The Italian division of PricewaterhouseCoopers (PwC) said is building a European Union (EU) digital identity product alongside blockchain consultancy firm SKChain Advisors.

The product under development will enable European companies and their customers to securely access digital platforms including those in the world of Web3, according to an emailed announcement on Monday.

Developed on World Mobile Chain, a layer-3 network built on Coinbase’s Ethereum layer-2 Base, the product will use self-sovereign identity (SSI) technology. SSI is a decentralized form of identity that gives users full control of their data rather than handing it to third parties.

Blockchain technology underpins SSI in that it allows for users’ data to be distributed and stored securely, removing the need for centralized identity providers.

The basis for PwC Italy and SKChain’s product is the EU’s digital identity regulation eiDAS 2.0 and the European Digital Identity EUDI) wallet that it introduces.

EiDAS aims to establish an EU-wide digital identity framework for accessing services and making electronic transactions.

World Network, the blockchain-based ecosystem built to extend the functionality of biometric identification system Worldcoin, is in talks with card giant Visa to link on-chain card features to a self-custody crypto wallet, according to a person familiar with the plans.

The aim is to bring Visa card functionality to World Network wallets, delivering a range of fintech and FX applications, fiat on and off-ramps, as well as allowing stablecoin-based payments to thousands of merchants around the world that are part of the Visa network.

Tools for Humanity, the company cofounded by Open AI CEO Sam Altman that oversees Worldcoin and World Network, sent out a request for product form to card issuers, which was seen by CoinDesk.

World Network has 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 wallet, send to wallet, spend from card,” according to a source familiar with the plans. “Basically to turn World Wallet into a mini bank account for anyone who wants it.”

Given Altman’s resources and general clout, «other wallet providers should be worried,» the source added.

Earlier this month, 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.

Worldcoin, the iris scanning orb that collects biometric data for the network, has attracted more than its fair share of controversy since appearing in 2021.

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.

Tools for Humanity declined to comment. Rain also declined to comment. Visa did not provide a comment by publication time.

U.S. exchange-traded funds tied to ether (ETH) have seen $401 million in net outflows so far in March, wiping out gains from the first two months of the year.

The redemptions represent nearly 6% of the total $6.77 billion in assets held by spot ether ETFs, according to data from SoSoValue. Just one day this month—March 4—saw positive inflows, with $14.58 million added. In comparison, January and February saw inflows of $101 million and $60 million, respectively.

Spot bitcoin ETFs also faced withdrawals, with $893 million in net outflows this month, but the scale relative to assets under management, roughly 0.9% of $94.35 billion, was far less severe. Bitcoin funds remain net positive for the year after strong inflows of $5.25 billion in January.

The contrast mirrors recent market performance. Since March 1, ether has dropped roughly 8.5%, while bitcoin has gained more than 3%. Year-to-date, ether has plunged over 37% to around $2,080. Bitcoin, while also down, has fared better with a 7.5% decline to about $87,300. The broader CoinDesk 20 Index fell 21% in the same period.

Despite the downturn, ether ETFs still hold a net inflow of $2.42 billion since their launch. But that’s dwarfed by the $36.05 billion pulled in by the bitcoin counterparts, highlighting the gap in investor appetite between the two assets.