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Ethereum Name Service to Work With MoonPay to Build Fiat On-Ramp
The partnership will create the ability for people to purchase .eth domain names with fiat currency.
Updated Apr 20, 2023, 3:00 p.m. Published Apr 20, 2023, 1:00 p.m.
The Ethereum Name Service (ENS), a digital identity protocol, said Thursday it is working with MoonPay, a Web3 payments firm, to create a fiat on-ramp for users interested in purchasing an .eth domain name.
Through this arrangement users can use MoonPay as a payment service to directly buy and register their .eth domain instead of having to first buy ether (ETH) and set up a crypto wallet. Setting up a crypto wallet can be complicated to those that are not tech savvy, but using a fiat currency on-ramp overcomes such hurdles.
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ENS is a domain name protocol that runs on the Ethereum blockchain. It provides users with an easily readable name such as “xyz.eth” instead of the long or complex alphanumeric address that is tied to a crypto wallet, making it easier for users to send and receive crypto to those shortened addresses. The service is similar to the Web2 version of the Domain Name System (DNS), which creates internet name addresses such as “google.com” for websites to substitute for their numeric internet protocol (IP) addresses.
“The goal of the integration is to offer a solution that eliminates this barrier by allowing users to use payment options that they are used to such as Apple Pay and Google Pay,” said Nick Johnson, the founder and lead developer at ENS. “By making it as user friendly as possible, this partnership will not only boost mainstream adoption of decentralized financial apps but also Web3 as a whole.”
Read more: What Is the Ethereum Name Service? How ENS Works and What It’s Used For
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