Paxful CEO Says Working to Remove ETH from Platform

Ray Youssef, the CEO and founder of crypto peer-to-peer marketplace Paxful, recently confirmed that the platform is working on delisting Ether (ETH). Youssef further acknowledged that while ETH revenues are nice, he is focused on the integrity of the cryptocurrency.

Paxful is a peer-to-peer platform that allows users to buy and sell cryptocurrencies globally. The US-based company allows users to trade their digital assets with over 350 payment methods.

The company’s CEO has never hidden his love for Bitcoin and has been an active promoter of the currency. He has maintained that other cryptocurrencies, including ETH, are not up to Bitcoin’s standards. He even referred to ETH in a tweet as “more like riding a drunken donkey and thinking it is a Ferrari”.

Paxful’s platform currently lists only four cryptocurrencies, including Bitcoin, USDT, ETH, and USDC. However, the founder revealed in his recent update that the decision to add ETH was a result of their former CTO/CPO, who pioneered the integration with eyes set on a full DeFi integration on Paxful. 

With the employee now departed, Paxful will “remove ETH from [its] marketplace” according to its CEO, although not providing a timeline. ETH trading volume on Paxful is “small in volume” compared to the entire platform per the CEO.

Youssef confirmed in reply to another tweet that stablecoins will not be removed alongside ETH even though they use the same infrastructure. He stated that they will not be removed because they solve real-time problems and ETH doesn’t. He also wished stablecoins were in the Bitcoin network other than on the Ethereum network.

Youssef: BTC is Better Than ETH

Notably, Youseff’s remarks were a response to a tweet by Jeremy Garcia, Founder of Satoshi’s Journal, about the shortcomings of ETH. Garcia argued that ETH is poorly designed and is unable to follow the first principle. He added that the currency would fail because it has many variables.

The Bitcoin vs. Ethereum debate has a long history in the cryptocurrency industry. Many top analysts have given their verdicts on the similarities and differences between both crypto networks and which was designed to perform better, with many saying Ethereum will outperform Bitcoin in the future.

Youssef is evidently on the Bitcoin train, and his recent tweet backs it all up. His recent tweet suggests that ETH is a grift and there is no other currency as authentic as Bitcoin.