Users can send and receive cryptocurrency using Ethereum Name Service (ENS) names thanks to a partnership between PayPal and Venmo.
On September 10, Ethereum Name Service (ENS) names were integrated by Venmo and PayPal, enabling over 270 million US users to send cryptocurrency using shortened blockchain addresses.
Users of Venmo and PayPal can now transfer cryptocurrency using short ENS names rather than lengthy wallet addresses thanks to this most recent integration.
ENS Goes Mainstream: Can It Revolutionize Crypto Payments with PayPal & Venmo?
According to the ENS statement on X (Formerly Twitter), this integration will allow users to send crypto payments to ENS usernames, which eliminates the need for complex wallet addresses and reduces the risk of errors in transactions.
🚀 We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!
— ens.eth (@ensdomains) September 10, 2024
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
Users used to have to manually scan QR codes or enter lengthy alphanumeric wallet addresses, which could be error-prone, especially when handling big amounts of money.
With the help of this new feature, users in the United States can now input an ENS name—such as “username.eth”—straight into Venmo or PayPal, and the associated Ethereum wallet address will be automatically retrieved and verified.
The feature would significantly lower friction in cryptocurrency payments, the companies said in their statement. Users would find it easier to transact in digital currencies without having to worry about mistakes coming from entering the wrong wallet information.
ENS Expands Reach with PayPal and Venmo Integration Amid Legal Dispute
ENS has been actively working to enhance the usability of its domain names. In February, the company announced a partnership with web domain registrar GoDaddy, allowing users to link their traditional .com domains to their ENS names, effectively tying a .eth domain name to an Ethereum wallet address.
With over 2 million names registered on-chain and 4 million off-chain, the Ethereum Name Service (ENS), which was established in 2017 with an Ethereum grant, has experienced significant growth.
ENS is an open-source protocol that uses names that are easier to understand to replace complicated Ethereum addresses. Notably, in order to lower gas costs and speed up transactions, ENS Labs announced in May that it would be moving to a layer-2 network.
However, the most recent platforms to incorporate ENS are PayPal and its subsidiary Venmo, which started accepting cryptocurrencies in 2021 and makes it easier to make cryptocurrency payments using ENS usernames.
Additionally increasing their footprints in the cryptocurrency market are PayPal and Venmo. In order to facilitate smooth transfers between the two platforms, PayPal recently launched its PYUSD stablecoin on Venmo and integrated MoonPay for cryptocurrency purchases.
However, while everything is growing for ENS, the company recently get involved in a patent dispute. In May 2024, ENS Labs filed a petition with the U.S. Patent and Trademark Office, challenging a patent awarded to Unstoppable Domains. ENS claims the patent lacks novel contributions and infringes on its open-source technology.