as the cryptocurrency lacks decentralization and has become more of a digital form of fiat due to the transition from Proof-of-Work to Proof-of-Stake algorithm.
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In a letter to users, Paxful CEO, Ray Youssef, said that it was his decision to delist ETH, adding that he wants to focus on bitcoin (EXANTE: Bitcoin) as the largest crypto by market capitalization "frees billions of people held back by this evil system."
Youssef also said tokens built on the Ethereum ecosystem "have robbed people of billions." He added:
"They have stolen valuable momentum away from Bitcoin and cost us years on our mission."
The Paxful head believes that the industry is currently "under attack," which is why the platform decided to remove ETH from its listing. Even though Youssef barred users from trading ETH, they still can trade stablecoins build on Ethereum since "stables are a must for real usecases," he said.
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