In order to track in-store foot traffic and interact with customers online, Cosmose AI, a nine-year-old firm, partners with Near Protocol, one of the Ethereum-rivalling blockchain technologies. In order to save money for both buyers and sellers, the pair is developing a payment system that enables users to make cryptocurrency purchases at cheap transaction costs.
Cosmose Switches to Near Protocol’s Cryptocurrency Solution Instead of Stripe
As part of the collaboration, Cosmose has received a strategic investment from Near Foundation, the non-profit division of Near that supports the development of the protocol’s ecosystem. The transaction, whose amount is unknown, increases the company’s worth from $100 million when its $15 million Series A funding was completed in 2020 to $500 million.
About KaiKai App
The KaiKai app, which allows users to find nearby retailers, and an online targeting platform are two of Cosmose’s retail solutions; with Near’s assistance, both are being given a blockchain makeover.
According to the coffee example that the company’s founder and CEO Miron Mironiuk gave earlier, KaiKai, where users can discover nearby products and pay through the application, provides users with an advantage with its Near-powered blockchain payment system. For example, he claims that a person’s annual coffee consumption reduces transaction costs to just $4, which is 50 times less than the Stripe or PayPal method.
“Imagine how much you could save if all payments are moved to blockchain,”
Mironiuk
The native stablecoin Kai-Ching, which operates on the Near network, settles payments in the shopping discovery app KaiKai from Cosmose. App users can top up their Kai-Ching cryptocurrency wallets with fiat money. Moreover, users may eventually have the choice to exchange Kai-Ching back for fiat.
Since When Can Payments be Made with Crypto on KaiKai?
In Singapore, where the government is drafting stablecoin regulations, KaiKai first introduced the opportunity to pay with cryptocurrency there in September. Since then, Kai-Ching has handled over 1 million payments, refunds, and rewards transactions.
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