Worldpay to Verify Blockchain Transactions
Date: 2024-09-26 Author: Oliver Abernathy Categories: BLOCKCHAIN
According to Bloomberg on September 26, the company is already in talks with several blockchains to become a validator — a network participant that monitors and verifies transactions on digital platforms.
Sanchit Mall, Worldpay’s Asia-Pacific lead for web3 and crypto, explained: “Our goal is to be part of the ecosystem at the very beginning.” Worldpay intends to participate directly in blockchains to better understand the movement of funds across digital ledgers.
Worldpay is strengthening its presence in web3
Worldpay processed $1.3 billion in stablecoin transactions in 2024, compared to less than $1 billion in 2023. Despite significant growth, stablecoin transactions still represent only a small portion of the total transaction volume, which reaches $2.3 trillion per year.
Validators such as Coinbase, Metamask, Helius, and Galaxy Digital maintain the security of digital ledgers. To do this, they must “stake” (freeze) a certain amount of the blockchain’s native cryptocurrency, in exchange for fees for verifying transactions.
Worldpay is now joining the ranks of such validators, which is a significant step for the company.
Crypto Partnerships and Expanding Opportunities
This is not the first time Worldpay has engaged in the crypto space. In March 2024, the company entered into an agreement with web3 payment provider Wert to provide JCB, Amex, and Discover cardholders with access to the platform and to promote web3 adoption.
Earlier, in October 2022, Worldpay, along with Checkout.com, participated in testing the payment mechanism of cryptocurrency storage company Fireblocks.
