PayPal and Venmo users now have an easier way to transfer cryptocurrencies using Ethereum Name Service (ENS) names. This feature is the result of a collaboration between PayPal and ENS Labs, as announced in a post on X.
ENS Names for Safer Crypto Transfers ENS Labs explained that this integration aims to improve security in crypto transactions by reducing the risk of errors, such as entering the wrong wallet address and losing funds. At the moment, this feature is exclusively available in the United States.
Simplifying Crypto Transfers on PayPal and Venmo
Previously, users had to manually enter long strings of wallet addresses or scan QR codes, which could lead to errors, especially in large transactions. With ENS names, users can now simply use short names like “name.eth” as a replacement for long and complicated blockchain addresses.
When sending crypto through PayPal or Venmo, the system automatically maps the ENS name to the correct wallet address, eliminating the need to copy and paste long addresses.
Additional features, such as an Address Book, allow users to save and reuse frequently used ENS names and wallet addresses, making transactions faster and easier.
“The future of crypto has arrived, and it’s more connected than ever. We’re starting in the United States, with plans to expand this feature to more regions soon,” ENS Labs stated.
About Ethereum Name Service (ENS) The Ethereum Name Service (ENS) is an open-source protocol that replaces complex Ethereum addresses with user-friendly names. Founded in 2017 with support from an Ethereum grant, ENS has grown rapidly, with over 2 million registered on-chain names and 4 million off-chain.
In February 2024, ENS Labs partnered with web domain registrar GoDaddy, allowing users to link traditional domains like .com with their ENS names, which are directly connected to their Ethereum wallet addresses.
PayPal’s Expanding Role in Crypto PayPal and its subsidiary Venmo have supported crypto transactions since 2021. The company continues to expand its presence in the crypto market, including the launch of the PayPal USD (PYUSD) stablecoin and integration with payment provider MoonPay for cryptocurrency purchases.
Recently, PayPal’s PYUSD stablecoin reached a market capitalization of $1 billion, making it one of the five largest stablecoins in the world.
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