ENS rallies following integration on PayPal

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.

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.