People in the US who use Venmo or PayPal can now send cryptocurrency using Ethereum Name Service (ENS) names. This makes the process easier to use and safer. A company called ENS Labs stated that the integration will make crypto transfers easier by letting users change long and complicated wallet addresses with short ENS names like “yourname.eth.”
ENS Labs thinks that this function will be used by more than 270 million people on PayPal and Venmo. The goal is to lower the chance of mistakes when sending money by using short, easy-to-read names instead of long lines of letters and numbers. The executive head of ENS Labs, Khori Whittaker, says that the connection gives ENS features to millions of users on PayPal’s web and mobile apps, as well as on Venmo.
PayPal is involved in the blockchain industry in a bigger way than this partnership. For example, the company’s own stablecoin, PayPal USD, recently hit a market value of over $1 billion. ENS Labs, the company that made this blockchain-based system, is still working to make decentralized finance easier to use by making cryptocurrency transfers less complicated.
ENS Labs has been working hard to make its system work with more devices. Along with the new PayPal and Venmo connection, the business just switched to a layer-2 network to cut down on transaction fees and speed up processing times.
The business is also in a court battle with Unstoppable Domains over a patent. It is questioning the patent’s validity and protecting the fact that its technology is open source.
