To gain a more comprehensive understanding of the movement of funds through digital ledgers, Worldpay, a significant payment company, intends to verify blockchain transactions for the first time
As per a Bloomberg report on September 26, the international payment provider is currently in discussions with numerous blockchains to become a validator, which is a role that network participants play in monitoring and verifying transactions in digital ledgers.
Sanchit Mall, Worldpay’s web3 and crypto director in the Asia-Pacific region, stated, “The concept is to be a fundamental component of the ecosystem.” He clarified that Worldpay’s objective is to directly engage in blockchains to gain a more comprehensive understanding of money transfer in digital ledgers.
Worldpay has processed stablecoin transactions worth $1.3 billion in 2024. The total transaction value increased from less than $1 billion in 2023; however, it remains a minuscule fraction of the $2.3 trillion in transactions that Worldpay facilitates annually.
The integrity of digital ledgers is the responsibility of validators. To accomplish this, they must sequester a portion of the blockchain’s native cryptocurrency, a process referred to as staking. In exchange, they are compensated for the supervision and verification of transactions.
Coinbase, Metamask, Helius, and Galaxy Digital are among the most notable crypto validators. Worldpay will be participating in this lineup for the first time.
Helius is the primary validator for Solana, with 12.8 million SOL tokens staked, according to data from Solana Beach. Galaxy and Coinbase are the second and third most popular validators, with 12.7 million SOL tokens and 11 million SOL tokens, respectively.
Nevertheless, Worldpay has previously collaborated with other organizations on crypto-related initiatives.
Wordlpay and web3 payment provider Wert partnered on March 7, 2024, to enhance on-ramp adoption into web3 and give JCB, Amex, and Discover cardholders access.
In October 2022, Worldpay and Checkout.com were also trial partners for the payment engine of cryptocurrency custody provider Fireblocks.