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PayPal and Venmo have integrated Ethereum Name Service (ENS) into their platforms, allowing users to send and receive crypto using human-readable usernames instead of complicated wallet addresses, improving transaction accuracy and ease.
PayPal and Venmo Integrate ENS for Crypto Transactions
A press release from ENS Labs states that the new capability makes managing wallet addresses easier and less prone to errors.
Users in the United States will be the first to have access to the tool, which will streamline their interactions with cryptocurrency on these services. Users used to have to manually enter lengthy wallet addresses or scan QR codes, which was a pain and increased the likelihood of sending money to the wrong people.
"With ENS, users can enter an ENS name directly into PayPal or Venmo to automatically retrieve and verify the associated wallet address."
Ethereum Name Service Aims for Large-Scale PayPal and Venmo Adoption
Ethereum Name Service Labs' Executive Director Khori Whittaker is excited about the prospect of connecting ENS' naming capabilities to PayPal, Venmo, and PayPal Web, which would allow them to reach a massive user base. As digital assets become more widely used, he said, the team's goal is to make maintaining them easy and straightforward.
Coingape claims that ENS has been working hard to make its domain names more user-friendly. The business and online domain registrar GoDaddy announced their cooperation in February. People can connect their.com domain to their ENS name (.eth), which is an Ethereum wallet address, thanks to this partnership.
"The recent integration with Ethereum Name Service is part of PayPal and Venmo’s continuous efforts to broaden their footprint in the cryptocurrency market."
PayPal Introduces PYUSD Stablecoin and Expands Crypto Offerings
By merging with MoonPay earlier this year, PayPal improved its crypto services and made it possible for customers to purchase cryptocurrency using debit and credit cards. In addition, the PYUSD stablecoin, which PayPal introduced on Venmo, allows users to move stablecoins between the two services.
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