World Network, in collaboration with card giant Visa, is planning an initiative where on-chain card features would be linked to a self-custody crypto wallet.
The project is aimed at introducing Visa card potentials to World Network wallets. It also wants to allow stablecoin-based payments to thousands of merchants around the world that are part of the Visa network.
According to reports, Tools for Humanity, the company co-founded by Open AI CEO Sam Altman that controls Worldcoin and World Network, already sent out a request for product form to card issuers. World Network is a blockchain-based ecosystem built to extend the functionality of biometric identification systems. Worldcoin is the iris-scanning orb that collects biometric data for the network.
As part of the plans, World Network has also been in talks with crypto card facilitators such as Rain, a company backed by Coinbase and Circle that provides on-chain Visa cards for projects like Optimism and Avalanche.
“The plan is to build up a whole connected wallet strategy so that you can trade in all kinds of things, from FX to crypto, load to the wallet, send to wallet, spend from card. Basically to turn World Wallet into a mini bank account for anyone who wants it,” a source noted, as cited by Coinbase.
In early March, World Network announced a World Chat application and the ability to send money in the form of crypto-based transactions between users on the network. With Altman’s backlog of resources, it was noted that other wallet providers should be worried.
Big card networks like Visa and Mastercard have been working with crypto projects and wallet firms to explore ways their large networks can usefully overlap with the world of digital assets.
Also Read: Sam Altman’s Worldcoin to resume iris scanning in Kenya following discontinuation of probe.
What does this mean?
The collaboration between Sam Altman’s World Network and Visa aims to bridge the gap between traditional finance and crypto. By linking on-chain card features to a self-custody crypto wallet, users will be able to seamlessly integrate their existing Visa cards with their cryptocurrency holdings.
The on-chain card feature refers to the ability to store and manage card information on a blockchain network which allows for secure, decentralized, and transparent management of card data and reduces the risk of fraud and unauthorized transactions. By linking these on-chain card features to a self-custody crypto wallet, users will have full control over their card information and cryptocurrency holdings, ensuring that their assets are secure and easily accessible.
The initiative will also enable users to leverage the benefits of both platforms by combining the security and convenience of traditional payment systems with the flexibility and potential of cryptocurrencies.
Notably, the self-custody crypto wallet is a critical component of the plan. Self-custody wallets allow users to store, manage, and control their cryptocurrency holdings, without relying on third-party services. By integrating on-chain card features with a self-custody wallet, users will be able to manage their entire financial portfolio from a single, secure interface with more border control over their finances.
The World Network-Visa collaboration possesses the potential to drive mainstream adoption of cryptocurrencies, while also enhancing the security, convenience, and flexibility of traditional payment systems.
What you should know about Sam Altman’s Worldcoin
The WorldCoin project was first launched on March 14, along with a waitlist for its software development kit. It describes itself as a digital passport that can help holders prove they are human.
In a January milestone, Worldcoin announced that it has verified 10 million human users on its digital identity network. In a blog post, the World team emphasised how tools like proof of human can help mitigate potential risks associated with AI advancement.
The World service is accessible through The World App, a wallet that facilitates obtaining World ID and WLD through biometric verification using The Orb, a device that scans users’ irises while ensuring complete privacy.
On May 25, 2023, the project secured a $115 million funding round, and on July 14, Worldcoin announced that it had recorded over 2 million sign-ups. During its token and main net launch on Monday, 24th of July, Altman revealed hopes of bringing this number to 2 billion.
It was launched in countries like Kenya and Argentina in July 2023 as part of a large identity database creation scheme. The company offered cash rewards for people who wish to have their iris scanned. The company also collected other biometric details for identity.
Read More: Here is all you need to know about Worldcoin; the proof of personhood project.
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