The integration is set to bring ENS's naming capabilities to millions of PayPal and Venmo users.
Key Takeaways
- Ethereum Name Service's token value increased by 7.5% following PayPal and Venmo's adoption.
- Venmo and PayPal users in the US can now send crypto using readable ENS names instead of long, complex wallet addresses.
ENS, the governance token of the Ethereum Name Service project, surged 7.5% to $17.8 after PayPal and Venmo initiated support for Ethereum Name Service domains.
ENS is currently trading at $17, up around 3% in the last 7 days, according to CoinGecko.
ENS Labs said Tuesday that the two digital payment giants have integrated ENS into their platforms, enabling over 270 million users in the US to transfer crypto assets using simple ENS names instead of long, error-prone wallet addresses.
“This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA,” the team stated.
Functioning similarly to the Internet’s Domain Name Service (DNS), the Ethereum Name Service employs a decentralized architecture powered by the security and transparency of the Ethereum blockchain. The approach provides a user-friendly way to interact with Ethereum addresses and decentralized applications.
The adoption aims to simplify transfers and reduce the risk of mistakes or lost funds using human-readable names. The move is also expected to enhance the user experience, especially for those new to crypto.
To send crypto, users just need to enter a recipient’s ENS name directly in the payment search bar on PayPal or Venmo; the platform will automatically retrieve the wallet address linked to that ENS name.
Plus, ENS names are saved in the user’s address book for easier future transactions, ENS Labs stated.
“You can save and recall your most-used ENS names and wallet addresses for even faster transfers,” the team highlighted.
Khori Whittaker, the executive director of ENS Labs, said that the integration will bring ENS naming capabilities to millions through the Venmo and PayPal platforms.