Venmo and PayPal users can now transfer cryptocurrency using Ethereum Name Service (ENS) names, following an integration announced by ENS Labs on Sept. 10. This new feature will initially be available to more than 270 million U.S. users, significantly improving the ease and security of crypto transactions.
Based on the Ethereum blockchain, ENS is a decentralized naming system that acts as a simple alternative to the traditional blockchain address. It allows users to register a name like “yourname.eth” rather than sending cryptocurrency to a lengthy, complicated address.
ENS Labs highlighted that this integration streamlines wallet address transfers, minimizing the chances of errors and lost funds. Khori Whittaker, executive director at ENS Labs, emphasized that the integration will bring ENS capabilities to “millions of users through Venmo, PayPal Mobile, and PayPal Web.”
PayPal is an active player in the blockchain space. Its stablecoin, PayPal USD (PYUSD), recently surpassed $1 billion in market capitalization. In May, PayPal launched PYUSD on the Solana network.
Since then, users have had the option to send PYUSD on Ethereum or Solana when transferring to external wallets, making it easier to utilize. Crypto.com, Phantom, and Paxos were named as three of the first locations to purchase PYUSD on Solana, allowing businesses and individuals to transact fiat to cryptocurrency seamlessly in addition to the PayPal and Venmo wallets.
Marta Cura, director of business development at ENS Labs, noted:
Working with PayPal and Venmo allows us to reach those who are new to the crypto space and those who prefer the familiarity of Web2 payment platforms. By bringing ENS to platforms they already know and trust, we’re making it easier for them to interact with decentralized finance within a traditional Web2 environment.
Marta Cura
ENS Labs expands and updates its protocol for better functionality
Founded in 2017 with an Ethereum Foundation grant, ENS is an open-source blockchain protocol that simplifies Ethereum network addresses. It now boasts over 2 million registered names on-chain and 4 million names off-chain.
Moreover, ENS Labs has been expanding the protocol, recently migrating to a layer-2 network to lower gas fees and speed up transactions.
ENS Labs is also involved in a patent dispute with Unstoppable Domains. In May 2024, ENS challenged a patent awarded to Unstoppable Domains, arguing it lacks novelty and infringes on ENS’s open-source technology. The company stated that the petition is aimed at keeping the web a “collaborative space.”
Source: https://www.cryptopolitan.com/venmo-and-paypal-integrate-ens/