Crypto Daily - Ethereum Name Service (ENS) has integrated with PayPal (NASDAQ:PYPL) and Venmo, enabling users to transfer cryptocurrency using ENS names and simplifying the transaction process for over 270 million U.S. users.
ENS For Venmo, PayPal Users
Venmo and PayPal users will now be able to transfer cryptocurrency using Ethereum Name Service (ENS) names. On September 10, ENS Labs, the team behind the Ethereum-based domain protocol, announced a significant integration with PayPal and Venmo. This partnership will enable over 270 million U.S.-based users of these payment platforms to transfer cryptocurrency using ENS names rather than complex blockchain addresses.Simplifying Crypto Transfers
The integration of ENS with PayPal and Venmo marks a step toward mainstream adoption of digital assets, offering a seamless and user-friendly solution for cryptocurrency transactions.ENS is an open-source, blockchain-based protocol designed to simplify crypto transactions by replacing long, alphanumeric wallet addresses with user-friendly names like “xyz.eth.” This enhancement reduces the risk of transferring digital assets to incorrect addresses. By integrating ENS into PayPal and Venmo, users will be able to enter a recipient’s ENS name, and the payment platforms will automatically identify the associated wallet address.
Enhancing User Experience in Digital Payments
Khori Whittaker, executive director of ENS Labs, emphasized the significance of this collaboration:“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.”This integration aligns with PayPal's broader involvement in the blockchain space. Recently, PayPal’s stablecoin, PayPal USD (PYUSD), achieved a total market capitalization of $1 billion. Earlier in May, PayPal also expanded PYUSD to the Solana network, partnering with platforms like Crypto.com and Paxos to onboard more users.
ENS Labs' Expansion and Future Plans
Marta Cura, Director of Business Development at ENS Labs, highlighted how the partnership will extend the protocol’s reach:“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.”This integration follows ENS Labs’ announcement of a migration to a layer-2 network earlier this year, aimed at lowering gas fees and improving transaction speeds. The new registry design will offer multi-chain interoperability, providing greater flexibility to developers.
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