Payment processor Worldpay, now part of FIS Group, has joined the governance council of public blockchain Klaytn. The network was founded by GroundX, the blockchain subsidiary of Kakao, South Korea’s largest social network, which boasts more than 50 million monthly users.
It’s a big win for Klaytn if you consider FIS’s size, which in 2019 processed 75 billion transactions worth more than $9 trillion.
Worldpay joins a couple of major enterprises on the council, including founding member LG Electronics, defense contractor Hanwha Systems and the Philippine’s UnionBank. Other high profile members include cryptocurrency exchanges Binance and Huobi.
FIS has been on the governance council of public distributed ledger Hedera Hashgraph since its launch last year. It’s also integrated with the VISA B2B Connect network, a blockchain-based solution for high value international corporate payments. Plus, it’s a backer of Polish startup Billon Group.
However, apart from the enterprise focused applications, FIS sees the cryptocurrency space as an opportunity. Its website promotes services to help to convert fiat currencies to cryptocurrencies. It states that “Worldpay has extensive experience guiding crypto exchanges through the vast complexities of global payment processing — including leveraging Visa & MasterCard networks worldwide.”
Meanwhile, Klaytn’s Head of Platform Group Sangmin Seo, said: “We look forward to working with this payments leader to implement use cases that will foster the development of blockchain-empowered digital payment solutions.”
Both companies recently shared anniversaries. In the case of FIS, at the end of July 2019, FIS closed its $43 billion acquisition of Worldpay. And in late June, Klaytn celebrated its first anniversary as a live public blockchain.