Paxful P2P Crypto Exchange Delists “Fiat Currency” Ethereum

Paxful, a peer-to-peer crypto market platform, has announced the delisting of Ethereum (ETH), claiming that it is simply another kind of fiat currency.

According to a Twitter post by Ray Youssef, co-founder of the New York-based crypto exchange, the firm is delisting Ethereum owing to a lack of decentralization caused by the top smart contract platform’s transition to proof-of-stake.

Youssef believes that investors are safer without the second-largest crypto asset by market size. He said:

“We finally kicked Ethereum off our marketplace. 11.6 million humans safer. Integrity over revenue. Who’s next?”

An official statement by Paxful also shared by Youssef, the reasons for delisting ETH are:

• Proof-of-stake has replaced proof-of-work in ETH. Proof-of-work is the invention that has made Bitcoin the only honest money available, whereas proof-of-stake has effectively rendered ETH a digital version of cash.
• ETH is not a decentralized currency. It is run by a limited number of individuals, and you will require permission to use it one day.
• ETH has some use in real-world applications like as credit and lending, but it flourishes due to tokenization. The tokens created by ETH have been frauds that have stolen consumers of billions of dollars. They have siphoned off critical Bitcoin momentum and lost us years on our quest.

At time of writing, Bitcoin is moving hands at $16,842 according to CoinMarketCap, while runner-up Ethereum is priced at $1,217 a coin.