ENS Labs has partnered with Venmo and PayPal, two well-known payment processors, to streamline cryptocurrency transactions.
Thanks to this partnership, users will be able to send digital assets using Ethereum Name Service domains.
By lowering the possibility of mistakes frequently connected to standard wallet addresses, this integration may improve transaction security for cryptocurrency.
Users of PayPal and Venmo in the United States can now input ENS names when sending cryptocurrencies, negating the need to copy or scan wallet addresses physically.
This action is anticipated to reduce mistakes like transferring money to the wrong address—a popular target for con artists.
Cryptocurrency users who neglected to confirm their addresses before transferring funds have suffered large losses due to scams such as address poisoning schemes.
For example, a Bitcoin whale lost about $70 million in May when transferring funds to a fictitious address.
Ledger, a manufacturer of hardware wallets, recently alerted people to a new address-poisoning fraud aimed at cryptocurrency speculators.
Because ENS names are simpler to understand and recall than complicated wallet addresses, users can avoid the problems associated with this system by integrating ENS.
PayPal and Venmo are facilitating a more seamless and intuitive experience, particularly for novice users of cryptocurrencies, by utilizing ENS.
Users only need to enter the ENS name; the platforms will automatically get the related wallet address, saving them from having to deal with tedious wallet addresses.
This increases security and simplicity simultaneously because scammers usually take advantage of user errors when entering or saving wallet addresses.
Additionally, the cooperation offers an address book function that stores ENS names and enables users to access past connections easily.
By enhancing the current cryptocurrency infrastructure of PayPal and Venmo, this feature makes external transactions just as smooth as internal ones.
