ENS token surges after PayPal and Venmo adopt Ethereum name service

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

ENS is currently trading at $17, up around 3% over the past 7 days, according to ethereum-name-service” rel=”noopener nofollow noreferrer”>Gecko Coin.

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

“This new feature brings the power of ENS to millions of people, making cryptocurrency transfers easier and safer than ever, starting in the US,” the team said. x.com/ensdomains/status/1833536140529570039″ rel=”noopener nofollow noreferrer”>fixed.

The ethereum Name Service, which operates similarly to the Internet's Domain Name Service (DNS), employs a decentralized architecture driven by the security and transparency of the ethereum blockchain. This approach provides a simple way to interact with ethereum addresses and decentralized applications.

The adoption aims to simplify transfers and reduce the risk of errors or loss of funds by using human-readable names. The move is also expected to improve user experience, especially for those new to the world of cryptocurrencies.

To send cryptocurrency, users simply need to enter the recipient's ENS name directly into the payment search bar on PayPal or Venmo and the platform will automatically retrieve the wallet address linked to that ENS name.

Additionally, ENS names are stored in the user's address book to facilitate future transactions, ENS Labs said.