PayPal and Venmo are stepping up their game by supporting Ethereum Name Service (ENS) domains. This is exciting news for anyone who uses these platforms for crypto transactions.
So, how does it work? It’s simple. When you send crypto on PayPal or Venmo, just enter your ENS name. The platform will automatically convert it to the right wallet address. No more long, complicated addresses to copy and paste. It makes sending and receiving crypto much easier.
But that's not all. They’re also rolling out a new Address Book feature. This will help you keep track of the ENS domains you use most often. Instead of manually entering addresses or scanning QR codes, you can save and recall the addresses you use frequently. It’s all about making your crypto experience smoother.
ENS started in 2017 on the Ethereum blockchain. Its goal is to provide a decentralized domain naming service. According to Messari, a crypto analytics platform, ENS turns complicated cryptographic strings into names that are easy to read and remember.
Why is this important? Because it helps reduce confusion. You won’t have to remember complex public keys anymore. Instead, you can use simple, memorable words or phrases to represent your crypto addresses. It’s a game-changer for users.