Cosmose AI, an AI-based company with a focus on retail shopping, has teamed up with Layer 1 blockchain, NEAR Protocol.
With the undisclosed funding, Cosmose can now boast a valuation of $500 million, according to reports from TechCrunch.
The partnership aims to make online payments more cost-efficient and accessible through the use of NEAR’s blockchain infrastructure.
Cosmose’s KaiKai app will leverage NEAR Protocol’s technology to provide users with a cheaper payment option. The app has its stablecoin, Kai-Ching, with a value equivalent to $0.01.
Users can convert fiat currency to Kai-Ching and use it for payment purposes, making transactions up to 50 times cheaper than payment industry leaders such as Stripe and PayPal.
Miron Mironiuk, the founder of Cosmose, explains that the high fees charged by Stripe and PayPal force sellers to increase their prices, resulting in consumers paying an extra $200 annually. However, he claims that with KaiKai, this cost can be reduced to just $4 per year.
Cosmose will also migrate customer data to NEAR Protocol’s blockchain infrastructure to enhance transparency. The company aims to enable users to customize what and how their data is tracked and stored.
While NEAR Protocol may not be the most popular choice among blockchain users, Marieke Flament, CEO of the Near Foundation, believes that Cosmose’s partnership will enable it to grow and expand its offerings in a sustainable, transparent, and scalable way.