Vanar Chain, the Layer-1 (L1) blockchain, has announced a new strategic partnership with Worldpay, a payments technology company, as reported to Finbold on Friday, February 28.
The partnership is meant to drive innovation in Web3 payment solutions and, according to Vanar Chain CEO Jawad Ashraf, “bring blockchain technology to the forefront of global payments.”
In addition, BCW Group will provide the two parties with technical services for transaction validation as a partner for Web3, artificial intelligence (AI), and cloud infrastructure.
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Innovative Web3 payments
As of now, Worldpay processes over $2.3 trillion (~50 billion transactions) every year in 146 countries worldwide and dedicates a significant portion of its resources to integrating blockchain technology with mainstream financial systems.
A key player in the Web3 ecosystem, Worldpay is likewise working with a number of leading cryptocurrency exchanges and blockchain platforms, processing a sizable chunk of card-to-crypto transactions and providing essential fiat infrastructure across the globe.
Thanks to its strong position in the crypto industry, Worldpay has the potential to bridge the gap between traditional financial services and emerging blockchain technologies.
Ahmed Zifzaf, Head of Crypto Partners at Worldpay, commented on the Vanar partnership, stating:
“Our collaboration with Vanar allows us to expand our footprint in the crypto ecosystem and lead the next wave of innovation in payments. Together, we are excited to explore new payment solutions that could set a new standard for speed, security, and transparency in the global digital economy.”
Mainstream Web3 payment adoption
As part of the partnership, Vanar Chain and Worldpay will explore and work on new Web3 financial products designed to enhance transaction speed, security, and transparency.
Vanar’s high-performance blockchain network, coupled with Worldpay’s robust payment infrastructure, is expected to pave the way for not only innovative but also more accessible payment services.
Ultimately, the goal is to provide businesses and individual consumers worldwide with more opportunities in the realm of Web3 payment gateways and stablecoin solutions that meet the needs of the modern financial market.
