The blockchain-based ecosystem known as World Network, designed to enhance the biometric identification capabilities of Worldcoin, is currently negotiating with Visa to integrate on-chain card functionalities into a self-custodial cryptocurrency wallet, as reported by an insider with knowledge of the discussions.
The objective is to enable Visa card capabilities within World Network wallets, facilitating a variety of financial technology and foreign exchange services, providing fiat on and off-ramps, and allowing stablecoin transactions with thousands of merchants worldwide who are within the Visa ecosystem.
Tools for Humanity, co-founded by Sam Altman, CEO of Open AI, and responsible for overseeing Worldcoin and World Network, has circulated a product form request to card issuers, which has been observed by industry insiders.
World Network has been in discussions with cryptocurrency card facilitators, including Rain, a firm supported by Coinbase and Circle that issues on-chain Visa cards for various projects such as Optimism and Avalanche.
“The goal is to establish a comprehensive connected wallet strategy that allows users to exchange diverse assets, from fiat to cryptocurrency, load funds into the wallet, transfer between wallets, and make purchases using a card,” according to a knowledgeable source. “Essentially, the vision is to transform World Wallet into a mini banking solution for anyone interested.”
Given Altman’s significant resources and influence, “other wallet providers should be on alert,” the insider remarked.
Earlier this month, World Network unveiled a World Chat application and the capability to send money via cryptocurrency transactions among users on the network.
Worldcoin, which gathers biometric data through its iris-scanning device, has sparked considerable debate since its inception in 2021.
Prominent card networks such as Visa and Mastercard have been collaborating with cryptocurrency initiatives and wallet companies to explore ways to integrate their extensive networks into the realm of digital assets.
Tools for Humanity opted not to comment, nor did Rain, and Visa had not provided any response by the time of publication.