• PayPal and Venmo have added support for Ethereum Name Service (ENS), allowing users to send crypto payments to ENS usernames.
• The new integration simplifies wallet address management and reduces the risk of errors by enabling users to enter an ENS name directly into PayPal or Venmo to automatically retrieve and verify the associated wallet address.
• This feature is initially available for U.S. users as part of PayPal and Venmo’s ongoing push to expand their presence in the crypto market.
PayPal and Venmo have added support for Ethereum Name Service (ENS), allowing people to send crypto payments to ENS usernames. This simplifies wallet address management and reduces errors, according to a press release from ENS Labs.
The feature is initially available for US users. It will simplify how users interact with crypto on these platforms. Previously, users had to manually input long wallet addresses or scan QR codes, creating friction and risk of sending funds incorrectly.
How ENS Integration Works
With ENS, users can enter an ENS name directly into PayPal or Venmo to automatically retrieve and verify the associated wallet address.
“We are excited to bring ENS naming capabilities directly into the hands of millions of users through Venmo, PayPal Mobile and PayPal Web,” said Khori Whittaker, Executive Director of ENS Labs.
As digital assets become more mainstream, ENS Labs’ goal is ensuring managing those assets is intuitive and user-friendly.
Background on ENS
ENS has been working to add usability to its domain names. In February, ENS partnered with web domain registrar GoDaddy to allow linking a .com address to an ENS name (and Ethereum wallet).
ENS domains are different from traditional DNS domains. ENS domains can be assigned to an Ethereum wallet to ease sending funds. They are much easier to remember than a typical wallet address.
PayPal and Venmo’s Push Into Crypto
This integration is part of PayPal and Venmo’s push into the crypto market.
Earlier this year, PayPal expanded its crypto offerings by integrating MoonPay to allow crypto purchases with cards. PayPal also introduced its PYUSD stablecoin on Venmo, enabling stablecoin transfers between platforms.
Conclusion
“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,” said Marta Cura, Director of Business Development at ENS Labs.
By bringing ENS to known platforms, ENS Labs aims to make it easier for users to navigate cryptocurrencies.
