Venmo and PayPal users can now send crypto using Ethereum Name Service names, making the process easier. ENS Labs announced this new feature, giving access to over 270 million users in the U.S. With the service name, users no longer need to deal with long, complex blockchain addresses.
Instead, they can register a simple name, like “yourname.eth,” to send cryptocurrency, making transactions smoother and more user-friendly. ENS Labs announced that its latest integration makes transferring funds between wallet addresses easier and safer, cutting down on errors and the chances of losing money.
Executive director of ENS Labs Khori Whittaker shared that this update will bring ENS names to millions of users via Venmo, PayPal Mobile, and PayPal Web.
ENS Labs challenges Patent
PayPal has been making waves in the blockchain space. Recently, its stablecoin, PayPal USD (PYUSD), hit a major milestone, reaching over $1 billion in total market value, as per CoinMarketCap. Back in May, PayPal took things a step further by launching PYUSD on the Solana blockchain, teaming up with platforms like Crypto.com, Phantom, and Paxos to bring more users on board.
Director of business development at ENS Labs Marta Cura said that partnering with PayPal and Venmo helps us connect with people who are new to the industry as well as those who prefer using traditional Web2 payment platforms.
ENS is an open-source system built on the Ethereum blockchain, designed to simplify complex crypto addresses. The team at ENS Labs has been working to improve the protocol and, in May, announced a shift to a layer-2 network to reduce Ethereum gas fees and speed up transactions.
Meanwhile, a legal dispute has caught up to ENS Labs. In May. 2024, they filed a challenge with the US Patent Office against Unstoppable Domains, claiming their patent isn’t original and violates the open-source technology that it developed. Moreover, the service stated that the petition’s goal is to keep the web as a space where people can collaborate.
