PayPal and Venmo Users Can Now Transfer Crypto Using ENS Names

Sentiment Status: Positive

ENS solves this issue by allowing users to register simple, memorable names that are tied to their crypto wallets.

PayPal and its subsidiary Venmo have integrated support for Ethereum Name Service (ENS) names. Announced on September 10, the integration allows users to send and receive crypto using easy-to-read ENS domain names instead of long, complicated wallet addresses allowing easy transactions to their combined 500 million users. .

How ENS Simplifies Crypto Transfers

Ethereum Name Service (ENS) allows users to replace complex alphanumeric cryptocurrency wallet addresses with human-readable names. This makes it easier for users to transfer cryptoc without the risk of sending assets to the wrong address due to human error. By integrating ENS, PayPal and Venmo are making cryptocurrency transactions more user-friendly.

Khori Whittaker, Executive Director at ENS Labs, expressed his excitement stating, “We are excited to bring ENS’ naming capabilities directly into the hands of millions of users, through Venmo, PayPal Mobile, and PayPal Web”. This integration, he noted, will make managing digital assets as intuitive and easy as possible.

PayPal’s Growing Presence in Web3

Since 2020, Paypal has allowed its users to buy, hold, and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin directly from their accounts. Similarly, Venmo, which is also owned by PayPal, rolled out its own crypto functionality in 2021, allowing users to engage with digital assets within its app.

In August 2023, PayPal launched its own stablecoin, PayPal USD (PYUSD), an ERC-20 token built on the Ethereum blockchain and pegged 1:1 to the U.S. dollar. The launch of PYUSD provided its users with a trusted and stable digital currency.

Despite PYUSD experiencing a slight dip in market capitalization, falling from $1.04 billion to $860.9 million in recent weeks, PayPal’s constant Web3 ambitions remain undeterred.

ENS and the Mainstream Crypto 

ENS solves this issue by allowing users to register simple, memorable names that are tied to their crypto wallets. This integration is expected to reach more than 270 million users in the U.S. alone.

With over 4 million ENS names already registered, ENS Labs has been at the forefront of creating more intuitive blockchain services. The firm is also working on expanding its capabilities by migrating to layer-2 solutions, which will reduce gas fees and improve transaction speeds.