Paypal and Venmo have integrated the Ethereum Name Service (ENS) into their payments platforms, ENS Labs announced Tuesday. ENS is a decentralized naming system built on the Ethereum blockchain that gives readable names to crypto addresses.
Now users of Paypal and Venmo can enter the recipient’s ENS name directly in the search field when sending crypto, and the payment platforms will automatically identify the wallet addresses linked to the ENS. The feature will be made available for U.S. users first, according to the release.
ENS Labs said the new feature will reduce the risk of errors in crypto transactions on Paypal and Venmo, as well as make it easier for users to manage their wallet addresses. Prior to the integration, crypto transactions on the two platforms would involve users having to type, paste or scan QR codes of external wallets to move funds.
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“Working with PayPal and Venmo allows us to reach those who are new to the space and those who prefer the familiarity of Web2 payment platforms,” said Marta Cura, director of business development at ENS Labs. “By bringing ENS to platforms they already know and trust, we’re making it easier for them to interact with decentralized finance within a traditional Web2 environment.”
ENS, founded with an Ethereum grant in 2017, has over 2 million names registered on-chain and over 4 million names off-chain, according to the statement. Paypal and Venmo started supporting cryptocurrencies in 2021. Venmo is owned by Paypal.
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