The recent integration has the potential to unite users from both Web2 and Web3, which may serve as a crucial factor in achieving widespread acceptance of cryptocurrency payments in the mainstream market.
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The recent collaboration between ENS Labs and prominent payment platforms PayPal and Venmo has the potential to greatly enhance the adoption of cryptocurrency payments, paving the way for the industry to achieve its first billion crypto holders.
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ENS, recognized as the human-readable crypto address within the Web3 framework, has been integrated by leading payment processors Venmo and PayPal, which is the most widely utilized payment acquirer globally, facilitating more straightforward crypto transactions through the use of ENS usernames.
This new integration is anticipated to catalyze the mainstream acceptance of cryptocurrency payments, as noted by Marta Cura, the director of business development at ENS Labs.
ENS names serve to substitute intricate, 42-character hexadecimal Ethereum-based cryptocurrency addresses with straightforward identifiers, such as “Thomas.eth,” thereby streamlining transactions and minimizing the likelihood of human error.
As reported by Dune data, the number of ENS names is nearing two million, with a total of 1.94 million names established by more than 888,000 distinct users.
Adoption of crypto by mainstream still requires TradFi
The integration of Web2 and Web3 users necessitates the implementation of blockchain solutions that offer practical applications in the real world.
Furthermore, the acceptance of cryptocurrency payments is contingent upon the willingness of traditional finance (TradFi) institutions to embrace these innovations, as articulated by ENS’ Cura:
“We need to take a step back from the speed that we’re used to and work with the existing railways of traditional finance.”
Cura stated that the integration of traditional financial institutions could enhance the Web3 ecosystem; however, collaborations with these TradFi entities often require more time due to the rigorous approval processes and governance protocols that must be adhered to.
ENS names could stop address poisoning scams
The enhanced user experience provided by ENS’ Web3 usernames has the potential to significantly reduce the prevalence of address poisoning scams.
Address poisoning, also known as address spoofing, is a fraudulent tactic where scammers transfer a small quantity of digital assets to a wallet that closely resembles that of a targeted victim, thereby integrating it into the victim’s transaction history. This manipulation aims to trick the victim into inadvertently copying and sending funds to the scammer’s address.
In early May, a tragic incident occurred when a trader lost $68 million in an address-poisoning scam, resulting from a single transaction that mistakenly directed the majority of his assets to a fraudulent wallet.
According to Cure, the over $70 million loss could have been easily prevented with an ENS username:
“This entire situation could have been easily avoidable had this person just used an ENS name. And $70 million, that’s such a huge loss… Every single day there’s people being drained of their funds because they didn’t see that that one character was wrong.”
The burglar returned the $68 million on May 13 in an odd but fortunate turn of events that began when multiple onchain investigators began to provide information on his possible IP addresses located in Hong Kong.
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