On September 10, ENS Labs announced a significant improvement to its decentralized name system, combining it with PayPal and Venmo.
On September 10, ENS Labs announced a major addition to its decentralized naming system, integrating it with PayPal and Venmo. This new functionality allows users to utilize Ethereum Name Service (ENS) domain names for crypto transfers across both platforms, doing away with the need for traditional, cumbersome wallet addresses. The integration aims to streamline the transfer process, making it more user-friendly and less prone to errors.
Now, users can send cryptocurrencies by simply entering their ENS domain name and the platform will automatically fetch the correct wallet address, eliminating the need to manually type out long alphanumeric strings. Additionally, PayPal and Venmo have created an Address Book feature that securely stores frequently used ENS names and wallet addresses, further enhancing user convenience.
Khori Whittaker, Executive Director of ENS Labs, expressed excitement about the integration, stating, “We are thrilled to put ENS’ naming capabilities directly in the hands of millions of customers via Venmo, PayPal Mobile, and PayPal Web. As digital assets become more widely used, our goal is to make asset management as simple and user-friendly as possible.”
Making crypto payments easier
The integration of ENS into mainstream payment platforms like PayPal and Venmo marks a significant step forward in crypto adoption. ENS simplifies the hassle of managing long and complex wallet addresses, making digital transactions more accessible to the general public. This move is set to reduce transaction errors and lower the barriers to using digital currencies, ultimately increasing adoption rates and bridging the gap between traditional banking institutions and the world of cryptocurrency.
According to a statement from ENS on X (formerly Twitter), the integration will provide users with a simpler payment flow, enhancing the overall ease of use for digital currency transactions.
ENS, an open-source technology that has been replacing complicated Ethereum addresses with more user-friendly names, has seen substantial growth. Starting with an Ethereum grant in 2017, ENS now has over 2 million on-chain names and 4 million off-chain. In February, ENS expanded its reach with an integration into GoDaddy, which linked traditional .com domains to ENS identities. By May, ENS Labs had migrated to a layer-2 network to reduce gas fees and speed up transactions.
This new functionality is part of an ongoing effort to make crypto more user-friendly and accessible, paving the way for greater adoption and integration of digital assets in everyday financial transactions.
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