PayPal and Venmo Embrace ENS for Smoother Crypto Transactions

• ENS partners with PayPal and Venmo to enable simpler crypto transfers.
• Simplified crypto payments aim to reduce errors by replacing long wallet addresses with human-readable ENS domains.
• ENS expands its reach with this partnership.

Online payment giants PayPal and Venmo have partnered with the Ethereum Name Service (ENS), making it simpler for users to send and receive cryptocurrency. This integration allows users to conduct crypto transactions using user-friendly ENS usernames, such as “username.eth,” instead of complex alphanumeric wallet addresses.

Enhanced User Experience and Reduced Errors

This new feature benefits over 270 million U.S. users, streamlining cryptocurrency transfers and minimizing the risk of errors, particularly when dealing with large amounts. Previously, users had to rely on wallet addresses or QR codes, which were prone to input mistakes. Now, entering a human-readable ENS name in PayPal or Venmo will automatically verify the linked Ethereum wallet address.

Read also: Explaining Ethereum Name Service (ENS): What Is It and How Does It Work?

Both companies highlighted the significance of this partnership in providing seamless crypto transactions and making it easier for users to transact without worrying about inputting incorrect information. The integration is another step towards simplifying digital currency transfers and making crypto more accessible to the mainstream.

ENS Expands its Reach

ENS has been steadily expanding its reach in recent years. Earlier this year, it partnered with domain registrar GoDaddy, enabling users to connect traditional domain names (.com) to ENS names, effectively linking an Ethereum wallet to a .eth domain. With over 2 million names registered on-chain and 4 million off-chain, ENS has experienced significant growth since its 2017 launch.

PayPal and Venmo, which began supporting cryptocurrencies in 2021, are the latest major platforms to adopt ENS. This move follows other crypto-related developments for the companies, including PayPal’s partnership with MoonPay and the introduction of its PYUSD stablecoin on Venmo.

Read also: MoonPay Enables Crypto Purchases via PayPal

ENS trades at 17.04, rallying 0.74% in the recent intraday session and 131.99% year-to-date (YTD). Moreover, its market cap is $ 563.27M with a 0.03% dominance, per Coincodex data. The token is trading well above its 200-day simple moving average (SMA) of $8.99 and has seen positive price action in 15 out of the last 30 days.