Paypal and Venmo support Ethereum Domain Services (ENS) to simplify cryptocurrency payments
Ethereum domain name service provider ENS Labs announced on Tuesday that payment giant Paypal and its transfer platform Venmo have integrated Ethereum Name Service (ENS) into their payment platform, simplifying cryptocurrency transactions for each user and making it easier to manage wallet addresses.
Paypal and Venmo users can now directly enter the recipient's ENS domain name in the search bar when sending cryptocurrencies, and the payment platform will automatically recognize the wallet address corresponding to that ENS. PayPal and Venmo will also add address book functionality, allowing users to store frequently interacting wallet addresses for faster and more efficient transfers. This feature will be opened to American users first.
ENS is a decentralized domain name system built on the Ethereum memory blockchain, which provides human readable ENS domains for complex cryptocurrency addresses. ENS Labs states that the new feature will reduce the risk of cryptocurrency trading errors on Paypal and Venmo, and make it easier for users to manage their wallet addresses. Prior to integration, users were required to input, paste, or scan external wallet QR codes during cryptocurrency transactions in order to transfer funds.
Collaborating with PayPal and Venmo allows us to reach new users entering this field, as well as those who prefer familiar Web2 payment platforms, "said Marta Cura, Business Development Director at ENS Labs." By introducing ENS into platforms they are already familiar with and trust, we make it easier for them to interact with decentralized finance in traditional Web2 environments.
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