As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the evolution of digital payments from their infancy to their current dominance. The move by Worldpay, a giant in this field, to verify blockchain transactions marks not just a significant step for them, but also for the entire digital economy.
Worldpay, a leading payments firm, intends to scrutinize blockchain transactions for the initial time, aiming to grasp the flow of funds within digital record systems more effectively.
Based on a Bloomberg report dated September 26, it appears that the global payment provider is currently engaged in discussions with various blockchain networks with the aim of potentially taking on the role of a validator. Validators are key figures within these systems who check and confirm transactions on digital record-keeping platforms.
According to Sanchit Mall, Worldpay’s head of web3 and cryptocurrency in the Asia-Pacific region, their goal is to become an integral part of the system at its foundational level. He elaborated that this means they want to engage directly with blockchains, enabling them to closely monitor the movement of funds within digital ledgers.
By 2024, Worldpay handled transactions worth approximately $1.3 billion in stablecoins. This value represents an increase from under $1 billion in 2023, yet it still makes up a relatively minor part of the total annual transactions that Worldpay manages, which is around $2.3 trillion.
Verifiers ensure the accuracy and consistency of online record books, which are represented by blockchains. To fulfill this duty, they set aside a portion of the blockchain’s native cryptocurrency in a process called “staking.” This action allows them to collect transaction fees for their role in overseeing and authenticating transactions.
Notable figures among crypto validators are Coinbase, MetaMask, Helius, and Galaxy Digital. For the first time in its history, Worldpay is set to become part of this group.
Based on information from Solana Beach, Helius leads the pack as the top validator for Solana (SOL), holding approximately 12.8 million SOL tokens in staking. Galaxy and Coinbase follow closely behind, each with about 12.7 million and 11 million SOL tokens staked respectively.
Previously, Worldpay has collaborated with other entities on crypto-related projects. On March 7, 2024, Worldpay teamed up with web3 payment provider Wert to extend access to JCB, Amex, and Discover cardholders, thereby promoting the adoption of on-ramps into the web3 ecosystem.
In October 2022, Worldpay joined Checkout.com as trial partners for Fireblocks’ cryptocurrency custody service, specifically their payment engine.
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2024-09-26 09:36