ENS Labs has recently partnered with PayPal and Venmo, a move that has the potential to greatly increase the adoption of crypto payments and help the industry reach one billion crypto holders. Ethereum Name Service (ENS), which provides human-readable crypto addresses, has been integrated by Venmo and PayPal, the world’s most widely used payment acquirer. This integration will make crypto transactions easier through ENS usernames and could pave the way for mainstream adoption of cryptocurrency payments.
Marta Cura, the director of business development at ENS Labs, believes that this partnership is the first step in bringing together users of both Web2 and Web3. In an exclusive interview with Cointelegraph, Cura expressed her optimism about the potential impact of this collaboration. ENS names replace long and complex Ethereum-based crypto addresses with simple and memorable nicknames, making transactions more convenient and reducing the risk of human error.
According to data from Dune, the number of ENS names is approaching the 2 million mark. Over 888,000 unique participants have created a total of 1.94 million ENS names. This indicates a growing interest in ENS and the value it brings to the crypto community.
However, for crypto payment adoption to truly take off, it will also require the participation of traditional finance (TradFi) companies. Cura explained that the influence of traditional financial players could benefit Web3, but partnering with TradFi firms takes longer due to the strict approval and governance procedures they have in place.
One of the major advantages of ENS’ Web3 usernames is the improved user experience they offer, which could help put an end to address poisoning scams. Address poisoning, or address spoofing, is a deceptive tactic used by scammers to trick victims into sending funds to a fraudulent wallet. By using an address that closely resembles the victim’s own, scammers hope to exploit human error. In May, a trader lost $68 million in an address-poisoning scam, highlighting the need for better security measures. ENS usernames could have prevented this loss by providing a more secure and user-friendly way to transact.
In a surprising turn of events, the thief returned the stolen $68 million after onchain investigators began uncovering his potential Hong Kong-based IP addresses. This serves as a reminder of the importance of robust security measures in the crypto industry.
Overall, the partnership between ENS Labs, PayPal, and Venmo has the potential to accelerate the adoption of crypto payments and bring the industry closer to reaching one billion crypto holders. The integration of ENS usernames by these payment giants is a significant step towards mainstream acceptance of cryptocurrencies.