Coinbase, PayPal, and Venmo all integrate Ethereum Name Service (ENS) to enhance user experience – turbocharging Ethereum’s market share in Q4 2024?
Adoption is a journey, and it can take a lot of resources to reach a threshold. Before the internet became mainstream, it was molded, shielded, and jealously protected from harsh critics and policymakers.
Since the late 1990s, the internet has grown exponentially and is indispensable.
Out of this “base,” there has been disruptive innovation.
As the world transits from web2 to web3, crypto is at this very stage.
After Bitcoin broke down the remittance barrier, Ethereum is another platform that could anchor the financial system.
In a decentralized network, Ethereum is a force and will shape the future if it continues to be adopted.
$ENS: One of the project which i like to keep in my basket.
A good project with a good setup.
I will not surprise if it jump towards 3 digit in upcoming bull run.ENS converts human-readable Ethereum addresses like john.eth into the machine-readable alphanumeric codes you know… pic.twitter.com/FYVSt1MKP8
— Nilesh Rohilla | Crypto Analyst (@nilesh_rohilla) September 11, 2024
The ENS-PayPal/Venmo Deal Is Massive For Ethereum Adoption
As part of this adoption drive, the Ethereum Name Service (ENS), , recently made what can only be described as a “groundbreaking” move.
The platform will be joining forces with Venmo and PayPal, two of the world’s largest payment processors.
This coalition will see the powers of the ENS shared with the world, comprising millions of users with accounts at Venmo and PayPal.
The objective of this deal is straightforward: Further ease crypto transfers in a secure environment.
With this partnership, PayPal and Venmo users would easily send and receive cryptocurrencies like ETH and other tokens using ENS addresses.
It will be a ground-shaking move.
Instead of using complex addresses, sending to an ENS address that is human-readable becomes easier.
All a PayPal or Venmo user has to do is enter the recipient’s ENS name in the processor’s search bar.
From there, the platform will automatically retrieve the underlying wallet address and process the transaction.
There will be no risk of errors, subsequently improving user experience and turbocharging adoption.
What’s more?
All transactions are public and on the Ethereum ledger.
Users can search for all related data and see the status of their transactions.
The service (unfortunately) will start in the United States.
Later, it will, like how PayPal supported crypto purchases, open up to the rest of the world.
Coinbase Isn’t Being Left Behind: ENS Integration Announced
But Coinbase, the exchange with over 100 million users, is also seeing the potential of ENS.
After announcing their integration in 2020, they recently launched base.eth subnames on their Base Ethereum layer-2.
The launch in late August is crucial and beneficial for adopting Ethereum.
These basenames will be created under the existing ENS name, meaning the owner can manage them anytime.
Like the PayPal and Venmo integrations, the goal is to enhance the overall user experience on the Coinbase-backed layer 2.
EXPLORE: How to Buy Ethereum in 2024? The Best Way – Beginner’s Guide
Will ENS Price Surge Above $22 in September 2024?
Considering what these deals mean, it was no surprise that ENS prices shot higher on September 10.
ENS is the governance token of the ENS platform.
According to Coingecko, the token is up nearly 140% in the past year alone. The token has found support from the daily chart at around $15.
If buyers are to take over, ENS must reject all attempts, pushing it below this level.
(ENSUSDT)
Any uptick above $22 could spark another wave of higher highs toward $35, registered in July 2024.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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