- ENS domains now replace complex wallet addresses on PayPal and Venmo, making crypto transfers easier.
- The integration is intended to increase crypto adoption by making digital transactions more user-friendly.
On September 10, ENS Labs announced a significant improvement to its decentralized name system, combining it with PayPal and Venmo. This new functionality enables users to use Ethereum Name Service (ENS) domain names for Crypto transfers across both platforms, eliminating the need for traditional, onerous wallet addresses. This connection is intended to streamline the transfer process, making it more user-friendly and error-free.
Users can now transmit cryptocurrencies by just entering their ENS domain name. The platform will automatically acquire the correct wallet address, avoiding the need to manually enter long alphanumeric strings. Furthermore, PayPal and Venmo have developed an Address Book function that securely stores frequently used ENS names and wallet addresses, increasing user convenience.
Khori Whittaker, Executive Director of ENS Labs, expressed enthusiasm for the connection, saying, “We are thrilled to put ENS’ naming capabilities directly in the hands of millions of customers via Venmo, PayPal Mobile, and PayPal Web. As digital assets become more widely used, our goal is to make asset management as simple and user-friendly as feasible.”
Streamlining Crypto payments
The integration of ENS into major payment platforms such as PayPal and Venmo is a big step forward in Crypto acceptance. ENS simplifies the process of managing long and complex wallet addresses, making digital transactions more accessible to the general public. This move is expected to eliminate transaction errors and lower barriers to utilizing digital currencies, thereby raising adoption rates and connecting traditional banking institutions to the world of cryptocurrency.
According to a statement from ENS on X (previously Twitter), customers will benefit from a more straightforward payment process, improving the overall convenience of use for digital currency transactions.
ENS, an open-source technology that has substituted complex Ethereum addresses with more accessible names, has experienced significant growth. Founded in 2017 with an Ethereum grant, ENS presently has over 2 million on-chain names and 4 million off-chain. In February, ENS expanded its reach with a partnership with GoDaddy, which connected traditional.com domains to ENS identities. In May, ENS Labs switched to a layer-2 network to save money on petrol and speed up transactions.
The new function illustrates the growing trend of making crypto more user-friendly and accessible, paving the path for greater adoption and integration of digital assets into daily financial transactions.