The news could signal a renewed interest from traditional payment platforms in cryptocurrencies and blockchain technologies.
Payment giants PayPal and Venmo have integrated the Ethereum Name Service (ENS) into their platforms, allowing users to send crypto using human-readable ENS names.
The integration aims to reduce the risk of mistyping crypto addresses and sending assets to the wrong wallets. It will initially be available to users in the U.S.
ENS provides Ethereum users with a name, such as “xyz.eth,” instead of the long alphanumeric blockchain address associated with their crypto wallets. This makes it easier for users to send cryptocurrencies, as they only need to remember and enter the ENS name.
With the integration, PayPal and Venmo users will be able to enter a user’s ENS address when transferring crypto, and both payment platforms will be able to identify the wallet address associated with the ENS name.
“We are excited to bring ENS’ naming capabilities directly into the hands of millions of users, through Venmo, PayPal Mobile, and PayPal Web,” said Khori Whittaker, executive director of ENS Labs, in a press release. “As the world of digital assets becomes more mainstream, our goal is to ensure managing those assets is as intuitive and user-friendly as possible.”
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