ENS Labs, the developer behind Ethereum Name Service (ENS), has integrated its domain name solution with PayPal and Venmo, two of the biggest payment companies.
PayPal and Venmo, two of the largest payment companies, have integrated their services with ENS, a domain name solution developed by ENS Labs. This integration will enable users in the US to easily transfer crypto using their ENS names, such as ‘xyz.eth’, instead of having to use complex alphanumeric addresses.
The integration will simplify the process of sending crypto and reduce the risk of sending funds to the wrong wallet. Both PayPal and Venmo will be able to identify the wallet address linked to an ENS name, making crypto transfers more user-friendly.
“We’re excited to announce that ENS is now supported on PayPal and Venmo,” Khori Whittaker, executive director of ENS Labs, said in a press release.
“As crypto becomes more mainstream, it's crucial to streamline digital asset management. Integrating ENS with popular payment platforms ensures a more intuitive experience for millions of users.”
ENS, short for Ethereum Name Service, is essentially a domain name but decentralised and built on the Ethereum blockchain. It transforms complex Ethereum addresses into simple, human-readable names like “alice.eth”, making blockchain interactions more user-friendly.
In addition to being used for crypto transfers, ENS can also store other types of information, such as website URLs and social media profiles. It's a fundamental pillar of crypto adoption, as its service enhances the usability of blockchain applications by allowing users to easily remember and share addresses.
Following the announcement of the integration with PayPal and Venmo, ENS price surged to US$17.4 (AU$26.2), according to data from CoinMarketCap. This marks a 4.5% increase from yesterday and 4.13% in the last seven days.
However, the coin remains down 44% from its height of US$31 (AU$46.6), reached in July of this year, and over 80% down from its all-time high of US$85.6 (AU$127) in November of 2021.
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