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Cryptocurrency News Articles
Venmo and PayPal Users Can Now Transfer Cryptocurrency Using ENS Names
Sep 11, 2024 at 02:01 am
An ENS name can act as a nickname for a blockchain address. Instead of sending tokens to a long, complicated address made up of letters and numbers, users can register a name like “your name.eth” to transfer cryptocurrency.
Payment giants Venmo and PayPal will now allow users to transfer cryptocurrency using Ethereum Name Service (ENS) names.
The integration, announced by ENS Labs on Sept. 10, is expected to reach over 270 million users in the United States.
An ENS name serves as a user-friendly alias for a blockchain address. Instead of sending tokens to a lengthy, complex address comprising letters and numbers, users can register a name such as “your name.eth” to facilitate cryptocurrency transfers.
According to ENS Labs, the new integration aims to simplify transfers between wallet addresses and reduce the risk of errors that could lead to lost funds.
“This integration will introduce ENS naming capabilities to millions of users through Venmo, PayPal Mobile, and PayPal Web,” said Khori Whittaker, executive director of ENS Labs.
PayPal has been actively involved in the blockchain sector. According to data from CoinMarketCap, the company's stablecoin, PayPal USD (PYUSD), recently crossed $1 billion in total market capitalization. In May, PayPal integrated PYUSD with the Solana network and partnered with several exchanges, including Crypto.com, Phantom and Paxos, to onboard users.
PYUSD
$1.00
“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,” said Marta Cura, director of business development at ENS Labs.
ENS is a blockchain-based, open-source protocol designed to replace the cumbersome addresses on the Ethereum network. Its developer, ENS Labs, has been working on expanding the protocol's capabilities. In May, the company announced the migration of ENS to a layer-2 network to reduce gas fees and enhance transaction speeds.
The company is also engaged in a patent dispute, with ENS Labs having filed a petition in May 2024 to challenge the validity of a patent granted to Unstoppable Domains by the United States Patent and Trademark Office (USPTO). According to ENS, the patent lacks novel contributions and infringes upon the open-source technology developed by ENS.
At the time, ENS stated that the petition is part of its effort to ensure that the web “remains a collaborative space.”
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