PayPal, Venmo Add Ethereum Name Service for Simplified Transactions
Key Points:
Read more: Ethereum Name Service Is Expected to Transform to Layer 2
The integration makes companies easier to transfer crypto because users won’t have to manually input long wallet addresses anymore.
The update will allow PayPal and Venmo users to directly type in the recipient’s ENS name in the search field when making a crypto payment. Platforms auto-populate and attach the ENS name to the correct wallet address. First released in the U.S., the feature targets making it easier to manage cryptocurrency transactions while reducing chances of errors that can easily occur in typing complex wallet addresses.
According to ENS Labs, they had to manually type or paste wallet addresses earlier, although QR code scanning is used, which in many cases results in errors or delays in the processing of such transactions. The new system was going to promise a smoother and friendlier approach, hence an improved crypto users’ experience was set on the platform.
Ethereum Name Service, initially launched in 2017 with funding support from an Ethereum development grant, has registered over 2 million names on-chain and another 4 million off-chain. In particular, it assigns normal, readable usernames such as “coincu.eth”-to users’ crypto wallets, which swap out difficult-to-read-and-remember alphanumeric blockchain addresses, making transactions considerably more intuitive.
Both PayPal and Venmo, which began supporting various cryptocurrencies back in 2021, see the move as another step forward in making crypto payments more accessible. The companies are making facilitating crypto transfers easier and less error-prone for their users by tying wallet addresses to ENS names.
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. |
Caroline Ellison will be sentenced for her role in the FTX fraud case on Sept…
Los Angeles, United States, 10th September 2024, Chainwire
tZERO receives U.S. approval for digital asset custody, becoming one of two firms licensed to…
Solana network fees hit a six-month low, correlating with the declining popularity of Pump.fun, as…
TRON, Tether, and TRM Labs launched the T3 Financial Crime Unit to combat financial crimes…
Polygon Labs partners with Fabric Cryptography to enhance the AggLayer interoperability using VPUs, accelerating zero-knowledge…
This website uses cookies.