Paypal and Venmo have integrated the Ethereum Name Service for their users to send crypto. Thus, users can now transfer cryptocurrencies by entering their ENS name. With this move, Paypal and Venmo eliminated the need for users to copy and paste their wallet addresses. Following this development, the altcoin price saw a vertical ascent.
Paypal and Venmo integrate Ethereum Name Service!
Paypal and Venmo have integrated Ethereum Name Service (ENS) into their payment platforms, ENS Labs announced on Tuesday. ENS is a decentralized naming system built on the Ethereum Blockchain that gives readable names to crypto addresses. It is now possible for Paypal and Venmo users to enter the recipient’s ENS name directly into the search field when sending crypto. Furthermore, the payment platforms will automatically identify wallet addresses linked to ENS. According to the altcoin project, US users will be the first to be able to use this feature.
ENS Labs said the new feature will reduce the risk of errors in crypto transactions on Paypal and Venmo. It will also make it easier for users to manage their wallet addresses, it said. Before the integration, crypto transactions on the two platforms involved users having to type, paste or scan QR codes of external wallets to move funds. Marta Cura, director of business development at ENS Labs, commented on the development as follows:
Working with PayPal and Venmo allows us to reach those who are new to this space and prefer the familiarity of Web2 payment platforms. By bringing ENS to platforms they already know and trust, we make it easier for them to interact with decentralized finance in a traditional Web2 environment.
Altcoin price on the rise with the development!
As you have been following from Kriptokoin.com, payment giant Paypal is showing great interest in the crypto space. Paypal and Venmo started supporting cryptocurrencies in 2021. By the way, Venmo is owned by Paypal. According to the last statement, ENS, founded in 2017 with an Ethereum grant, has more than 2 million names registered on-chain and more than 4 million names off-chain.
Following the news, the altcoin price made a vertical ascent. ENS suddenly jumped to $17.60 from $16.71, where it declined during the day. At the time of writing, the token was trading at $17.60, up 6.35% on a daily basis. Meanwhile, ENS’s daily trading volume also saw a notable increase of 44%. This reflects the interest of investors and traders in the token.
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