The post PayPal and Venmo Integrate Ethereum Name Service (ENS) for Seamless Crypto Payments appeared on BitcoinEthereumNews.com.

PayPal ENS Integration: On September 10, 2024, PayPal and its sister company Venmo announced a major update to their platforms by integrating the Ethereum Name Service (ENS), making it easier for users to send cryptocurrencies. According to The Block, this new feature allows users to enter a recipient’s ENS name directly into the search bar, and the platform will automatically identify the wallet address associated with that ENS name. The integration will initially be available to users in the United States. This development is a significant step toward simplifying cryptocurrency transactions for everyday users. By integrating ENS, PayPal and Venmo are reducing the friction of using long, complicated wallet addresses, thereby making digital assets more accessible for mainstream users. What is Ethereum Name Service (ENS)? The Ethereum Name Service (ENS) is a distributed, open, and extensible naming system based on the Ethereum blockchain. ENS allows users to replace long, alphanumeric Ethereum wallet addresses with human-readable names like “yourname.eth.” This makes cryptocurrency transfers much easier by allowing users to input simple names instead of manually copying and pasting lengthy wallet addresses, reducing the risk of errors. With the growing adoption of cryptocurrency, services like ENS play a crucial role in making blockchain-based payments more user-friendly. PayPal and Venmo’s integration of ENS underscores their commitment to enhancing the cryptocurrency experience for their users. How the Integration Works With the new integration, PayPal and Venmo users can now enter a recipient’s ENS name in the payment search bar when transferring cryptocurrency. Once the ENS name is entered, the platform will automatically retrieve the wallet address linked to that name, eliminating the need for users to enter complex wallet addresses manually. For example, instead of entering a long Ethereum wallet address like “0x12345…”, users can simply type in the ENS name “example.eth.” PayPal or…

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Filed under: News - @ September 11, 2024 2:18 am