2024-09-11
On September 10, 2024, PayPal and Venmo announced partnership with Ethereum Name Service (ENS) to simplify cryptocurrency
payments.
Ethereum Name Service (ENS) will
integrate with popular payment platforms PayPal and Venmo.
This integration allows users to send
and receive crypto using ENS names, such as “username.eth,” instead of long
wallet addresses. This makes transactions easier and reduces the risk of
errors.
This new collaboration allows users to
send and receive cryptocurrencies through Venmo, PayPal Mobile, and PayPal Web
using their ENS names, streamlining the transaction process and reducing the
risk of errors.
Bringing Crypto Transfers to Millions with PayPal & Venmo | ENS Blog
Simplified Crypto Transfers
The integration aims to make crypto
transactions more accessible and user-friendly by eliminating the need to
manually enter complex wallet addresses.
Now, users can simply enter their ENS
name when transferring crypto, and PayPal’s system will automatically resolve
it to the corresponding blockchain address.
This provides a simpler, more secure
way for users to manage their transactions, as both the ENS name and associated
wallet address will be visible throughout the process, ensuring clarity and
confidence.
New Address Book Feature
In addition to ENS integration, PayPal
and Venmo have introduced an Address Book feature to further enhance the crypto
transfer experience. Users can now store and recall frequently used wallet
addresses, including ENS names, making future transactions faster and more
efficient.
This feature simplifies sending
cryptocurrency, whether to individuals or businesses, by saving previously used
addresses, similar to PayPal’s existing internal contacts system.
Advancing Mainstream Adoption
This partnership between ENS, PayPal,
and Venmo represents a crucial step toward mainstream adoption of
cryptocurrency.
By making the transaction process more
intuitive and secure, the integration paves the way for both crypto enthusiasts
and newcomers to participate in the evolving digital economy with ease.
The feature is expected to roll out
across PayPal and Venmo in the coming months, signaling a new era of
user-friendly cryptocurrency transactions.
The partnership is expected to benefit
over 270 million users in the U.S., making crypto transfers more accessible and
user-friendly. The ENS token also increased slightly in value following this
announcement.
