By Philip Maina
17 hours agoWed Sep 11 2024 10:17:21
Reading Time: 2 minutes
- Ethereum Name Service has integrated PayPal and Venmo to ease crypto transfers
- The integration allows PayPal and Venmo users to transfer cryptocurrency using human-readable blockchain names
- The feature is set to be available to over 270 million users in the United States
Ethereum Name Service (ENS) developer ENS Labs has revealed an integration with payment platforms PayPal and Venmo. Initially available to users in the United States, the integration will enable PayPal and Venmo users to send and receive cryptocurrency payments using human-readable blockchain names. ENS Labs said that the feature requires PayPal and Venmo users to simply enter a crypto receiver’s ENS name and “the platform will automatically resolve it to the correct wallet address,” reducing the risk of errors.
Expansion to More Regions Coming Soon
ENS Labs also revealed that the feature can save frequently used ENS names to an address book to enhance crypto transfers further. The address book option allows users to save both ENS names and conventional wallet addresses.
🚀 We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!
This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA.🌐 pic.twitter.com/9hsrhRqEAp
— ens.eth (@ensdomains) September 10, 2024
Marked to be available to U.S. users, there are plans “to expand [it] to more regions soon.” The firm believes that offering human-readable blockchain names inside the two payment processors helps advance the adoption of decentralized web.
In a blog post, ENS Labs said that such collaborations “are crucial in driving mainstream [crypto] adoption,” because it makes the “crypto experience as smooth as possible.” It added that the integration also guarantees secure transactions.
PayPal Loves Crypto
The ENS-PayPal-Venmo integration comes when the two traditional payment processors are increasing their involvement in the blockchain and cryptocurrency space. In November, for example, PayPal secured a UK crypto license allowing to it to provide crypto services in the country.
PayPal’s CEO Dan Schulman has previously said that crypto and other blockchain-powered products have the potential to redefine the financial world.
With PayPal and Venmo users able to send and receive crypto using ENS names, it’s to be seen whether more crypto users will turn to human-readable wallet addresses to lower the risks of sending funds to the wrong address.
