World Network and Visa Collaboration

World Network, the blockchain-based ecosystem designed to enhance the biometric identification system Worldcoin, is in discussions with Visa to integrate on-chain card features with a self-custody crypto wallet.

Objectives

The goal is to provide Visa card functionality within World Network wallets, enabling various fintech and foreign exchange applications, allowing fiat on and off-ramps, and facilitating stablecoin payments to numerous Visa network merchants globally.

Company Background

Tools for Humanity, co-founded by OpenAI CEO Sam Altman, manages Worldcoin and World Network. The company has sent out a product request form to card issuers, as reported by CoinDesk.

Partnerships

World Network is also in talks with crypto card facilitators, including Rain, which is backed by Coinbase and Circle and provides on-chain Visa cards for projects like Optimism and Avalanche.

Strategic Vision

A source close to the plans mentioned, “The intent is to establish a connected wallet strategy for trading various assets—from foreign exchange to cryptocurrency—transforming World Wallet into a mini bank account for users.” This has caused concern among other wallet providers given Altman’s influence.

Recent Developments

Earlier this month, World Network unveiled a World Chat application and the capability to conduct crypto-based transactions between users on the platform.

Industry Context

Since its introduction in 2021, Worldcoin, which uses an iris scanning orb for biometric data collection, has faced significant controversy. Major card networks, like Visa and Mastercard, are exploring collaborations with crypto projects and wallet providers to integrate digital assets into their expansive networks.

Tools for Humanity, Rain, and Visa have not provided comments regarding the developments.