TechFlow news, according to TechCrunch, AI company Cosmose AI is partnering with NEAR to build a payment system that allows users to shop using cryptocurrency with 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. The funding amount was not disclosed, but the valuation has increased from $100 million when it raised a $15 million Series A round in 2020 to $500 million.
Cosmose, a nine-year-old company, uses AI analytics to track in-store foot traffic and engage with online shoppers. Its retail solutions include the KaiKai app, which helps customers discover nearby retail stores and an online positioning platform—both upgraded with blockchain technology powered by NEAR. Through the NEAR-driven blockchain payment system, users can discover nearby products and make payments via the app. KaiKai claims this could reduce annual transaction costs for coffee purchases to just $4, which is 50 times lower than methods using Stripe or PayPal.
Cosmose’s shopping discovery app, KaiKai, settles payments using its native stablecoin Kai-Ching, which runs on the Near network. The app creates a crypto wallet for users, who can top up Kai-Ching with fiat currency. In the future, users may have the option to convert Kai-Ching back into fiat. Cosmose maintains a treasury for Kai-Ching pegged to the U.S. dollar (1 Kai-Ching = 1 cent), and it can only be traded within the app to prevent value fluctuations.
