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 seeks to reduce the risk of errors often associated with traditional wallet addresses, potentially enhancing security during crypto transactions.
According to a press release shared with crypto.news, PayPal and Venmo users in the U.S. can now input ENS names when transferring cryptocurrencies, reducing the need to manually copy or scan wallet addresses.
This move is expected to minimize errors such as sending funds to incorrect addresses, a common target for scammers.
Notably, scams such as address poisoning schemes have resulted in significant losses for crypto users who failed to verify their addresses before making transfers.
For instance, in May, a Bitcoin (BTC) whale lost nearly $70 million by sending assets to a fraudulent address. Hardware wallet provider Ledger recently called attention to a new address-poisoning scam targeting crypto investors.
With ENS integration, users can avoid pitfalls linked to this scheme, as ENS names are more intuitive and easier to remember than complex wallet addresses.
By leveraging ENS, PayPal and Venmo are enabling a smoother and more user-friendly experience, especially for those new to cryptocurrency.
Instead of relying on cumbersome wallet addresses, users can simply input the ENS name, and the platforms will automatically retrieve the associated wallet address. This enhances convenience and strengthens security, as scammers frequently exploit user mistakes in entering or saving 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 within PayPal and Venmo, making external transactions as seamless as internal ones.
