World Network in Talks with Visa to Integrate Card Features with Self-Custody Crypto Wallet
World Network, the blockchain-based ecosystem designed to enhance the capabilities of the biometric identification system Worldcoin, is currently in discussions with Visa, the card giant, to connect on-chain card features to a self-custody crypto wallet, as per sources familiar with the plans.
The primary goal of this collaboration is to bring Visa card functionalities to World Network wallets, offering a wide range of fintech and FX applications, fiat on and off-ramps, and enabling stablecoin-based payments to numerous merchants globally who are part of the Visa network.
Tools for Humanity, the company co-founded by Sam Altman, CEO of Open AI and overseeing Worldcoin and World Network, has reportedly sent out a request for product form to card issuers, signaling the intention to integrate Visa card features into the ecosystem.
World Network has been engaged in discussions with crypto card facilitators such as Rain, a company supported by industry giants like Coinbase and Circle, known for providing on-chain Visa cards for projects like Optimism and Avalanche.
According to a source familiar with the plans, the ultimate vision is to develop a comprehensive connected wallet strategy that facilitates seamless trading in various assets, from FX to crypto, enabling loading to wallet, sending to wallet, and spending from the card. The aim is to transform the World Wallet into a versatile mini bank account accessible to all users.
With the backing of Altman’s resources and influence, it is speculated that other wallet providers in the market should be prepared for potential competition and disruption in the space.
In a recent development, World Network introduced a World Chat application, along with the functionality to facilitate crypto-based transactions between users on the network, further expanding the ecosystem’s capabilities.
While Worldcoin, the iris scanning orb collecting biometric data for the network, has faced its fair share of controversies since its inception in 2021, the collaboration with major card networks like Visa signifies a significant step towards mainstream adoption and integration of digital assets into traditional financial systems.
Major players in the industry, including Visa and Mastercard, have been actively engaging with crypto projects and wallet firms to explore opportunities for synergies between their large networks and the emerging digital asset ecosystem.
Both Tools for Humanity and Rain declined to comment on the ongoing discussions, while Visa did not provide a statement at the time of publication.