PayPal and Venmo started using Ethereum Name Service

PayPal and Venmo have integrated ENS (Ethereum Name Service) into their platforms. This will allow over 270 million users in the U.S. to make transfers using simple ENS names instead of long wallet addresses.

Benefits for Users

The ENS Labs team explained that ENS operates similarly to the Domain Name System (DNS) on the Internet, but is based on the security and transparency of the Ethereum blockchain. This makes it easy to interact with Ethereum addresses and decentralized applications.

To send cryptocurrency via PayPal or Venmo, users must enter the recipient’s ENS directly into the payment search bar. The platform will automatically retrieve the wallet address associated with that name.

Saving ENS for Future Transactions

These names are also saved in the user’s address book to facilitate future transfers.

The CEO of ENS Labs added that there will now be an option to create ENS directly through Venmo and PayPal platforms.