PayPal and Venmo enable easy crypto transfers with ENS names

PayPal and Venmo have integrated Ethereum Name Service (ENS) into their platforms, allowing users in the United States to send and receive cryptocurrencies more easily.

The ENS integration replaces complex Ethereum (CRYPTO:ETH) wallet addresses with simplified, user-friendly names like "username.eth," streamlining the process for crypto transactions.

ENS is an open-source protocol designed to simplify the way users interact with Ethereum addresses.

This new feature on PayPal and Venmo allows over 270 million U.S. users to enter an ENS name instead of a long, complex wallet address, reducing the risk of errors during transactions.

When users input an ENS name on either platform, the system will automatically resolve it to the correct Ethereum wallet address, enhancing transaction security and user experience.

“Simply enter your ENS name when sending crypto on PayPal or Venmo, and the platform will automatically resolve it to the correct wallet address. No more copying and pasting long addresses—just seamless, user-friendly transactions,” the announcement highlighted.

ENS was created through an Ethereum grant in 2017 and has grown significantly, registering more than 2 million names on-chain and 4 million off-chain.

This integration with PayPal and Venmo aligns with ENS Labs' ongoing efforts to make its domain names more usable.

Earlier this year, ENS collaborated with web domain registrar GoDaddy, allowing .eth domain names to be linked directly to Ethereum wallets.

In a similar move to enhance functionality, ENS migrated to a Layer-2 network in May, reducing gas fees and improving transaction speeds.

This shift was aimed at making Ethereum address management more efficient.

PayPal and Venmo have been advancing their cryptocurrency services since 2021.

They partnered with MoonPay in May to enable fiat-to-crypto transactions via PayPal, and later launched the PYUSD stablecoin, allowing seamless transfers between their platforms.

The integration of ENS further enhances their efforts to support cryptocurrencies and improve user experience.

Meanwhile, ENS is involved in a patent dispute with Unstoppable Domains over claims that the latter's technology infringes on ENS’s open-source development.

ENS has petitioned the U.S. Patent and Trademark Office to challenge this patent, seeking to protect the collaborative nature of the web.