ENS Token Price Soars Following Adoption by PayPal and Venmo
ENS token experiences surge after PayPal and Venmo incorporate Ethereum Name Service
The value of Ethereum Name Service’s token, ENS, rose by 7.5% following the adoption of PayPal and Venmo. Users of Venmo and PayPal in the United States can now send cryptocurrencies using user-friendly ENS names instead of complex wallet addresses.
Currently priced at $17.8, ENS saw a 3% increase in the last week according to CoinGecko. ENS Labs announced the integration of ENS into the platforms of these digital payment giants, allowing over 270 million users in the US to conduct crypto transfers using simple ENS names, enhancing security and ease of use.
Operating similarly to the Domain Name Service (DNS) of the Internet, Ethereum Name Service utilizes a decentralized structure powered by the Ethereum blockchain’s security and transparency. This approach offers a convenient method to interact with Ethereum addresses and decentralized applications.
The adoption of ENS aims to streamline transfers, minimize errors, and enhance the overall user experience, particularly for newcomers to the world of cryptocurrencies. Users can now input a recipient’s ENS name directly into the payment search bar on PayPal or Venmo to send crypto, with the platform automatically retrieving the associated wallet address.
Furthermore, ENS names are stored in the user’s address book for future transactions, facilitating smoother and faster transfers. Khori Whittaker, the executive director of ENS Labs, emphasized that this integration will extend ENS naming capabilities to millions through the Venmo and PayPal platforms.
The move is set to make crypto transfers more accessible and secure for a broader user base, marking a significant step towards mainstream adoption of cryptocurrencies.
