Ethereum Name Service Integrated with PayPal, Venmo for Cryptocurrency Transfers

Venmo and PayPal users can now send cryptocurrency using Ethereum Name Service (ENS) names. ENS Labs announced the integration on September 10, and it is expected to reach over 270 million users in the United States.

ENS names can act as aliases for blockchain addresses. Instead of sending tokens using long, complex addresses made up of letters and numbers, users can send cryptocurrencies by registering a name like “your name.eth”.

According to ENS Labs, the new integration simplifies transfers between wallet addresses while also reducing the risk of mistakes and loss of funds.

Khori Whittaker, ENS Labs Managing Director, said the integration “will bring ENS naming capabilities to millions of users across Venmo, PayPal MObile and PayPal Web.”

PayPal is actively participating in the blockchain industry. According to CoinMarketCap, the company’s stablecoin, PayPal USD (PYUSD), recently surpassed $1 billion in total market cap. In May, PayPal launched PYUSD on the Solana network, working with Crypto.com, Phantom, and Paxos to onboard users.

“Partnering with PayPal and Venmo allows us to reach customers who are new to the space and those who prefer the familiarity of a Web2 payment platform,” explains Marta Cura, head of business development at ENS Labs.

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ENS is a blockchain-based open-source protocol created to replace complex addresses on the Ethereum network. Developer ENS Labs has been involved in the protocol’s expansion. In May, the company announced that it was migrating to a layer 2 network to lower gas fees and improve transaction speeds.

The company has also been embroiled in patent disputes. In May 2024, ENS Labs challenged the validity of a patent awarded to Unstoppable Domains with the U.S. Patent and Trademark Office. According to ENS, the patent lacks novel contributions and infringes on open source technology developed by ENS.

At the time, ENS said the petition aimed to ensure that the web “remains a collaborative space.”

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