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World Network, a blockchain system linked to the biometric ID project Worldcoin, is in talks with Visa. The network plans to add Visa card financial features to its self-custody crypto wallet. World Network wallet users can use Visa cards for different financial services if the deal goes through. This will make it easier for people to use crypto for everyday spending.
World Wallet To Transform Into a Digital Bank
The plan is to make World Wallet work like a small digital bank. Users can trade different currencies, store money, send payments, and buy things in the wallet. This could give people more control over their funds without a traditional bank.
Tools for Humanity, the company behind Worldcoin and World Network, is already making moves to achieve this goal. As CoinDesk pointed out, the company has reached out to card issuers, including Rain, for product proposals.
For context, Rain is a company backed by Coinbase and Circle that provides on-chain Visa cards for blockchain projects like Optimism and Avalanche. This initiative aligns with OpenAI CEO Sam Altman, co-founder of World Wallet, who plans to combine traditional financial tools with blockchain.
If the partnership moves forward, stablecoin payments could be accepted by thousands of merchants worldwide through Visa’s vast network. The project could change how digital wallets work by combining blockchain and regular payments.
World Network To Build A Crypto-Fintech Ecosystem
World Network has been expanding its offerings. Earlier this month, it introduced World Chat, a messaging platform allowing users to send crypto money. As the project grows, a partnership with Visa could make crypto a part of daily spending.
World Network’s move has sparked debate in the crypto and financial space. Many claimed other crypto wallets could face strong competition when this project eventually takes off. While Visa has not confirmed the deal, these talks show that traditional finance and blockchain are coming together.
Crypto Cards Go Mainstream
Meanwhile, crypto-linked credit cards are not new. Financial firms, including Visa and Mastercard, have been working with crypto companies to connect digital money to their payment networks.
These partnerships aim to facilitate seamless transactions between crypto and traditional currencies, enhancing the usability of digital assets. Recently, Avalanche Foundation launched Avalanche Card, a Visa credit card that lets people spend their crypto assets like regular money.
Last October, Coinbase partnered with Visa to enable real-time crypto deposits and withdrawals for eligible Visa debit cards. This was aimed to simplify transactions and expand payment options for specific users.
