ENS comes together following PayPal integration

• ENS Labs announced Ethereum Name Service integration on PayPal and Venmo.
• Users can now transfer their cryptocurrency using an ENS name instead of copying the wallet address.
• ENS rose nearly 5% after the announcement.

ENS Labs rose nearly 5% on Tuesday after it announced it had integrated its naming service with PayPal and Venmo to promote faster and simpler crypto transactions.

ENS integrated with PayPal and Venmo for fast cryptocurrency transfers

ENS Labs, the team behind the web3 domain naming system Ethereum Name Service, announced today 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 naming system built on the Ethereum blockchain that allows users to convert long addresses into simpler letters or names for easier recognition.

With ENS’ integration with PayPal and Venmo, users can easily make cryptocurrency transfers by applying a domain name instead of copying a string of alphanumeric digits or scanning QR codes. The announcement said that users would also be able to store and review previous names with which they had completed transactions through the Address Book feature. Currently, ENS integration is only available to PayPal and Venmo users in the US.

ENS rose nearly 5% following the announcement, with its open interest rising nearly 10% over the past 24 hours.

Open interest ENS

Open interest is the total number of unsettled contracts in a derivatives market. The increase in open interest in ENS provides further support for a price rally, suggesting that bullish momentum prevails in the market.