Fintech leader Worldpay joins Klaytn Council
One of the world’s largest financial technology leaders, Worldpay, has joined the Klaytn Governance Council. The new addition to the council will provide expertise in fintech, a field in which the Klaytn blockchain project aims to be a major participant in the coming years.
As part of the deal, Worldpay will operate a consensus node and be a key voice in the direction of Klaytn’s technology and business decisions. Additionally, the UK-based payments services company looks to revitalize the Klaytn ecosystem by developing a blockchain-based omnichannel distribution hub to service global credit card processing. Klaytn partners who will use the omnichannel distribution hub include cryptocurrency exchanges, traders, and custodians.
Worldpay represents the first major non-Korean financial entity to sit on the council. Other council members include Kakao, LG Electronics, Binance, Hashed, Huobi, GS Shop, and others. This shift to non-Korean council members could work well in Klaytn’s favor as the blockchain company aims to proliferate and utilize payments services that require cryptocurrency transactions. The current stance by the Korean government is not friendly toward cryptocurrency usage and development but encourages blockchain development.
Worldpay’s Impact
Worldpay has joined its second governing council for enterprise blockchain companies. The first council they joined was for Hedera Hasgraph. They are providing similar benefits to Hedera as they will be for Klaytn moving forward. Worldpay and parent company FIS’s competence in the payments field is accentuated by having raked in over $10 billion in revenue in 2019. Furthermore, they were on pace to best their 2019 mark with a $3 billion earnings report for Q1 2020.
“We are excited to welcome Worldpay to join the Klaytn Governance Council,” said Sangmin Seo, the Head of Platform Group at Klaytn. “We look forward to working with this payments leader to implement use cases that will foster the development of blockchain-empowered digital payment solutions.”
Klaytn has poised itself to make significant commercial leaps forward this year with the addition of Worldpay to their governance council. Also, Klaytn successfully launched its wallet app Klip on the Kakao Suite this year. This app allows users to make instant payments using KLAY and may soon support other cryptocurrencies. The app lays the groundwork for many potential advancements from Klay.
