Venmo and PayPal users can now transfer cryptocurrency using ENS names, thanks to a new integration.
This move is expected to reach over 270 million users in the United States.
Simplifying crypto transfers with ENS names, instead of wallet addresses
An ENS name acts as a nickname for a blockchain address, allowing users to send tokens to a simple name like “your name.eth” instead of a long, complex address made up of letters and numbers.
According to ENS Labs, this new integration streamlines transfers between wallet addresses while reducing the risk of mistakes and lost funds.
The director of ENS Labs, Khori Whittaker stated that the integration will bring ENS naming capabilities to millions of users through Venmo, PayPal Mobile, and PayPal Web.
Marta Cura, another ENS Labs official explained that collaborating with PayPal and Venmo enables the company to reach both newcomers to the space and those already familiar with Web2 payment platforms.
PayPal is expanding in the crypto industry
PayPal is already an active participant in the blockchain industry. The PayPal USD stablecoin surpassed $1 billion in total market capitalization in the past weeks.
In May, PayPal launched PYUSD on the Solana network, partnering with Crypto.com, Phantom, and Paxos to onboard users.
ENS is an open-source, blockchain-based protocol created to replace complex addresses on the Ethereum network.
ENS Labs, the developer of ENS, has been actively working on expanding the protocol. In May, the company announced its migration to a layer-2 network to reduce gas fees and improve transaction speeds.
ENS Labs’ legal challenges
There are some bad news too, in regard of ENS Labs, as the company is involved in a patent dispute. In May 2024, the company challenged the validity of a patent awarded to Unstoppable Domains with the US Patent and Trademark Office.
ENS believes that the patent lacks novel contributions and basically infringes on the open-source technology developed by ENS.
Many industry commentators are shared that this integration with PayPal and Venmo will likely increase the adoption and usage of ENS names, making cryptocurrency transfers more accessible to a wider audience. And after all, this is what matters the most.
