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Major crypto exchange drops Ethereum from its lineup

Paxful crypto exchange removes Ethereum from its platform.

By Finst News
• 3 min read
Major crypto exchange drops Ethereum from its lineup

Paxful, the peer-to-peer crypto marketplace, is removing Ethereum from its platform. The reasons: a shift in thinking, concerns about decentralization, and tokenization fraud.

The Paxful P2P crypto marketplace has removed Ethereum from its platform. The exchange's CEO, Ray Youssef, View post on X on Twitter. The exchange says it wants to "keep its openness" and remove "economic disparity" with the move. One initial reason given for the removal was the Ethereum merge. Youssef, known as a staunch Bitcoin maximalist, said Proof of Work (PoW) is "the innovation that makes Bitcoin the only honest money there is." Ethereum had effectively become a "digital form of fiat" after switching to Proof of Stake (PoS).

Ethereum not decentralized

Paxful's founder further claimed that Ethereum is not sufficiently decentralized and that a "small group of people controls the network." This is a charge the Ethereum community has faced repeatedly since the merge. The third reason is the ETH blockchain's ability to enable tokenization of assets. Many of these tokens are "scam projects" and have "defrauded people of billions of US dollars".

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