Paxful, a cryptocurrency marketplace, has delisted Ethereum due to ‘honesty’ concerns; here’s why.

Ethereum Paxful Delisting Information: Paxful, a cryptocurrency marketplace, announced on Wednesday that it has removed Ethereum from its marketplace. The corporation voiced concerns about the blockchain network’s integrity. The decision to delist ETH has an immediate impact on the platform, according to business CEO Ray Youssef. The CEO emphasized the blockchain network’s shift from proof of reserves to proof of stakemechanism.

“Ethereum Is Not Decentalized”

According to the CEO of Paxful, Ethereum is not decentralized and is controlled by a small handful of people. The accusation might have far-reaching consequences for Ethereum, the second-largest cryptocurrency by market valuation. While Youssef believes Ethereum offers utility in financial use cases such as credit and lending, he criticizes the blockchain’s tokenization strategy. In a statement, he noted that Ethereum has generated tokens that are scams that have stolen people of billions of dollars. He went on to say that the ETH tokens took crucial momentum away from Bitcoin.

“ETH is not decentralized. It is controlled by a small group of people and one day you will need permission to use it.”

He said in a tweet,

“We finally kicked Ethereum off our marketplace. 11.60 million humans safer. Integrity over revenue. Who is next?”

The Ethereum (ETH) has failed to price in the benefits of its conversion to proof-of-stake consensus, as promised by Vitalik Buterin prior to The Merge. According to market tracking platform CoinMarketCap, the current price of ETH is $1,213, up just 0.03% in the last 24 hours.

Source: https://coingape.com/crypto-marketplace-paxful-delists-ethereum-over-honesty-issues-heres-why/