ENS Domains Eliminate Crypto Transfer Hassles on PayPal, Venmo

• Thanks to ENS, crypto payments are set to become easier on PayPal and Venmo.
• The integration will be geographically limited at the start.
• The integration has been hailed as bullish.

In recent months, the leading Web3 domain name service, Ethereum Name Service (ENS), has focused on offering greater functionality to holders, from GoDaddy to Google integrations. In the latest instance, ENS Labs has secured integrations with PayPal and Venmo.

PayPal and Venmo Integrate ENS Domains

Thanks to ENS, crypto payments are now easier on PayPal and Venmo. On Tuesday, September 10, ENS Labs disclosed that it had secured integration with the leading payment applications to allow users to send and receive crypto with their ENS domains, simplifying the user experience and minimizing the risks of transaction errors.

To leverage the new integration, users must enter the ENS name of their desired transfer recipient in the search field. According to ENS Labs, PayPal, and Venmo would automatically reconcile the domain name to the blockchain address and network, preventing users from manually verifying the long crypto address string format.

In addition to allowing users to conduct transactions using ENS names, PayPal and Venmo have also introduced an address book feature. This feature allows users to save and manage wallet addresses they frequently interact with, supporting both ENS names and traditional crypto wallet addresses.

ENS Labs states these new services will first be available in the U.S. The firm did not provide a timeline for when it would be available in other regions.

“A Huge Win”

Several positive reactions have trailed the ENS domain integration with PayPal and Venmo. Reacting to the development, Cinneamhain Ventures Partner Adams Cochran described it as “a huge win for ENS and Ethereum.” 

Cochran was not alone in this view; former Yuga Labs General Manager Felix Eunson added, “This is some of the most bullish news I’ve heard around ENS in awhile [sic].”

These sentiments come as combined PayPal and Venmo boast over 300 million users in the U.S. alone. This number jumps to over 500 million if you include the rest of the world.

On the Flipside 

• Most crypto wallets already support the new PayPal and Venmo features.
• There is no clear timeline for when these features will be available for users outside the U.S.

Why This Matters

PayPal and Venmo have over 500 million users globally. The recent integration of these applications with ENS offers a potential for greater ENS and Ethereum adoption.

Read this for more on ENS:
Here’s How Ethereum Users Can Link to GoDaddy Domains for $0

See how Polygon is pushing to accelerate it’s ZK vision:
Polygon (MATIC) Eyes AI-Like ZK Boom With $5M Custom Chip Investment