Web3 Users Can Now Easily Buy ENS Domain With Fiat

Key Points:

• Ethereum Name Service is partnering with MoonPay to develop fiat on-ramps for users interested in purchasing .eth domains.
• The partnership will allow users to use MoonPay as a payment service.

The Ethereum Name Service (ENS) will enable customers to purchase.eth domains using fiat cash through MoonPay, removing the technical barriers associated with creating a crypto wallet and paying with ether.

Users will be able to utilize MoonPay as a payment service as a result of the collaboration. Users will be able to buy and register.eth domains without first purchasing ETH.

For people who are not computer knowledgeable, setting up a crypto wallet might be difficult, but employing a fiat money on-ramp eliminates such obstacles.

The ENS platform update is also intended to broaden its applicability beyond the core use case of producing human-readable names for wallets to replace numerical addresses generally supplied by wallet service providers, platforms, and blockchain protocols.

ENS’s creator and principal developer, Nick Johnson, stated:

“By making it as user-friendly as possible, our collaboration will not only increase mainstream acceptance of decentralized financial applications, but also Web3 in general.”

The Ethereum Name Service is a domain name system that operates on the Ethereum blockchain. It gives customers a readily accessible name instead of the lengthy or difficult alphanumeric address associated with a crypto wallet, making it simpler to transfer and receive crypto to such abbreviated addresses.

The service is analogous to the Web2 version of the Domain Name System (DNS), which generates internet name addresses to replace numeric internet protocol (IP) addresses for websites.

The option to pay for a name using MoonPay will be accessible on the ENS website, according to Johnson.

ENS has gained popularity in 2022, which eases the process of sending and receiving cryptocurrencies. It eliminates the need to enter a complex alphanumeric address of a cryptocurrency wallet. Unstoppable Domains also partnered with MoonPay in July 2022, enabling similarly easy payments on ENS.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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