ENS Token Rises After PayPal, Venmo Adopts Ethereum Name Service
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Ethereum's name service token value increased by 7.5% following PayPal and Venmo adoption. Venmo and PayPal users in the US can now send crypto using human-readable ENS names instead of long, complex wallet addresses.
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ENS, the Ethereum name service project's administrative token, rose 7.5% to $17.8 after PayPal and Venmo started supporting Ethereum name service domains.
ENS is currently trading at $17, up about 3% over the past 7 days, according to CoinGecko.
ENS Labs announced Tuesday that the two digital payments giants have integrated ENS into their platforms, allowing more than 270 million users in the US to transfer cryptocurrency assets using simple ENS names using long and error-prone wallet addresses.
“This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever before – starting in the United States,” the group explained.
Operating similarly to the Internet's Domain Name Service (DNS), the Ethereum Name Service uses a decentralized architecture powered by the security and transparency of the Ethereum blockchain. The approach provides a user-friendly way to interact with Ethereum addresses and decentralized applications.
The adoption aims to simplify transfers by using human-readable names and reduce the risk of errors or lost funds. The move is expected to enhance the user experience, especially for those new to crypto.
To send crypto, users must enter the recipient's ENS name directly into the payment search bar on PayPal or Venmo. The platform will automatically generate the wallet address associated with the ENS name.
Additionally, ENS names are stored in the user's address book for easy future transactions, ENS Labs said.
“You can save and remember the most used ENS names and wallet addresses,” the team explained.
Khori Whittaker, executive director of ENS Labs, said the integration will bring ENS branding capabilities to millions of people through the Venmo and PayPal platforms.
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