Key Highlights:
- PayPal and Venmo have integrated ENS names, simplifying crypto transfers for their 500 million users.
- While PYUSD once soared past $1 billion, its market cap has recently dipped by 17%, with Solana seeing the bulk of the decline.
Yello Paradisers! Can you weather the web3 storm as PayPal’s 500 million users shake the crypto foundations, sending PYUSD stablecoin crashing 17% in two weeks and threatening to upend the entire market – leaving unprepared investors reeling?
In the latest chapter of PayPal’s web3 conquest, the payments giant and its subsidiary, Venmo, have integrated support for Ethereum Name Service (ENS) names.
With a combined user base of 500 million, this move allows users to send and receive cryptocurrency using human-readable “.eth” domain names instead of those confusing wallet addresses that look like Wi-Fi passwords.
Now, instead of pasting a 42-character Ethereum address and hoping you didn’t accidentally swap a digit, PayPal and Venmo users can simply type in their friend’s ENS name, because let’s be honest, it’s easier to remember johndoe.eth than some cryptic string of letters and numbers.
As Khori Whittaker, Executive Director at ENS Labs, put it, “We are excited to bring ENS’ naming capabilities directly into the hands of millions… to ensure managing digital assets is as intuitive and user-friendly as possible.”
PayPal’s Web3 Push: Beyond Just Buying and Selling Crypto
This isn’t PayPal’s first foray into the crypto space. Since 2020, it’s been letting users buy, hold, and sell Bitcoin, Ethereum, and a few other cryptos. Then Venmo followed suit, adding a similar feature in 2021, because why not? But that was just the warm-up. In August 2022, PayPal dropped its very own PYUSD stablecoin, a digital asset designed to always be worth $1. Backed by U.S. dollar deposits and short-term U.S. Treasuries, PYUSD was hailed as a potential game-changer in the stablecoin market.
However, like a rollercoaster ride, PYUSD’s market cap hasn’t stayed at its peak. After hitting $1.04 billion at the end of August, it’s since dipped by 17% to $860.9 million, driven mainly by a 21.5% drop in its Solana deployment.
So, while PayPal’s crypto moves continue to impress, its stablecoin may have hit a bump in the road. But with ENS names now making crypto transactions smoother than ever, PayPal’s push into web3 is far from over. Keep your eyes peeled, this ride’s just getting started.
