365Crypto
Ethereum Name Service Integrates with PayPal and Venmo for Easier Crypto Transfers
Simplifying Crypto Transfers
Venmo and PayPal users can now transfer cryptocurrency using Ethereum Name Service (ENS) names, making transactions much easier. Instead of dealing with long, complex wallet addresses, users can send crypto to simple names like “yourname.eth.” This new integration, announced on September 10, is expected to benefit over 270 million users in the U.S.
How It Works
An ENS name serves as a short, user-friendly replacement for the long strings of numbers and letters typically used for wallet addresses. This reduces the risk of errors and lost funds when transferring crypto.
Khori Whittaker, the executive director of ENS Labs, shared that this integration will bring ENS features to PayPal Mobile, PayPal Web, and Venmo users, expanding access to millions.
PayPal’s Involvement in Crypto
PayPal has been active in the blockchain space, recently launching its own stablecoin, PayPal USD (PYUSD), which has surpassed $1 billion in market capitalization. The company partnered with major platforms like Crypto.com and Solana to expand its reach in the crypto market.
ENS Labs’ Future Plans
ENS Labs is focused on improving the user experience in crypto. The company moved to a layer-2 network to lower gas fees and speed up transactions on Ethereum. They are also involved in a patent dispute with Unstoppable Domains over blockchain technology, aiming to keep the web open and collaborative.
Technical Terms
- Ethereum Name Service (ENS): A blockchain-based system that replaces long crypto wallet addresses with simple, readable names.
- Layer-2 network: A technology that improves transaction speeds and reduces costs on blockchain networks.
