Giant payment processor Worldpay is embarking on a groundbreaking initiative to authenticate blockchain transactions for the first time, aiming to gain deeper insights into the movement of funds within digital ledgers.
As reported by Bloomberg on September 26, the global payment firm is currently engaging in discussions with various blockchain networks to establish itself as a validator—entities that oversee and confirm transactions within digital ledgers.
Sanchit Mall, Worldpay’s head of web3 and crypto for the Asia-Pacific region, noted, “Our goal is to engage with the ecosystem from the very foundation.” He elaborated that by directly participating in blockchains, Worldpay seeks to enhance its comprehension of monetary flows within digital ledgers.
In related news, Wert has teamed up with Worldpay to broaden card acceptance within the web3 domain. In 2024, Worldpay reported processing stablecoin transactions valued at $1.3 billion. This figure marks an increase from under $1 billion in 2023, though it still represents a modest fraction of the company’s total annual transaction volume of $2.3 trillion.
Validators play a crucial role in ensuring the reliability of digital ledgers. To fulfill this role, they must set aside a portion of the blockchain’s native cryptocurrency in a process known as staking, which allows them to earn fees for transaction oversight and validation.
Prominent crypto validators include Coinbase, Metamask, Helius, and Galaxy Digital. For the first time in its history, Worldpay will join this esteemed group.
According to Solana Beach data, Helius currently leads as the top validator for Solana (SOL), with 12.8 million SOL tokens staked. Galaxy Digital and Coinbase follow closely, with 12.7 million SOL and 11 million SOL tokens staked, respectively.
Although this marks Worldpay’s initial foray into validation, the company has previously collaborated on crypto initiatives. Notably, on March 7, 2024, Worldpay partnered with web3 payment provider Wert to facilitate transactions for JCB, Amex, and Discover cardholders, promoting wider adoption of web3.
Additionally, Worldpay was among the trial partners, alongside Checkout.com, for Fireblocks’ cryptocurrency custody payment engine launched in October 2022.