Ethereum Name Service Now Compatible with PayPal and Venmo for Cryptocurrency Transactions
Venmo and PayPal customers now have the ability to send cryptocurrency using Ethereum Name Service (ENS) names, as announced by ENS Labs on September 10. This integration is set to impact over 270 million users in the United States.
ENS names function as user-friendly aliases for blockchain addresses. Instead of dealing with lengthy and intricate alphanumeric addresses, individuals can opt for a simpler format like “your name.eth” to conduct cryptocurrency transfers.
The incorporation of ENS by PayPal streamlines the process of transferring funds between wallet addresses, ultimately minimizing the chances of errors and fund losses, as per ENS Labs.
Khori Whittaker, the executive director at ENS Labs, highlighted the significance of this integration in extending ENS naming capabilities to millions of users across platforms like Venmo, PayPal Mobile, and PayPal Web.
PayPal has been actively engaged in the blockchain sector. Notably, its stablecoin PayPal USD recently surpassed $1 billion in total market capitalization, as reported by CoinMarketCap. In a strategic move in May, PayPal introduced PYUSD on the Solana network in collaboration with Crypto.com, Phantom, and Paxos to facilitate user onboarding.
Marta Cura, the director of business development at ENS Labs, emphasized the collaborative approach with PayPal and Venmo as a means to engage newcomers and those inclined towards traditional Web2 payment systems.
ENS stands out as a blockchain-driven, open-source protocol designed to replace intricate addresses within the Ethereum network. ENS Labs has been actively expanding the protocol, with a recent shift to a layer-2 network in May aimed at reducing gas fees and enhancing transaction speeds.
Additionally, ENS Labs found itself in a patent dispute scenario. In 2024, the company challenged the validity of a patent granted to Unstoppable Domains by the US Patent and Trademark Office, citing a lack of innovative contributions and infringement on ENS’s open-source technology.
The objective behind ENS’s petition is to uphold the collaborative nature of the web and ensure its openness for all users.