The NEAR Foundation has teamed up with Cosmose AI, a leading AI and retail analytics company, to build a payment system that allows users to shop with crypto at a low transaction cost, saving money for both buyers and sellers. As part of the partnership, the NEAR Foundation has made a strategic investment in Cosmose AI, which is now valued at $500 million.
The NEAR Foundation invests in Cosmose AI for crypto payments
NEAR Protocol revealed in a blog post on April 24 that it is partnering with Cosmose AI to revolutionize the retail user experience with Web3 and AI technologies. Cosmose AI uses the NEAR Blockchain Operating System (BOS) and AI-powered retail data to deliver personalized user experiences.
Miron Mironiuk, Founder and CEO of Cosmose, said:
“NEAR is the most secure, scalable and sustainable blockchain protocol. As such, we are grateful for the continued support of NEAR Foundation and excited for what is to come. After building on NEAR in 2022 and working with NEAR Foundation, we found that our visions for the Web3-driven future are aligned.”
Cosmose AI suite of retail solutions includes Singapore-based gamified shopping app KaiKai and other AI-powered retail personalization tools, which will further enhance using NEAR’s technology and ecosystem and address privacy and data security concerns.
Cosmose and its KaiKai mobile app are trusted by top brands such as LVMH, Richemont, L’Oréal and Estée Lauder. It features a native cryptocurrency called Kai-Ching, which allows users to use it like other retail rewards programs.
The Near Foundation and Cosmose AI are targeting at least a billion users with their AI and Web3 powered payment system. While payment processing companies Stripe and PayPal charge 10% for transactions, KaiKai allows users to save 50 times more than other crypto payment services.
NEAR Price Surged After Launching NEAR Blockchain Operating System
NEAR Foundation is advancing in the Web3 space and becoming one of the major contributors to the Web3 ecosystem. Last year, the foundation introduced a $100 million fund for the development of the Web3 ecosystem and partnered with other companies for Web3 developments.
In March, Near Protocol launched a Web3-focused blockchain operating system (BOS) to focus on user experience and enable Web3 developers to build apps. The NEAR price rose more than 30% to reach a high of $2.40.
The price of NEAR is down more than 3% in the past 24 hours, with the price currently trading at $1.87. The negative sentiment among traders has sent crypto prices down in the wider crypto market.
Also Read: Rich Dad Poor Dad Author’s Gold Price Bet; Bitcoin Rally Soon?
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
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