Ethereum Name Service Adds Fiat Payment Option

Ethereum Name Service Adds Fiat Payment Option

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ENS has partnered with MoonPay to integrate a direct fiat payment option for .eth domains.

Photo by Kanchanara on Unsplash

Users looking to buy a decentralized domain through ENS can now do so directly with fiat currency.

The Ethereum Name Service (ENS) protocol has launched a fiat-on ramp service for users to register for .eth domains.

The new feature is a result of a partnership with crypto payments infrastructure firm MoonPay, announced on April 20, which allows users the option to use popular payment methods like debit or credit cards, Apple Pay and Google Pay to buy their domain.

ENS’ integration with MoonPay will make it possible for users to pay for their .eth addresses with 43 local fiat currencies, available to over 160 countries across the globe.

Previously, signing up for an ENS domain required users to fund their crypto wallet to make the purchase. For users that are just getting started in the world of web 3, this step was somewhat problematic because they first needed to know how to set up a wallet on-chain. 

The option to directly purchase a .eth domain could significantly lower the barriers to entry for new users, and make the onboarding process a lot easier.

ENS consists of two Ethereum smart contracts – an ENS registry and the Resolver. The registry records the domain names of users, while the Resolver translates the human-readable addresses to a machine-readable format.

The rush to get in on the .eth domain craze has led to more than 667,000 users buying 2.7 million ENS tokens over time. The human-readable wallet address provides users of the decentralized web with a unique digital identity and generally makes it simpler to move funds across the crypto ecosystem.

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