"Revenue is nice, but integrity trumps all," said Ray Youssef, announcing ether's (ETH) removal from the marketplace he founded and runs.
Among the reasons for the move noted by Youssef was the Ethereum network's switch to proof-of-stake validation from proof-of-work.
"Proof-of-work is the innovation that makes bitcoin (BTC) the only honest money there is, whereas proof-of-stake has rendered ETH essentially a digital form of fiat," he claimed. ETH is "controlled by a small number of people and one day you will need permission to use it," he continued.
Paxful is a peer-to-peer marketplace that is popular in Africa, a region Youssef believes will see mass adoption of bitcoin due its financial inclusionary potential.
"In short, our industry is under attack right now, which means our responsibility to protect our users is greater than ever before," concluded Youssef.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.