On September 11, 2024, the Ethereum Name Service (ENS) announced that two major U.S. payment platforms, PayPal and Venmo, have officially integrated ENS into their systems.
The Ethereum Name Service allows users to replace the complex wallet addresses associated with Ethereum (ETH) transactions with easily readable text-based names.
For instance, instead of using long wallet addresses, users can purchase custom names like "myname.eth" and link them to their wallet.
This enables them to send and receive cryptocurrency using simple ENS names instead of complicated strings of numbers and letters.
In order to send or receive cryptocurrency using ENS names, both parties need to use services that support ENS.
The recent development ensures that PayPal and Venmo now fully support ENS, making it possible for users to send cryptocurrency through these platforms by simply entering an ENS name.
This new feature eliminates the need to manually enter lengthy wallet addresses, which significantly reduces the risk of errors, such as mistyping the address and sending funds to the wrong destination.
Additionally, the platforms are introducing a new address book feature. This allows users to save frequently used ENS names and wallet addresses for quick access, further simplifying the cryptocurrency transfer process and making it more convenient.
PayPal and Venmo's support for ENS is initially launching in the U.S., with plans to expand to other regions in the future.
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