Why Ethereum Was Delisted From Crypto Marketplace Paxful!

Why Ethereum Was Delisted From Crypto Marketplace Paxful! 

New York-based crypto exchange Paxful has announced a massive change in its platform by delisting the second largest cryptocurrency in the industry, Ethereum.

Delisting Ethereum from Paxful

Through his personal Twitter account, Paxful co-founder Ray Youssef announced the delisting of Ethereum in a celebratory-style tweet and letter. 

Youssef explains that since Ethereum’s change to Proof-of-Stake earlier this September, the cryptocurrency has become just another form of fiat currency.

“ETH switched from proof-of-work to proof-of-stake. Proof-of-work is the innovation that makes Bitcoin the only honest money there is, whereas proof-of-stake has rendered ETH essentially a digital form of fiat,” Youssef’s letter read.

Related: FTX’s Gary Wang & Alameda’s Caroline Ellison Plead Guilty To Criminal Charges

Another reason why Ethereum is being delisted from the platform is due to the fact that the crypto’s change to PoS has made it become less decentralized. 

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

Finally, Youssef argues that Ethereum’s tokenization have spawned a large amount of scams which have “robbed people of millions.” The CEO argues that by booting the centralized crypto from his platform, he is helping make his 11.6 million users ‘safer.’

Crypto Prices

Cryptocurrency prices are still suffering during this crypto winter as major crypto like Bitcoin and Ethereum dip to some of its lowest prices in over a year.

At the time of writing, Bitcoin is currently trading at a price of around $16,800, down 5% from its price the previous week. Ethereum on the other hand is trading at a price of $1,200.

Other altcoins like Solana, Polygon, and Cardano have also seen its prices drop these past months following the major collapse of crypto exchange FTX earlier in November.

Related: US Senate Banking Chair Thinks Of Banning Crypto, Says It Will Be Difficult

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