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Global payment company Worldpay is set to verify blockchain transactions for the first time to gain a deeper understanding of fund movements in digital ledgers.
According to a recent report, Worldpay is in discussions with several blockchains with plans to become a validator. Validators are network participants responsible for monitoring and verifying transactions within digital ledgers.
“The idea is to be part of the ecosystem right at the base,”
stated Sanchit Mall, Worldpay’s web3 and crypto lead in the Asia-Pacific region. Mall emphasized that by directly participating in blockchains, Worldpay aims to better understand the flow of money in digital ledgers.
Worldpay’s Blockchain and Crypto Initiatives
In 2024, Worldpay processed stablecoin transactions worth $1.3 billion, up from under $1 billion in 2023. However, this is still a small fraction compared to the $2.3 trillion in transactions that Worldpay handles annually.
Validators play a crucial role in maintaining the integrity of digital ledgers. They must stake a portion of the blockchain’s native cryptocurrency to earn fees for monitoring and verifying transactions.
Notable Crypto Validators
Some well-known crypto validators include Coinbase, Metamask, Helius, and Galaxy Digital. Worldpay will join this lineup for the first time in its history, marking a significant step in its blockchain journey.
Data from Solana Beach indicates that Helius is currently the top validator for Solana with 12.8 million SOL tokens staked, followed by Galaxy Digital and Coinbase with 12.7 million and 11 million SOL tokens, respectively.
Partnerships and Collaborations
Worldpay has engaged in several crypto-related initiatives. On March 7, 2024, Worldpay partnered with web3 payment provider Wert to expand card acceptance, enabling JCB, Amex, and Discover cardholders to increase on-ramp adoption into the web3 space.
Additionally, in October 2022, Worldpay was among the trial partners for cryptocurrency custody provider Fireblocks’ payment engine, along with Checkout.com.
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