ENS token soars after Ethereum Name Service integration with PayPal

ENS cryptocurrency soars more than 5% minutes after the announcement was made.

Ethereum Name Service allows sending cryptocurrencies to easy-to-remember addresses.

The goal is to reduce the risk of errors in cryptocurrency transactions on PayPal.

ENS Labs, the company behind the Ethereum Name Service (ENS) protocol, announced its integration with the online payment platforms PayPal and Venmo. “No more copying and pasting long addresses: just simple, easy-to-use transactions,” ENS Labs said. ENS is the digital asset used for the governance of the eponymous protocol, which allows the traditional hexagesimal addresses of the Ethereum ecosystem to be replaced by an easy-to-remember name. It allows registering ‘.eth’ domains and addresses.

In the minutes following the announcement, the token's price rose from $16.60 to $17.60, representing a 5% increase. In the announcement, ENS Labs also clarified that there will be a new feature called “Address Book,” where users will be able to save and remember their ENS names and wallet addresses to make “even faster” transfers.

Initially, the feature will be available to users in the United States, but the goal is to expand to more regions.

In this regard, Marta Cura, Director of Business Development at ENS Labs, highlighted: “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.”#ENS #web2 #ETH #PayPal $ENS #MarketSentimentToday