- ENS names can now be entered by US users of Paypal and Venmo to transmit cryptocurrency, doing away with the need to copy and paste wallet addresses.
- ENS Labs said on Tuesday that Paypal and Venmo have included the Ethereum Name Service (ENS) into their payment systems.
ENS is a decentralized naming system that provides crypto addresses with readable names. It is built on the Ethereum blockchain.
When sending cryptocurrency, users of Paypal and Venmo can now directly enter the recipient’s ENS name in the search area, and the payment platforms will automatically find the wallet addresses associated with the ENS. According to the statement, U.S. users will be the first to have access to the service.
According to ENS Labs, the new feature will facilitate user wallet address management and lower the possibility of mistakes occurring during cryptocurrency transactions on Paypal and Venmo. Before the integration, users would have to copy, paste, or scan the QR codes of external wallets in order to transfer money between the two platforms for cryptocurrency transactions.
Marta Cura, director of business development at ENS Labs, stated, “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.” “We’re making it easier for them to interact with decentralized finance within a traditional Web2 environment by bringing ENS to platforms they already know and trust.”
According to the announcement, ENS, which was established in 2017 with an Ethereum grant, has over 2 million names registered on-chain and over 4 million identities off-chain. In 2021, Paypal and Venmo began to support cryptocurrency. Paypal is the owner of Venmo.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
