Ethereum Name Service Boosts Crypto Transfers on PayPal and Venmo

ENS Integration for Venmo and PayPal Users

Ethereum Name Service (ENS) has recently integrated with PayPal and Venmo, enabling users to transfer cryptocurrency using ENS names. This new feature simplifies the transaction process for over 270 million users in the U.S. The announcement, made on September 10 by ENS Labs, marks a significant advancement in the usability of digital assets.

Simplifying Crypto Transfers

The integration of ENS with PayPal and Venmo represents a major step towards mainstream adoption of digital currencies. By using ENS names, users can bypass complex blockchain addresses, making transactions more user-friendly and reducing the risk of errors.

• ENS is an open-source, blockchain-based protocol.
• It replaces long, alphanumeric wallet addresses with simple names like “xyz.eth.”
• This enhancement helps in reducing the risk of transferring digital assets to incorrect addresses.

With this integration, PayPal and Venmo users can now enter a recipient’s ENS name, and the payment platforms will automatically resolve it to the correct 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 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 the benefits of the partnership:

“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’ earlier announcement of a migration to a layer-2 network, aimed at lowering gas fees and improving transaction speeds. The new registry design will offer multi-chain interoperability, providing greater flexibility to developers.