TL;DR
- PayPal and Venmo now allow users to send cryptocurrency payments using Ethereum Name Service (ENS) usernames.
- The new feature, initially available to U.S. users, simplifies wallet address management and reduces transaction errors.
- It facilitates cryptocurrency adoption and adds to the payment platform’s previous efforts, such as the partnership with MoonPay and the launch of its stablecoin PYUSD.
PayPal and Venmo have launched a new feature that will allow users to send cryptocurrency payments using Ethereum Name Service (ENS) usernames.
This integration, which will initially be available only to users in the United States, will simplify the process of managing wallet addresses, reducing the risk of transaction errors.
🚀 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
Support for ENS on these payment platforms will allow users to enter an ENS username instead of inputting long and complex wallet addresses or scanning QR codes. This will not only facilitate cryptocurrency integration but also mitigate the risk of sending funds to incorrect recipients, a common issue with traditional alphanumeric addresses.
PayPal Continues Adding New Tools and Benefits
This is a significant step in the expansion of both platforms. Previously, PayPal had expanded its cryptocurrency offerings through a partnership with MoonPay, allowing users to buy cryptocurrencies using debit and credit cards. Additionally, PayPal launched its PYUSD stablecoin on Venmo, facilitating stablecoin transfers between the two platforms.
Khori Whittaker, Executive Director of ENS Labs, highlighted that integrating ENS naming capabilities into such widely used platforms will help make managing digital assets more intuitive and accessible for users. This integration will not only attract new users but also help those accustomed to traditional payment platforms navigate the crypto industry more easily.
ENS Labs has been working to improve the usability of its domains. In February, the company announced a collaboration with GoDaddy to allow users to link their .com web addresses with their ENS names (.eth), further facilitating the use of Ethereum wallet addresses.
