ENS Token Rises After PayPal, Venmo Adopts Ethereum Name Service

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ENS, the governance token of the Ethereum Name Service project, rose 7.5% to $17.8 after PayPal and Venmo initiated support for Ethereum Name Service domains.

ENS is currently trading at $17, up about 3% over the past 7 days, according to CoinGecko.

ENS Labs said on Tuesday that the two digital payments giants have integrated ENS into their platforms, allowing more than 270 million US users to transfer crypto assets using simple ENS names instead of long, error-prone addresses.

“This new feature brings the power of ENS to millions, making crypto transfers easier and safer than ever, starting in the US,” the team said.

Operating similarly to the Internet’s Domain Name Service (DNS), the Ethereum Name Service uses a decentralized architecture powered by the security and transparency of the Ethereum blockchain. The approach provides a user-friendly way to interact with Ethereum addresses and decentralized applications.

Adoption aims to simplify transfers and reduce the risk of mistakes or loss of funds by using human-readable names. The move is also expected to improve the user experience, especially for those unfamiliar with cryptography.

To send crypto, users simply enter the recipient’s ENS name directly into the PayPal or Venmo payments search bar; the platform will automatically retrieve the wallet address associated with that ENS name.

In addition, ENS names are saved in the user’s address book for easier future transactions, ENS Labs said.

“You can save and recall your most used ENS names and wallet addresses for even faster transfers,” the team pointed out.

Khori Whittaker, chief executive officer of ENS Labs, said the integration will bring ENS naming capabilities to millions of people through the Venmo and PayPal platforms.

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