ENS Labs partners with PayPal, Venmo to enable ENS name transactions

ENS Labs, the firm behind the ENS protocol, has partnered with traditional payment providers PayPal and Venmo to simplify cryptocurrency transfers.

The collaboration will allow users to send digital assets using Ethereum Name Service (ENS) names. This integration aims to reduce the risk of errors commonly associated with traditional wallet addresses and potentially increase security during crypto transactions.

According to a press release shared with Crypto.news, PayPal and Venmo users in the United States will now be able to enter their ENS names when making crypto transfers, reducing the need to manually copy or scan wallet addresses.

This step is expected to minimise errors such as sending money to the wrong addresses, which are frequently targeted by scammers.

Scams, especially address poisoning, have led to significant losses for crypto users who do not verify their addresses before making transfers.

For example, in May, a Bitcoin (BTC) whale lost around $70 million by sending his assets to a fake address. Hardware wallet provider Ledger recently drew attention to a new address poisoning scam targeting crypto investors.

Thanks to ENS integration, users can avoid the pitfalls associated with this scheme, as ENS names are more intuitive and easier to remember than complex wallet addresses.

By leveraging ENS, PayPal and Venmo provide a more seamless and user-friendly experience, especially for cryptocurrency newbies.

Instead of relying on cumbersome wallet addresses, users can simply enter the ENS name and the platforms will automatically retrieve the associated wallet address. This increases convenience and strengthens security, as fraudsters often exploit user errors when entering or registering wallet addresses.

The partnership also includes an address book feature that saves ENS names, allowing users to quickly recall previous contacts. This functionality builds on the existing crypto infrastructure at PayPal and Venmo, making external transactions as seamless as internal transactions.