PayPal and Venmo’s ENS integration to boost mainstream crypto adoption
ENS Labs' recent partnerships with PayPal and Venmo will significantly increase crypto payment adoption and help the industry reach its first billion crypto holders.
ENS, also known as Web3, a human-readable crypto address, was recently integrated by payment giants Venmo and PayPal – the world's most widely used payment provider – enabling easy crypto transactions through ENS usernames.
Marta Cura, director of business development at ENS Labs, said the new integration could unlock mainstream adoption of cryptocurrency payments.
The partnership is the first step towards uniting Web2 and Web3 users, Kura told Cointelegraph in an exclusive interview.
“The integration in PayPal and Venmo goes beyond ENS. It translates and opens up use cases with different payment providers, hopefully with different business models and e-commerce.”
ENS's Marta Kura, interview with Zoltan Vardai of Cointelegraph. Source: YouTube
ENS names replace complex, 42-character-long hexadecimal Ethereum-based crypto addresses with simple nicknames like “Thomas”. eth” which simplifies transactions and reduces the risk of human error.
ENS names are approaching the two million mark, with a total of 1.94 million ENS names created by over 888,000 unique participants.
ENS names dashboard. Source: Dunn
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Mainstream crypto adoption still needs TradFi
Unifying both Web2 and Web3 users will require blockchain solutions with real-world utility.
However, the adoption of crypto payments also depends on the adoption of traditional finance (TradFi) companies, according to ENS Cura.
We need to take a step back from the pace we are used to and work with traditional financial railroads.
Marta Kura of ENS, interview with Zoltan Vardai of Cointelegraph, clip 2. Source: YouTube
Cura added that Web3 can benefit from the influence of traditional financial players, but partnering with TradFi companies is time-consuming due to strict approval and governance processes.
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ENS names can stop address poisoning scams.
An improved user experience with ENS' Web3 usernames can stop the growing trend of address poisoning fraud.
Address poisoning, or address spoofing, is where fraudsters send a small number of digital assets to a wallet so close to the victim's address as part of the wallet's transaction history that they hope the victim will accidentally copy and send. funds to their address.
In early May, one unfortunate trader lost $68 million in an address poisoning scam.
The nearly $70 million loss could easily have been avoided on behalf of the ENS user, explained Heal.
If this person had used the ENS name, this whole situation could have been easily avoided. And $70 million, that's a huge loss… Every day there are people who get ripped off because they don't see that that character is wrong.
In a fortuitous but mysterious turn of events, the thief returned $68 million on May 13, after several OnChain investigators turned to his Hong Kong-based IP addresses.
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