Payments giant Worldpay plans to verify blockchain transactions for the first time ever in order to better understand how money moves across digital ledgers.
According to Bloomberg Report On September 26, the international payment provider has already started talks with several blockchains in the hope of becoming a network verifier, a participant in monitoring and verifying transactions in digital ledgers.
“The idea is to be part of the ecosystem from the ground up,” said Sanchit Mall, head of web and crypto at WorldPay in Asia Pacific. He explained that WorldPay intends to directly participate in blockchains so that it can better understand the flow of money in digital ledgers.
In 2024, Worldpay processed $1.3 billion worth of stablecoin transactions. The total transaction value has increased from less than $1 billion in 2023, but it is still a small fraction of the larger $2.3 trillion in transactions that Worldpay facilitates annually.
Verifiers are responsible for maintaining the integrity of digital records. To do this, they must isolate a portion of the original cryptocurrency of the blockchain, known as a cache. In return, they receive fees for monitoring and verifying transactions.
Some of the popular cryptocurrency validation companies include Coinbase, Metamask, Helius, and Galaxy Digital. Worldpay will join this group for the first time in the company’s history.
according to Data From Solana Beach, Helius is currently the leading Solana (SOL) verifier with 12.8 million SOL tokens registered, followed by Galaxy and Coinbase with 12.7 million SOL tokens and 11 million SOL tokens respectively.
However, Worldpay has partnered with other companies on cryptocurrency-related initiatives before. On March 7, 2024, Wordlpay partnered with Web3 payment provider Wert to give JCB, Amex, and Discover cardholders access and increase Web3 adoption.
Worldpay was also one of the pilot partners alongside Checkout.com for cryptocurrency custody provider Fireblocks’ payment engine in October 2022.
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