Key Takeaways:
- Venmo and PayPal now support Ethereum Name Service (ENS) names for crypto transfers, simplifying the process for over 270 million U.S. users.
- ENS Labs partnered with PayPal to enhance usability, especially for crypto newcomers, while also migrating to a layer-2 network to reduce fees.
- ENS Labs is currently involved in a legal battle with Unstoppable Domains over patent infringement claims.
Venmo and PayPal now allow users to transfer cryptocurrency using Ethereum Name Service (ENS) names, simplifying the process by replacing complex wallet addresses with readable names like “yourname.eth.”
This integration, announced on September 10, 2024, makes crypto transfers easier for over 270 million users across the U.S. by reducing errors and enhancing user experience.
🚀 We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!
— ens.eth (@ensdomains) September 10, 2024
This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA.🌐 pic.twitter.com/9hsrhRqEAp
Khori Whittaker, ENS Labs’ executive director, highlighted that this collaboration extends ENS naming to Venmo, PayPal Mobile, and PayPal Web.
PayPal has been increasingly involved in the blockchain space, launching its stablecoin PYUSD, which has surpassed $1 billion in market cap.
Marta Cura of ENS Labs emphasized the importance of reaching both crypto newcomers and existing Web2 users.
ENS, a decentralized protocol developed by ENS Labs, migrated to a layer-2 network to reduce gas fees and improve transaction speeds.
ENS Labs is also involved in a legal dispute with Unstoppable Domains, challenging a patent they claim infringes on ENS’s open-source technology.
About The Author
Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
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