Venmo and PayPal have integrated the Ethereum Name Service (ENS), enabling users to transfer cryptocurrency using ENS names. The integration, announced by ENS Labs on Sept. 10, is set to reach over 270 million users in the U.S., making it easier to send crypto by replacing long, complex blockchain addresses with readable names like “yourname.eth.” This development is expected to significantly reduce mistakes during transactions and improve the user experience for crypto transfers.
- ENS names simplify the process of sending crypto by replacing alphanumeric addresses with recognizable names.
- The integration will be available on Venmo, PayPal Mobile, and PayPal Web.
- This move underscores PayPal’s growing involvement in the blockchain space, with its stablecoin, PYUSD, recently surpassing $1 billion in market cap.
Khori Whittaker, executive director of ENS Labs, expressed excitement about bringing ENS naming capabilities to millions of users. By partnering with Venmo and PayPal, ENS aims to appeal to both newcomers and those more comfortable with Web2 payment platforms. PayPal’s push into blockchain, seen through its partnerships and the launch of its stablecoin on the Solana network, signals a broader shift towards integrating crypto with mainstream financial services.
ENS Labs is also working to expand its protocol, having recently migrated to a layer-2 network to reduce gas fees and boost transaction speeds. Despite these advancements, the company remains embroiled in a patent dispute with Unstoppable Domains, challenging the validity of a competing patent.
