PayPal USD

Ethereum Name Service

Billion

PayPal and Venmo have incorporated the Ethereum Name Service (ENS) into their platforms, enabling users to send cryptocurrency by simply entering a readable ENS name rather than a complicated wallet address. 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdpKWIEUBbZj23AgHVi9vTdxbvkawpYcjK6XfE9tEVNg5aej9Zo7y4gv-eliC2oHFXfdfSHU2Wd29JSZfGYZkZBO7671g__ak_i4bGyvhNcPQE5aS5xR3VYL0_ZE_dGD_iHYLuWfpjWxMyWRrX4Bnpzzuwd?key=dun5gZj4o-aPr7DuVVsxNA" alt="PayPal and Venmo Add ENS">
 <figcaption class="wp-element-caption">
 PayPal and Venmo Add ENS, Source: <a href="https://x.com/ensdomains/status/1833536140529570039" target="_blank" data-type="link" data-id="https://x.com/ensdomains/status/1833536140529570039" rel="noreferrer noopener nofollow">Twitter</a>
 </figcaption>
 </figure>
</div> 
ENS is a decentralized naming system built on the Ethereum blockchain that simplifies crypto addresses into readable names, such as “username.eth.”&nbsp;This new feature will initially be available to U.S. users, significantly improving the ease and security of crypto transactions. By incorporating ENS into their platforms, PayPal and Venmo are making cryptocurrency payments more accessible to a wider audience. 
Earlier, users had to manually type, copy, or scan long wallet addresses when sending cryptocurrency via PayPal and Venmo, increasing the risk of errors. With ENS, users can now search for a recipient’s ENS name in the payment field, and the platform will automatically link it to the correct crypto wallet, reducing the likelihood of mistakes that could result in lost funds. 
Khori Whittaker, executive director of ENS Labs, said, “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.” 
ENS Labs, the organization behind the Ethereum Name Service, emphasized that integrating ENS into PayPal and Venmo will make it easier for newcomers to interact with decentralized finance (DeFi). This feature simplifies the process, allowing users to engage with DeFi without needing extensive crypto knowledge. 
Founded in 2017 with an Ethereum Foundation grant, ENS now boasts over 2 million registered names on-chain and 4 million names off-chain. 
PayPal and Venmo’s support for cryptocurrencies began in 2021, and the addition of ENS further solidifies their commitment to making crypto accessible to a broader audience. This integration simplifies the process of managing and sending cryptocurrencies, potentially encouraging greater adoption of blockchain-based transactions. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://cryptotimes.io/2024/08/27/paypal-usd-pyusd-surpasses-1-billion-market-cap/" target="_blank" rel="noreferrer noopener">PayPal USD (PYUSD) Surpasses $1 Billion Market Cap</a> 
</blockquote>

PayPal and Venmo Add ENS for Simplified Crypto Payments

The Crypto Times

Other articles published on Sep 10, 2024

Why Every LandRocker Player Needs the Premier Collection

Gensler’s Leaked Memo Raises Crypto and Stock Crisis Fears

US Congress Addresses DeFi Opportunities and Risks

Angel Drainer Resurfaces: New Phishing Toolkit AngelX Deploys 300+ Malicious dApps

Are SHIB Resistance Levels Poised for a Breakthrough?

Tether Invests $100M in Adecoagro, Securing 9.8% Stake in Agricultural Giant

Join our free newsletter for daily crypto updates!