PayPal and Venmo have agreed to integrate Ethereum Name Service (ENS) blockchain domains. Users will be able to use their ENS names to send and receive crypto on these traditional payment platforms.
PayPal and Venmo and the integration of ENS blockchain names
ENS Labs, the leading company developing the Ethereum Name Service (ENS) domain name protocol, announced that it has integrated its solution on PayPal and Venmo. The integration will be available first for users in the United States.
We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!
This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA.
pic.twitter.com/9hsrhRqEAp
— ens.eth (@ensdomains) September 10, 2024
“We are excited to announce that @ensdomains is now supported by @PayPal & @Venmo! This new feature brings the power of ENS to millions of people, making cryptocurrency transfers easier and safer than ever, starting from the USA.”
ENS is known to the crypto community for providing Ethereum users with a simple and human-readable name, instead of the classic long and alphanumeric blockchain address associated with their crypto wallet.
Therefore, the users of the two traditional payment giants PayPal and Venmo, will now be able to enter their ENS address when they want to transfer their crypto. In fact, now the two platforms will be able to identify the crypto wallet address associated with the ENS name.
PayPal and Venmo: ENS blockchain domains available for crypto transactions
Going into more detail, ENS highlighted how its solution can be used on the two platforms.
In practice, users will be able to enter their ENS name when sending crypto on PayPal and Venmo, and the two platforms will be able to automatically associate it with the correct wallet address.
The main benefit is that users will no longer have to copy and paste long addresses, but will be able to make easy crypto transactions even on traditional payment platforms.
Not only that, ENS explains that with the new Address Book feature, it will be possible to save and recall ENS names and the most used wallet addresses for transfers, even more quickly.
The new service will be offered initially only in the United States, but the intention is to expand it soon to other countries.
The proposal to launch one’s own dapp on a layer-2 network
Last May, ENS made headlines for having presented a governance proposal in which it asks the community to launch its own layer-2.
Specifically, the company ENS Labs would like the dapp ENS to be developed on a new layer-2 type blockchain, EVM compatible.
At that moment, not too many details were revealed about the prototype, but only the future benefits that the protocol would obtain.
Among others, ENS has listed a better scalability with reduced gas fees, as well as the introduction of new advanced features.
