- According to the latest report, PayPal and Venmo have integrated Ethereum Name Service (ENS) to simplify users’ crypto management processes.
- The new feature will only be available to users based in the United States.
The organization responsible for Ethereum Name Services (ENS), ENS Labs, has announced a strategic integration with PayPal, an American multinational financial technology company, and Venmo, a renowned mobile payment service.
According to the press release, the move will enable users of these popular payment platforms to utilize their ENS names when making a crypto transfer. This will simplify the process of managing wallet addresses and reduce the possibility of errors during transactions. In the meantime, the feature will only be available to users in the US.
Commenting on this, the Executive Director of ENS Labs, Khori Whittaker, explained that this Integration would facilitate the conversion of sophisticated wallet addresses to easily recognizable names.
We are excited to bring ENS’ naming capabilities directly into the hands of millions of users, through Venmo, PayPal Mobile, and PayPal Web. As the world of digital assets becomes more mainstream, our goal is to ensure managing those assets is as intuitive and user-friendly as possible. ENS, much like PayPal and Venmo, transforms complex wallet addresses to human-readable names for users to transact securely and confidently.
What to Expect from the PayPal and Venmo’s Integration of ENS
Before this groundbreaking move, users were required to manually enter or scan external wallet addresses before transferring funds on Venmo or PayPal, increasing the risk of mistakes. Thanks to this integration, users would simply have to enter the recipient’s ENS name on the search field and select the associated wallet address recognized by the platform.
According to the report, Venmo and PayPal would also save ENS names in address books for easy management of future transfers. Speaking about this move, Director of Business Development at ENS Labs Marta Cura stated that ENS would enable interaction with decentralized finance in a traditional setting.
Working with PayPal and Venmo allows us to reach those who are new to the space and those who prefer the familiarity of Web2 payment platforms. By bringing ENS to platforms they already know and trust, we’re making it easier for them to interact with decentralized finance within a traditional Web2 environment.
Over the past couple of years, ENS has increased its efforts to enhance the usability of its domain names. This is evident in its recent partnerships, including the collaboration with web domain registrar GoDaddy in February. This was to provide an intermediary between traditional web domains and the decentralized domain names of Web3. With that, users will be able to use the .eth web domains without any charge.
The recent integration with Ethereum Name Service is part of PayPal and Venmo’s continuous efforts to broaden their footprint in the cryptocurrency market.
PayPal, also integrated MoonPay earlier this year to enable users to buy cryptos using debit or credit cards. On top of that, it launched PYUSD stablecoin on Venmo to ensure a seamless transfer of stablecoin between the platforms. At that time, Cura disclosed that the partnership was to connect newcomers to the crypto world.
At press time, ENS was trading at $16 after surging by 0.94% in the last 24 hours. According to our previous publication, this asset emerged at the top of the list of gainers in July, outshining the popular crypto assets.
