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The integration allows Venmo and PayPal users to transfer cryptocurrency using simple ENS names, replacing long wallet addresses.
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Venmo and PayPal users will now be able to transfer cryptocurrency using Ethereum Name Service (ENS) names. ENS Labs disclosed the integration on Sept. 10, which is expected it to reach more than 270 million users in the United States.
An ENS name can act as a nickname for a blockchain address. Instead of sending tokens using a long, complicated address made up of letters and numbers, users can register a name like “your name.eth” to transfer cryptocurrency.
According to ENS Labs, the new integration simplifies transfers between wallet addresses while reducing the risk of mistakes and lost funds.
Khori Whittaker, executive director of ENS Labs, said the integration will bring ENS naming capabilities to “millions of users through Venmo, PayPal MObile, and PayPal Web.”
PayPal is an active participant in the blockchain industry. According to CoinMarketCap, the company’s stablecoin PayPal USD (PYUSD) recently topped $1 billion in total market capitalization. In May, PayPal launched PYUSD on the Solana network, partnering with Crypto.com, Phantom and Paxos to onboard users.
“Working with PayPal and Venmo allows us to reach those who are new to the space and those who prefer the familiarity of Web2 payment platforms,” explained Marta Cura, director of business development at ENS Labs.
Related: Decentralized naming could bring ‘next billion’ users to Bitcoin
ENS is a blockchain-based, open-source protocol created to replace complex addresses on the Ethereum network. Its developer, ENS Labs, has been engaged with expanding the protocol. In May, the company announced its migration to a layer-2 network to lower gas fees and enhance transaction speeds.
The company is also embroiled in a patent dispute. In May 2024, ENS Labs challenged the validity of a patent with the US Patent and Trademark Office awarded to Unstoppable Domains. According to ENS, the patent lacks novel contributions and infringes the open-source technology developed by ENS.
At the time, ENS said the petition aims to ensure that the web “remains a collaborative space.”
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This article first appeared at Cointelegraph.com News
