Cosmose AI has received undisclosed funding from the NEAR Protocol to make crypto payments more cost-efficient.
Cosmose, an AI-based company focused mainly on retail shopping, has partnered with the Layer 1 blockchain, NEAR Protocol. According to TechCrunch, the latest fundraising enables Cosmose to flex a $500 million valuation.
Cosmose’s KaiKai app will utilize NEAR’s blockchain infrastructure to make online payments cheaper.
Cosmose Wants Blockchain to Make Payments 50 Times Cheaper
KaiKai has its native stablecoin, Kai-Ching, equivalent to $0.01. Users can on-ramp fiat and then convert it to Kai-Ching to use it for payment purposes.
Miron Mironiuk, the founder of Cosmose, believes that KaiKai can reduce the cost of transactions by approximately 50 times compared to present payment leaders such as Stripe or PayPal.
He explains that Stripe and PayPal charge 10% fees for small transactions such as a cup of $5 coffee. Eventually, the high fees force the seller to increase the price, and consumers might have to pay approximately $200 extra annually. He claims Cosmose’s KaiKai can bring down this annual cost from $200 to $4.
Transparency Through NEAR Protocol
Also, Cosmose will migrate customers’ data to NEAR Protocol’s blockchain to enhance transparency. Eventually, it wants users to customize how and what is being tracked from their data.
Mironiuk says, “It’s not only a technical challenge. It’s also a user experience challenge of how to do it in a way that people actually can check it and get some insights and decide quickly,” the founder said.”
Marieke Flament, CEO of the Near Foundation, says, “Cosmose has already been building on NEAR testnet, and with this additional support it will have many more opportunities to grow and expand its offerings with Web3 in a sustainable, transparent, and infinitely scalable way.”
However, NEAR Protocol might not be the favorite choice of blockchain users. According to Token Terminal’s latest data on daily active users, the NEAR Protocol has just a 1.33% share amongst 19 Layer 1 projects.
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Source: https://beincrypto.com/cosmose-near-protocol-make-online-shopping-cheaper/