- ENS Labs announced the integration of Ethereum Name Service into PayPal and Venmo.
- Users can now transfer their cryptocurrency using the ENS name instead of copying the wallet address.
- Following the announcement, ENS shares rose nearly 5%.
Shares of ENS Labs soared nearly 5% on Tuesday after announcing it would integrate its naming service with PayPal and Venmo to make cryptocurrency transactions faster and easier.
ENS Integrated into PayPal and Venmo for Fast Cryptocurrency Transfers
ENS Labs, the team behind the web3 Ethereum Name Service domain naming system, today announced that it has integrated its naming solution into PayPal and Venmo. Users of both platforms can now transfer their cryptocurrency using a domain name instead of a wallet address.
ENS is a domain name system built on the Ethereum blockchain that allows users to convert long addresses into simpler letters or names for easier recognition.
We’re excited to announce that @ensdomains is now supported by @PayPal and @Venmo!
This new feature opens up the power of ENS to millions of people, making crypto transfers easier and safer than ever before — starting in the U.S. pic.twitter.com/9hsrhRqEAp
— ens.eth (@ensdomains) September 10, 2024
With ENS integration with PayPal and Venmo, users can easily make cryptocurrency transfers using a domain name instead of copying a string of alphanumeric characters or scanning QR codes. The announcement said users can also save and revisit previous names they have made transactions with through the address book feature. Currently, ENS integration is only available to PayPal and Venmo users in the United States.
Following the announcement, ENS shares rose nearly 5%, with open interest up nearly 10% over the past 24 hours.
Open Interest ENS
Open interest is the total number of outstanding contracts in a derivatives market. Rising open interest in ENS provides additional support for the price rally, suggesting that bullish momentum is prevailing in the market.