Worldpay to start verifying blockchain transactions

Payments giant Worldpay plans to verify blockchain transactions for the first time in an effort to better understand how funds move through digital ledgers.

The international payments provider is already in talks with several blockchains in the hopes of becoming a validator — network participants who track and verify transactions on digital ledgers, Bloomberg reported on Sept. 26.

“The idea is to be at the very core of the ecosystem,” said Sanchit Mall, Worldpay’s web3 and crypto leader for the Asia-Pacific region. He explained that Worldpay plans to participate directly in blockchains to better understand the flow of money on digital ledgers.

Worldpay processed $1.3 billion worth of stablecoin transactions in 2024. The total transaction value increased to less than $1 billion in 2023, but it’s still a small fraction compared to the larger $2.3 trillion in transactions Worldpay facilitates annually.

Validators are responsible for maintaining the integrity of digital ledgers. To do this, they must isolate a portion of the blockchain’s native cryptocurrency, an action known as staking. In return, they receive fees for monitoring and verifying transactions.

Notable crypto validators include Coinbase, Metamask, Helius, and Galaxy Digital. Worldpay will join the roster for the first time in the company’s history.

According to Solana Beach data, Helius is currently the number one validator for Solana (SOL) with 12.8 million SOL tokens staked, followed by Galaxy with 12.7 million SOL tokens and Coinbase with 11 million SOL tokens, respectively.

While Worldpay has previously partnered with other firms on crypto-related initiatives, on March 7, 2024, Worldpay partnered with web3 payment provider Wert to provide access to JCB, Amex, and Discover cardholders and increase adoption of its on-ramp to web3.

Worldpay was one of the trial partners for cryptocurrency storage provider Fireblocks’ payment engine alongside Checkout.com in October 2022.