PayPal and Venmo partner with ENS Labs, allowing US users to use ENS domains instead of wallet addresses, enhancing security and enhancing the cryptocurrency payment experience.
PayPal and Venmo have announced a strategic partnership with ENS Labs, the developer of the Ethereum Name Service (ENS) protocol, to simplify the cryptocurrency payment process. According to the announcement on September 10, users in the US will be able to use ENS domain names instead of complex wallet address strings when making cryptocurrency transactions, creating a smooth experience and minimizing transaction risks.
ENS domains work similarly to website domains, making them easier to remember and more intuitive than the long strings of traditional wallet addresses. The integration of ENS helps reduce errors when entering wallet addresses, one of the leading causes of losses for cryptocurrency users, with “address poisoning” scams being a prime example. A notable event was in May when a Bitcoin “whale” lost nearly $70 million by mistakenly sending funds to a fake address.
By adopting the ENS domain name, PayPal and Venmo users can make transactions more securely without worrying about entering the wrong wallet address. Instead of having to manually copy or scan the wallet address code, users can simply enter the ENS domain name, and the system will automatically retrieve the corresponding wallet address, minimizing the risk of sending to the wrong address.
The partnership also brings an address book feature, allowing users to store and quickly access used ENS domains, making crypto transactions as easy as regular transactions on PayPal and Venmo.
