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Published on: Sep 12, 2024
#Crypto 360
The integration is set to impact over 270 million users in the United States.
➔ ENS Labs reveals integration with PayPal and Venmo on September 10.
➔ The integration is set to serve “millions of users through Venmo, PayPal Mobile, and PayPal Web.”
Venmo and PayPal users can now transfer cryptocurrency using Ethereum Name Service (ENS) names instead of complicated wallet addresses. On September 10, ENS Labs revealed the new integration, which is estimated to impact over 270 million users in the United States.
The Ethereum Name Service (ENS) enables users to associate a simpler, pronounceable name like yourname.eth with their cryptocurrency addresses, removing the complicated blockchain addresses comprising letters and numbers. As presented by ENS Labs, this new feature makes transactions between wallet addresses easier and increases usability while decreasing the likelihood of errors or lost funds during the process.
Khori Whittaker, the executive director of ENS Labs, said that this integration will extend the ENS naming service to “millions of users through Venmo, PayPal Mobile, and PayPal Web.”
PayPal has been an active participant in the blockchain space. Its stablecoin, PayPal USD (PYUSD), recently reached a total market cap of over $1 billion. In the first half of this year, PayPal introduced PYUSD on the Solana network with the help of Crypto.com, Phantom, and Paxos to increase the number of users on the network.
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According to Marta Cura, Director of Business Development at ENS Labs, this partnership with PayPal and Venmo helps ENS reach users who may be relatively new to crypto or still prefer to use Web2 payment methods. Cura noted that it is a major step to expose these users to the potential of blockchain technology.
ENS, an open-source blockchain protocol that aims to simplify Ethereum network addresses, has been continuously expanding its services. In May, ENS Labs revealed that it would shift to a layer-2 network to reduce gas fees and improve transaction speeds. The company has focused on improving the user experience while preserving the security and performance of the Ethereum network.
However, ENS Labs is also engaged in a patent dispute. In May 2024, the company contested a patent granted to Unstoppable Domains, noting that the patent violates ENS's open-source technology. ENS Labs has claimed that the patent does not present any new concepts and has requested the US Patent and Trademark Office to protect the web as an open platform for innovation and development.
The ENS project remains committed to making blockchain technology more user-friendly and inclusive.
This article is for informational purposes only and not intended as investment or financial advice. It contains opinions and speculations that are subject to change without notice.
The author and publisher disclaim any liability for decisions made based on the content of this article. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions.
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