ENS rallies following integration on PayPal
|- ENS Labs announced the integration of Ethereum Name Service on PayPal and Venmo.
- Users can now transfer their cryptocurrency using an ENS name rather than copying a wallet address.
- ENS is up nearly 5% following the announcement.
ENS Labs soared nearly 5% on Tuesday after announcing that it had integrated its naming service on PayPal and Venmo to foster faster and simpler crypto transactions.
ENS integrated on PayPal and Venmo for swift 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.
We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!
— ens.eth (@ensdomains) September 10, 2024
This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA. pic.twitter.com/9hsrhRqEAp
We’re thrilled to announce that @ensdomains is now supported on @PayPal & @Venmo!
— ens.eth (@ensdomains) September 10, 2024
This new feature brings the power of ENS to millions, making crypto transfers easier and more secure than ever—starting in the USA. pic.twitter.com/9hsrhRqEAp
With the integration of ENS to PayPal and Venmo, users can easily make cryptocurrency transfers by applying a domain name instead of copying a string of alphanumeric figures or scanning QR codes. The announcement stated that users could also store and revisit previous names with which they have completed transactions through the Address Book feature. Currently, the ENS integration is only available to US PayPal and Venmo users.
ENS rallied nearly 5% following the announcement, with its open interest rising nearly 10% in the past 24 hours.
ENS Open Interest
Open interest is the total number of unsettled contracts in a derivatives market. The rising open interest for ENS provides further support for a price rally, suggesting that a bullish momentum is prevailing in the market.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.