World Network and Visa: A Potential Partnership for the Future of Crypto
World Network, the project associated with Sam Altman and Tools for Humanity, is reportedly in negotiations with Visa to integrate new features into its self-custody crypto wallets. This collaboration could revolutionize how users access and utilize digital payments on a global scale by leveraging Visa’s extensive network and the potential of blockchain technology.
World Network and Visa: Revolutionizing Non-Custodial Crypto Wallets
The project formerly known as Worldcoin, now rebranded as World Network, is considering a collaboration with Visa. The goal is to integrate payment functions based on stablecoins and cards into a new crypto wallet system, according to reports. The aim is to create an accessible and secure financial ecosystem, which would allow users to directly use digital assets on Visa circuits.
This initiative follows reports from Bloomberg, which, in the previous April, had already highlighted talks between World Network, PayPal, and OpenAI. The objective of these talks was to broaden the impact of the project technologically and operationally.
Should the agreement with Visa come to fruition, the new wallet, World Wallet, would leverage Visa’s global merchant network. This could unlock innovative financial tools such as currency conversions, on-ramping and off-ramping fiat currencies, and transactions utilizing stablecoins. In a world of increasing cryptocurrency adoption, this could represent a significant step forward for the sector.
Advanced Payment Tools and Strategic Collaborations
The team at Tools for Humanity, led by Sam Altman, has already reached out to major card issuers, indicating active development of the new platform. Additionally, the company is collaborating with crypto card facilitators like Rain. Rain, a startup supported by Coinbase and Circle, provides Visa on-chain cards for blockchain projects such as Optimism and Avalanche.
Rain recently announced it secured $24.5 million in a funding round led by Norwest Venture Partners, with participation from Galaxy Digital, Coinbase Ventures, and Lightspeed. This funding could accelerate the integration of World Network’s payment solutions with Visa circuits, offering users increased flexibility in using digital assets.
Digital Identity and Security
World Network is based on iris-scanning biometric technology, which focuses on privacy and digital identity. The system allows for the creation of a unique biometric ID, which could ensure secure transactions by removing the need for traditional intermediaries. This technology, when combined with the crypto wallet, would offer a level of security and personalization that few other services can match.
The integration of these financial instruments with biometric ID could represent a significant advancement in the management of digital identity and security in crypto payments. However, there remain some questions about how World Network plans to address and handle concerns over the protection of personal data.
Expanding the World Network Ecosystem
The project’s scope goes beyond crypto payments. On March 7, World Network launched World Chat, a mini-app designed for secure communication between verified users on the platform. The app offers several features, including the Contacts tab, the World ID protocol, and the World App wallet, creating an end-to-end encrypted messaging environment.
World Network intends to structure a decentralized financial infrastructure accessible on a global scale. An insider described World Wallet as a sort of “miniature bank account” open to anyone, regardless of geographic location or traditional inclusion in financial systems.
Impact and Future Prospects
If the partnership with Visa is successful, the project could redefine the decentralized payments sector. It would expand the user base and offer an alternative to traditional banking circuits. At the same time, the growing use of biometric technology in financial transactions could spark new discussions concerning privacy and data management.
The move to integrate blockchain, digital identity, and traditional payments systems could represent an innovative model for managing digital identity and decentralized payments. The future of the project depends on how it is received by financial institutions and governments, as well as whether it will encounter regulatory challenges. The long-term success of the combined effort between World Network and Visa depends on navigating these complexities.
The collaboration signals the ambition to create a more accessible, secure, and integrated crypto ecosystem within global financial circuits. The road to widespread adoption is still long, but the company’s strategic moves suggest that the future of the sector could become increasingly interconnected between blockchain, digital identity, and traditional payments.
