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The NEAR Foundation has partnered with Cosmose AI, a leading AI and retail analytics firm, to build a payment system allowing users to shop with crypto at low transaction fees, 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.
NEAR Foundation Invests in Cosmose AI For Crypto Payments
NEAR Protocol in a blog on April 24 revealed that it has partnered with Cosmose AI to revolutionize retail user experience with Web3 and AI technologies. Cosmose AI uses the NEAR Blockchain Operating System (BOS) and AI-powered retail data to offer personalized user experiences.
Miron Mironiuk, founder and CEO of Cosmose, said:
“NEAR is the most secure, scalable, and sustainable blockchain protocol. As such, we’re grateful for the ongoing support from NEAR Foundation and are excited about what’s to come. Having built on NEAR in 2022 and while working with NEAR Foundation we discovered that our visions for the Web3-driven future are aligned.”
Cosmose AI suite of retail solutions includes the Singapore-based gamified shopping app KaiKai and other AI-powered retail personalization tools, which will further improve with help of NEAR’s technology and ecosystem and address privacy and data security issues.
Cosmose and its KaiKai mobile app are trusted by top brands including LVMH, Richemont, L’Oréal, and Estée Lauder. It features a native cryptocurrency called Kai-Ching, which enables users to use it like other retail rewards programs.
The Near Foundation and Cosmose AI aim to target at least one billion users with its AI and Web3-powered payment system. While payment processing firms Stripe and PayPal charge 10% for transactions, KaiKai will allow users to save 50 times more than other crypto payment services.
NEAR Price Rallied After NEAR Blockchain Operating System Launch
NEAR Foundation is making strides in the Web3 space, becoming one of the leading contributors to Web3 ecosystem. Last year, the foundation introduced a $100 million fund dedicated to Web3 ecosystem development and partnered with other companies for Web3 advancements.
In March, Near Protocol launched a Web3-focused blockchain operating system (BOS) to focus on user experience and allow Web3 developers to build apps. The NEAR price rallied over 30% to hit a high of $2.40.
NEAR price fell over 3% in the last 24 hours, with the price currently trading at $1.87. The negative sentiment among traders has pushed back crypto prices in the broader crypto market.
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