{"id":37540,"date":"2024-09-10T18:02:22","date_gmt":"2024-09-10T18:02:22","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/paypal-and-venmo-integrate-support-for-ens-domain-names\/"},"modified":"2024-09-10T18:02:22","modified_gmt":"2024-09-10T18:02:22","slug":"paypal-and-venmo-integrate-support-for-ens-domain-names","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/paypal-and-venmo-integrate-support-for-ens-domain-names\/","title":{"rendered":"PayPal and Venmo integrate support for ENS domain names"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_Venmo_PayPal-4-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_Venmo_PayPal-4-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_Venmo_PayPal-4-smartcrop-750x375.png\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/06_Venmo_PayPal-4-smartcrop-363x181.png\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>PayPal and Venmo integrate ENS to simplify crypto transactions with .eth names.<\/li>\n<li>PayPal has been expanding its web3 efforts and enhancing crypto services since 2020.<\/li>\n<li>However, PayPal\u2019s stablecoin, PYUSD, has seen a significant market cap drop, mainly on Solana\u2019s network.<\/li>\n<\/ul>\n<p>PayPal and Venmo have introduced support for Ethereum Name Service (ENS) domain names. This new feature, initially available to US users, allows for streamlined cryptocurrency transactions using easily recognizable ENS names instead of complex wallet addresses.<\/p>\n<p>The move simplifies crypto payments, aligning with PayPal\u2019s broader push into web3 and its expanding crypto offerings, including the PYUSD stablecoin.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\ude80 We\u2019re thrilled to announce that <a href=\"https:\/\/twitter.com\/ensdomains?ref_src=twsrc%5Etfw\">@ensdomains<\/a> is now supported on <a href=\"https:\/\/twitter.com\/PayPal?ref_src=twsrc%5Etfw\">@PayPal<\/a> &amp; <a href=\"https:\/\/twitter.com\/Venmo?ref_src=twsrc%5Etfw\">@Venmo<\/a>!<\/p>\n<p>This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever\u2014starting in the USA.\ud83c\udf10 <a href=\"https:\/\/t.co\/9hsrhRqEAp\">pic.twitter.com\/9hsrhRqEAp<\/a><\/p>\n<p>\u2014 ens.eth (@ensdomains) <a href=\"https:\/\/twitter.com\/ensdomains\/status\/1833536140529570039?ref_src=twsrc%5Etfw\">September 10, 2024<\/a><\/p>\n<\/blockquote>\n<h2>Simplifying crypto transactions for PayPal and Venmo users<\/h2>\n<p>The integration of Ethereum Name Service (ENS) into PayPal and Venmo marks a significant step toward improving the user experience within the crypto space.<\/p>\n<p>Traditionally, sending cryptocurrencies has required users to input long, complex alphanumeric wallet addresses, creating friction and increasing the risk of errors.<\/p>\n<p>ENS simplifies this process by allowing users to link their wallet addresses to easily readable \u201c.eth\u201d domain names. With this feature, users can now send and receive payments by simply entering an ENS name, making cryptocurrency transactions more intuitive and user-friendly.<\/p>\n<p>Khori Whittaker, Executive Director of ENS Labs, expressed excitement about the partnership, stating that they are \u201cexcited to bring ENS\u2019 naming capabilities directly into the hands of millions of users through Venmo, PayPal Mobile, and PayPal Web.\u201d<\/p>\n<p>This integration aims to streamline wallet address management and reduce the risks associated with incorrect payments.<\/p>\n<p>ENS, which has been operational since 2017, has registered more than 4 million domain names, showing the growing demand for user-friendly solutions in the web3 ecosystem.<\/p>\n<h2>PayPal\u2019s ongoing web3 push<\/h2>\n<p>PayPal has been actively expanding its presence in the web3 space since 2020 when it first <a href=\"https:\/\/coinjournal.net\/news\/paypal-launches-new-service-to-support-cryptocurrencies\/\">allowed<\/a> users to buy, hold, and sell cryptocurrencies such as <a href=\"https:\/\/coinjournal.net\/bitcoin\/what-is-bitcoin\/\">Bitcoin<\/a>, <a href=\"https:\/\/coinjournal.net\/ethereum\/what-is-ethereum\/\">Ethereum<\/a>, and <a href=\"https:\/\/coinjournal.net\/litecoin\/what-is-litecoin\/\">Litecoin<\/a>. This service was initially made possible through a partnership with Paxos Trust Company, a regulated provider of cryptocurrency services.<\/p>\n<p>Venmo <a href=\"https:\/\/coinjournal.net\/news\/paypal-owned-venmo-adds-cryptocurrency-support\/\">followed suit in 2021<\/a>, offering its users similar features.<\/p>\n<p>In addition to the ENS integration, PayPal <a href=\"https:\/\/coinjournal.net\/news\/paypal-launches-a-us-dollar-stablecoin-on-the-ethereum-blockchain\/\">launched<\/a> its own stablecoin, PayPal USD (PYUSD), in collaboration with Paxos in August 2023 initially on Ethereum before later <a href=\"https:\/\/coinjournal.net\/news\/paypal-stablecoin-pyusd-officially-launches-on-solana\/\">launching it on Solana<\/a> in May 2024.<\/p>\n<p>PYUSD is backed by US dollar deposits and short-term US Treasuries, ensuring a 1:1 ratio with the US dollar. It is issued as an ERC-20 token on the Ethereum blockchain and has been integrated with the Solana blockchain, expanding its functionality across networks.<\/p>\n<h2>PYUSD market cap decline<\/h2>\n<p>Despite PYUSD\u2019s initial success, with its market cap surpassing $1 billion on August 24, the stablecoin has faced recent challenges.<\/p>\n<p>As of early September, PYUSD\u2019s market cap had dropped by 17%, with the majority of the decline occurring on Solana. The stablecoin\u2019s Solana deployment saw a 21.5% decrease in market cap, dropping to $507.5 million, while its Ethereum deployment remained more stable, only falling 3% to $351.8 million.<\/p>\n<p>This decline comes amid PayPal\u2019s broader efforts to establish PYUSD as a trusted stablecoin in the market.<\/p>\n<p>Nonetheless, PayPal and Venmo\u2019s ENS integration demonstrates the companies\u2019 commitment to enhancing the user experience and making cryptocurrency transactions more accessible to a wider audience, particularly as digital assets continue to gain mainstream adoption.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/paypal-and-venmo-integrate-support-for-ens-domain-names\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) PayPal and Venmo integrate ENS to simplify crypto transactions with .eth names. PayPal has been expanding its web3 efforts and enhancing crypto services since 2020. However, PayPal\u2019s stablecoin, PYUSD, has seen a significant market cap drop, mainly on Solana\u2019s network. PayPal [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":37541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/37540"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=37540"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/37540\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/37541"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=37540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=37540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=37540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}