Payment giant PayPal has just added the ability for its US customers to send crypto through the Ethereum Name Service (ENS) system. What does this mean?
PayPal now integrates Ethereum Name Service (ENS)
On Tuesday, ENS Labs announced that online payment platforms Paypal and Venmo have integrated the ability to send cryptocurrencies through Ethereum Name Service (ENS).
ENS is a decentralized naming system built on the Ethereum blockchain that gives readable and easily memorable names to crypto addresses.
For example, instead of having to copy or paste the Cryptoast Ethereum address starting with “ 0x » followed by 40 hexadecimal characters, through the ENS this address would correspond to « Cryptoast.eth “.
💡 Learn more – What is Ethereum Name Service (ENS)?
Now, Paypal and Venmo users can enter the recipient's ENS address directly into the search field when sending crypto, and payment platforms will automatically identify wallet addresses linked to ENS.
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So, this new feature should reduce the risk of errors when entering the addressand above all signals the desire of the payment giant PayPal to interfere even more in the world of Web3.
Working with Paypal and Venmo allows us to reach newcomers to the space and those who prefer the familiarity of Web2 payment platforms. By integrating ENS into platforms they (the users) already know and trust, we make it easier for them to interact with decentralized finance in a traditional Web2 environment.
While this kind of initiative would help facilitate adoption for newcomers, the feature will only be available to US customers initially.
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Source: ENS Blog
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Theo Zananiri
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