- ENS Labs has integrated Ethereum Name Service (ENS) with PayPal and Venmo, enabling users to transfer crypto using ENS names instead of complex addresses.
- The integration is currently available to US users, with PayPal and Venmo able to identify wallet addresses linked to ENS names, making crypto transfers more user-friendly.
- Following the announcement, the ENS token price increased by 4.5%, reaching US$17.4, though it remains down 44% from its peak in July 2024 and over 80% from its all-time high in 2021.
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.
According to an announcement on Tuesday. The integration allows users in the US to transfer crypto using their ENS names, such as “xyz.eth”, rather than complex alphanumeric addresses. This simplifies the process and reduces the risk of sending funds to the wrong wallet.
Related: Ethereum Reaches Its Lowest Price In 2024 As BTC and ETH ETF Inflows Drop to New Lows
Both PayPal and Venmo can now identify the wallet address linked to an ENS name, making crypto transfers more user-friendly.
Khori Whittaker, executive director of ENS Labs, emphasised the importance of streamlining digital asset management as crypto becomes more mainstream. He noted that integrating ENS with popular payment platforms helps ensure a more intuitive experience for millions of users.
Whittaker said in a press release:
We are excited to bring ENS’ naming capabilities directly into the hands of millions of users, through Venmo, PayPal Mobile, and PayPal Web. As the world of digital assets becomes more mainstream, our goal is to ensure managing those assets is as intuitive and user-friendly as possible.
Khori Whittaker, ENS Labs ENS on the Rise
The ENS is basically a domain name but decentralised and built on the Ethereum blockchain. But it’s more than just that—it transforms complex Ethereum addresses into simple, human-readable names like “alice.eth”, making blockchain interactions more user-friendly.
Related: VanEck to Close Ethereum Strategy ETF, Reassessing Crypto Investment Approach
ENS has been a fundamental pillar of crypto adoption, as its service enhances the usability of blockchain applications by allowing users to remember and share addresses easily. It can also store additional information, such as website URLs and social media profiles.
Shortly after announcing the integration with PayPal and Venmo, ENS surged to US$17.4 (AU$26.2), a 4.5% rise from yesterday and 4.13% in the last seven days, according to data from CoinMarketCap.
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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