World Network Eyes Visa Partnership for Crypto Wallet Integration
World Network, the blockchain ecosystem associated with the Worldcoin biometric ID project, is reportedly in talks with Visa regarding a potential collaboration. The discussions center on integrating Visa’s card services into a self-custody crypto wallet, according to a source familiar with the matter.
If the partnership materializes, users could potentially access card-based features through World Network’s wallet.
This image shows World Network introducing a messaging feature with identity verification functionality.
These features could include fiat on- and off-ramps, cross-border payments, and stablecoin transactions with merchants across the Visa network.
Expanding Wallet Capabilities
Tools for Humanity—the company behind Worldcoin and World Network—has allegedly sent a product request form to card issuers, outlining plans to incorporate Visa functionality into the World Wallet. CoinDesk reviewed a copy of this request. The company has also engaged with Rain, a firm backed by Coinbase and Circle, which supplies on-chain Visa cards for crypto projects like Optimism and Avalanche.
The strategic goal is to transform World Wallet into an all-encompassing financial tool.
“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 wallet, send to wallet, spend from card,” one source explained. “Basically to turn World Wallet into a mini bank account for anyone who wants it.”
The source also suggested that Tools for Humanity’s reach might present a challenge to other wallet providers exploring similar offerings.
Visa’s Continued Interest in Crypto
Major card networks, including Visa and Mastercard, have been actively working with crypto-related firms in the past few years. They’re exploring methods to weave blockchain-based technologies into their existing infrastructures. Visa has previously partnered with cryptocurrency service providers to launch payment tools.
For example, RedotPay partnered with Visa and StraitsX to launch a crypto-backed credit card in Singapore. This initiative allows users to spend digital assets at Visa-enabled merchants in real-time by converting crypto to fiat.
World Network’s Broader Plans
Earlier in March, World Network launched World Chat, a messaging application with integrated crypto transfers. This functionality allows users to send digital assets directly through the chat interface, potentially suggesting the platform’s intention to extend its features beyond identification.
Worldcoin, the project’s biometric component that uses iris scans for identity verification, has been subject to regulatory scrutiny since its 2021 debut. The project has faced inquiries regarding its data collection practices in several countries.
Regulatory Scrutiny Continues
According to Fintech Singapore, authorities in Singapore and Hong Kong are currently reviewing Worldcoin’s operations. Singapore’s Personal Data Protection Commission is investigating the project’s compliance with local privacy laws. Meanwhile, Hong Kong’s Office of the Privacy Commissioner for Personal Data has launched an investigation into the handling of biometric data.
Similar concerns have emerged in Kenya and across European jurisdictions, where regulators evaluating developing technologies are prioritizing data privacy and consent.
