Paypal and Venmo have integrated the Ethereum Name Service (ENS) into their platforms. ENS, a decentralized naming system built on the Ethereum blockchain, allows users to replace complex crypto addresses with readable names.
Announced by ENS Labs on Tuesday, this integration will initially benefit U.S. users. When sending crypto, users can now input the recipient’s ENS name directly into the search field. The platforms will then automatically identify the corresponding wallet addresses, streamlining the process.
ENS Labs highlighted that this feature will minimize errors in crypto transactions on Paypal and Venmo. Furthermore, it will make it easier for users to manage their wallet addresses. Previously, users had to manually type, paste, or scan QR codes of external wallets, a process that could be prone to errors.
Marta Cura, director of business development at ENS Labs, expressed enthusiasm about the collaboration: “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. 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.”
ENS, founded with an Ethereum grant in 2017, has witnessed significant growth. Currently, it boasts over 2 million names registered on-chain and over 4 million names off-chain. Paypal and Venmo, both owned by Paypal, began supporting cryptocurrencies in 2021.
