ENS Labs, the company 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 aims 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 US can now enter ENS names when transferring cryptocurrencies, reducing the need to manually copy or scan wallet addresses.
The move is expected to reduce errors such as sending money to incorrect addresses, a common target for scammers.
It is worth noting that scams such as address poisoning schemes have resulted in huge losses for cryptocurrency users who failed to verify their addresses before making transfers.
For example, in May, a Bitcoin (BTC) whale lost nearly $70 million by sending assets to a fraudulent address. Hardware wallet provider Ledger recently drew attention to a new address poisoning scam targeting cryptocurrency investors.
Thanks to ENS integration, users can avoid the pitfalls associated with this scheme, as ENS names are easier to remember than complex wallet addresses.
By leveraging ENS, PayPal and Venmo provide a smoother and easier-to-use experience, especially for cryptocurrency newbies.
Instead of relying on cumbersome wallet addresses, users can simply enter the ENS name, and the platform will automatically retrieve the associated wallet address. This increases convenience and enhances security, as scammers often exploit user errors in entering or memorizing wallet addresses.
The partnership also includes an address book feature that saves ENS names, allowing users to quickly retrieve past contacts. This functionality relies on the encrypted infrastructure inside PayPal and Venmo, making external transactions as seamless as internal ones.
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