According to breaking news, Paypal and Venmo are adding support for ENS addresses when sending cryptocurrencies.
Following the development, there was a sudden 5% increase in the price of the Ethereum Name Service (ENS) altcoin.
This integration allows users to simplify crypto transactions by directly entering a recipient’s ENS name into the search field when sending a payment. The platforms will then automatically determine and connect to the correct wallet addresses.
This new feature, which makes it easier and safer to make crypto transactions on PayPal and Venmo, is initially rolling out to US users.
Previously, users had to manually type, paste or scan QR codes to enter their wallet addresses, increasing the risk of errors.
Since its founding with an Ethereum grant in 2017, ENS has registered over 2 million on-chain and 4 million off-chain names.
*This is not investment advice.