PayPal and Venmo have incorporated the Ethereum Name Service (ENS) into their platforms, enabling users to send cryptocurrency by simply entering a readable ENS name rather than a complicated wallet address.
PayPal and Venmo Add ENS, Source: Twitter
ENS is a decentralized naming system built on the Ethereum blockchain that simplifies crypto addresses into readable names, such as “username.eth.” This new feature will initially be available to U.S. users, significantly improving the ease and security of crypto transactions.
ENS Labs, the organization behind the Ethereum Name Service, emphasized that this feature will help new users interact with decentralized finance (DeFi) without needing to be crypto experts.
Before this integration, users had to manually type, copy, or scan long wallet addresses when sending cryptocurrency via PayPal and Venmo, increasing the risk of errors. With ENS, users can now search for a recipient’s ENS name in the payment field, and the platform will automatically link it to the correct crypto wallet, reducing the likelihood of mistakes that could result in lost funds.
ENS Labs, the organization behind the Ethereum Name Service, emphasized that integrating ENS into PayPal and Venmo will make it easier for newcomers to interact with decentralized finance (DeFi). This feature simplifies the process, allowing users to engage with DeFi without needing extensive crypto knowledge.
Founded in 2017 with an Ethereum Foundation grant, ENS now boasts over 2 million registered names on-chain and 4 million names off-chain.
PayPal and Venmo’s support for cryptocurrencies began in 2021, and the addition of ENS further solidifies their commitment to making crypto accessible to a broader audience. This integration simplifies the process of managing and sending cryptocurrencies, potentially encouraging greater adoption of blockchain-based transactions.
