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ENS Labs, the lead developer of the Ethereum Name Service (ENS) domain name protocol, drew attention with its Paypal move.
ENS Labs announced that Paypal and Venmo have integrated ENS into their payment platforms.
This development may be a sign that traditional payment platforms are starting to show interest in cryptocurrencies and blockchain technologies again.
In the statement made on Tuesday, it was stated that this integration marks a significant innovation in the blockchain world.
According to the press release shared with CoinDesk, users will now be able to use ENS names when making crypto transfers on these platforms. In this way, they will be able to reduce the risk of transferring to the wrong crypto addresses. This integration will initially be valid for users in the US.
ENS aims to make the crypto transfer experience smoother by offering Ethereum users easier-to-remember names such as “xyz.eth” instead of long and complex crypto wallet addresses.
With this integration, PayPal and Venmo users will be able to enter the counterparty’s ENS address for crypto transfers, and both platforms will recognize the wallet address associated with that ENS name.
“We are excited to bring ENS’s naming capabilities to the hands of millions of users across Venmo, PayPal Mobile, and PayPal Web,” said Khori Whittaker, Executive Director of ENS Labs.
Whittaker emphasized that as digital assets become more prevalent, we aim to make managing these assets as intuitive and user-friendly as possible.
