PayPal and Venmo users in the United States will be able to send crypto using domain names created with the Ethereum Name Service (ENS). The initiative is to simplify transfers and reduce risks of errors when entering complex crypto addresses.
ENS Labs, a developer of the Ethereum Name Service (ENS) protocol, announced integration with the PayPal and Venmo payment systems. More than 270 million ENS users in the U.S. will now be able to make crypto transfers using ENS domains instead of complex and lengthy wallet addresses.
The Ethereum Name Service (ENS) is a system of domain names that are unique identifiers, each of which is associated with a specific cryptocurrency wallet address on the Ethereum network and can be used to send or receive digital assets. An ENS domain simplifies interaction with blockchains and makes the use of cryptocurrencies easier and more convenient, while also performing functions similar to traditional domain names in the DNS system.
When initiating a crypto transfer via PayPal or Venmo, users can simply enter their ENS domain in the search field, and the system will automatically convert it into the corresponding crypto wallet address. The integration will also enable the conversion of the address book functionality. PayPal and Venmo users will be able to save and recall recently used addresses, as well as store wallet addresses directly in the services’ address books.
According to Khori Whittaker, Executive Director of ENS Labs, the integration of the ENS with Venmo, PayPal Mobile, and PayPal Web is designed to make digital asset management as intuitive and user-friendly as possible.
PayPal is actively implementing various crypto initiatives. In 2023, the company released its own stablecoin PYUSD, which can be used for cross-border, fee-free transfers. Shortly after the launch of PYUSD on the Solana network, the asset’s capitalization exceeded $1 billion, according to CoinGecko.
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