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Categories Crypto

PayPal, Venmo Embrace Ethereum Name Service (ENS) for Crypto Payments

Author September 10, 2024
US payment processors PayPal and Venmo have integrated support for Ethereum Name Service, allowing users to send cryptocurrency payments to ENS usernames.

According to ENS Labs press release, the new feature streamlines the management of wallet addresses and minimizes the potential for mistakes, as stated by the companies.

ENS Integration Simplifies Crypto Payments on PayPal, Venmo

The feature, available initially for US users, will simplify how users interact with crypto on these platforms. Previously, users had to input long wallet addresses manually or scan QR codes, creating friction and increasing the risk of sending funds to incorrect recipients.

With ENS, users can enter an ENS name directly into PayPal or Venmo to automatically retrieve and verify the associated wallet address.

Khori Whittaker, Executive Director of Ethereum Name Service Labs, expressed enthusiasm about integrating ENS’ naming capabilities with Venmo, PayPal Mobile, and PayPal Web, reaching millions of users. He emphasized that as digital assets gain mainstream acceptance, their aim is to make managing these assets both intuitive and user-friendly.

Bridging Web2 & Web3 for Smoother Crypto Adoption

ENS has been actively enhancing the usability of its domain names. In February, the company announced a partnership with web domain registrar GoDaddy. This collaboration enables individuals to link their .com web address to their ENS name (.eth), which corresponds to an Ethereum wallet address.

The recent integration with Ethereum Name Service is part of PayPal and Venmo’s continuous efforts to broaden their footprint in the cryptocurrency market.

Earlier in the year, PayPal enhanced its crypto services by integrating with MoonPay, which allows users to buy cryptocurrency using debit and credit cards. Additionally, PayPal launched its PYUSD stablecoin on Venmo, facilitating the transfer of stablecoins between the two platforms. Also, recently, PayPal revealed its plan to provide interest rewards to PYUSD holders with Anchorage Digital partnership. This initiative aims to boost the adoption of PYUSD, which has seen sluggish market uptake since its launch.

Marta Cura, Director of Business Development at ENS Labs, noted that collaborating with PayPal and Venmo helps them connect with newcomers to the cryptocurrency space and those who are accustomed to Web2 payment platforms. She emphasized that by integrating ENS with familiar and trusted platforms, they are simplifying the process for users to manage and understand cryptocurrencies.

The post PayPal, Venmo Embrace Ethereum Name Service (ENS) for Crypto Payments appeared first on CoinGape.