ENS Labs, the organization responsible for the Ethereum Name Service (ENS), has announced integration with PayPal and Venmo. This move allows users of these popular payment platforms to utilize their ENS names when transferring cryptocurrency.
The feature, available initially in the United States, simplifies the process of managing wallet addresses and helps reduce the likelihood of errors during transactions.
PayPal, Venmo Integrate ENS
Previously, users had to manually enter or scan external wallet addresses to transfer funds on PayPal and Venmo, which increased the risk of mistakes, especially for those unfamiliar with cryptocurrency.
The integration of ENS names eliminates this step. Users can now enter the recipient’s ENS name in the search field, and the associated wallet address is automatically recognized by the platform.
“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 the world of digital assets becomes more mainstream, our goal is to ensure managing those assets is as intuitive and user-friendly as possible. ENS, much like PayPal and Venmo, transforms complex wallet addresses to human-readable names for users to transact securely and confidently.”
ENS Names Saved Automatically
Additionally, PayPal and Venmo will save ENS names in their address books, making future transactions easier to manage. This feature extends the platforms' existing ability to handle internal crypto transactions, adding the convenience of recalling saved external contacts for cryptocurrency transfers.
“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 platforms they already know and trust, we’re making it easier for them to interact with decentralized finance within a traditional Web2 environment.”
This article was written by Tareq Sikder at www.financemagnates.com.
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