Venmo and PayPal integrated Ethereum Name Service (ENS) names on September 10, allowing over 270 million U.S. users to transfer cryptocurrency using simplified blockchain addresses.
This latest integration allows Venmo and PayPal users to transfer cryptocurrency using simple ENS names instead of long wallet addresses.
ENS Goes Mainstream: Can It Revolutionize Crypto Payments with PayPal & Venmo?
According to the ENS statement on X (Formerly Twitter), this integration will allow users to send crypto payments to ENS usernames, which eliminates the need for complex wallet addresses and reduces the risk of errors in transactions.
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
Previously, users had to manually enter long alphanumeric wallet addresses or scan QR codes, which could lead to mistakes, particularly when handling large sums.
With this new feature, users in the U.S. can now enter an ENS name—such as “username.eth”—directly into PayPal or Venmo, which will automatically retrieve and verify the associated Ethereum wallet address.
The companies noted in their statement that the feature would greatly reduce friction in crypto payments. It would make it simpler for users to transact in digital currencies without worrying about errors caused by entering incorrect wallet information.
ENS Expands Reach with PayPal and Venmo Integration Amid Legal Dispute
ENS has been actively working to enhance the usability of its domain names. In February, the company announced a partnership with web domain registrar GoDaddy, allowing users to link their traditional .com domains to their ENS names, effectively tying a .eth domain name to an Ethereum wallet address.
The Ethereum Name Service (ENS), founded in 2017 with an Ethereum grant, has grown significantly, with over 2 million names registered on-chain and 4 million off-chain.
ENS is an open-source protocol that replaces complex Ethereum addresses with user-friendly names. Notably, in May, ENS Labs announced a migration to a layer-2 network to reduce gas fees and improve transaction speeds.
On the other hand, PayPal and its subsidiary Venmo, which began supporting cryptocurrencies in 2021, are the latest platforms to integrate ENS, allowing for simplified crypto payments using ENS usernames.
PayPal and Venmo have also been expanding their presence in the crypto market. PayPal recently introduced MoonPay integration for crypto purchases and launched its PYUSD stablecoin on Venmo, enabling seamless transfers across both platforms.
However, while everything is growing for ENS, the company recently get involved in a patent dispute. In May 2024, ENS Labs filed a petition with the U.S. Patent and Trademark Office, challenging a patent awarded to Unstoppable Domains. ENS claims the patent lacks novel contributions and infringes on its open-source technology.
The post PayPal, Venmo Partner with ENS for Crypto Payments appeared first on Cryptonews.
