Worldpay intends to validate blockchain transactions for the first time to gain more insight into money flow across digital ledgers.
The worldwide payment service is reportedly in talks with many blockchains to become a validator—a network participant who watches over and validates transactions in digital ledgers—according to a Sept. 26 Bloomberg story.
Worldpay’s web3 and cryptocurrency lead for the Asia-Pacific area, Sanchit Mall, stated, “The idea is to be part of the ecosystem right at the base.”
He clarified that Worldpay wants to get involved in blockchains directly to understand better how money moves through digital ledgers.
Worldpay has handled stablecoin transactions totaling $1.3 billion as of 2024. Although the overall transaction value grew from less than $1 billion in 2023, it is still very tiny compared to the $2.3 trillion in transactions that Worldpay processes yearly.
Digital ledger integrity is the responsibility of validators. They must separate a portion of the original coin of the blockchain—a process known as staking—in order to accomplish this.
They get paid in exchange for keeping an eye on and confirming transactions. Galaxy Digital, Helius, Coinbase, and Metamask are a few well-known cryptocurrency validators.
Worldpay will join this lineup for the first time in the history of the business. With 12.8 million SOL tokens staked, Helius is presently the top validator for Solana, according to data from Solana Beach.
Galaxy and Coinbase are next, with 12.7 million and 11 million SOL tokens, respectively. Nevertheless, Worldpay has already collaborated on cryptocurrency-related projects with other businesses.
In order to enhance on-ramp acceptance into web3, Wordlpay, and web3 payment provider, Wert joined on March 7, 2024, granting access to JCB, Amex, and Discover cardholders.
In October 2022, Worldpay and Checkout.com participated in a trial as trial partners for Fireblocks, a Bitcoin custody provider.
