- PayPal and Venmo integrate ENS to simplify crypto transactions with .eth names.
- PayPal has been expanding its web3 efforts and enhancing crypto services since 2020.
- However, PayPal’s stablecoin, PYUSD, has seen a significant market cap drop, mainly on Solana’s network.
PayPal and Venmo have introduced support for Ethereum Name Service (ENS) domain names. This new feature, initially available to US users, allows for streamlined cryptocurrency transactions using easily recognizable ENS names instead of complex wallet addresses.
The move simplifies crypto payments, aligning with PayPal’s broader push into web3 and its expanding crypto offerings, including the PYUSD stablecoin.
🚀 We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!
This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA.🌐 pic.twitter.com/9hsrhRqEAp
— ens.eth (@ensdomains) September 10, 2024
Simplifying crypto transactions for PayPal and Venmo users
The integration of Ethereum Name Service (ENS) into PayPal and Venmo marks a significant step toward improving the user experience within the crypto space.
Traditionally, sending cryptocurrencies has required users to input long, complex alphanumeric wallet addresses, creating friction and increasing the risk of errors.
ENS simplifies this process by allowing users to link their wallet addresses to easily readable “.eth” domain names. With this feature, users can now send and receive payments by simply entering an ENS name, making cryptocurrency transactions more intuitive and user-friendly.
Khori Whittaker, Executive Director of ENS Labs, expressed excitement about the partnership, stating that they are “excited to bring ENS’ naming capabilities directly into the hands of millions of users through Venmo, PayPal Mobile, and PayPal Web.”
This integration aims to streamline wallet address management and reduce the risks associated with incorrect payments.
ENS, which has been operational since 2017, has registered more than 4 million domain names, showing the growing demand for user-friendly solutions in the web3 ecosystem.
PayPal’s ongoing web3 push
PayPal has been actively expanding its presence in the web3 space since 2020 when it first allowed users to buy, hold, and sell cryptocurrencies such…