Cosmose AI and Near Partner to Create Low-Cost Cryptocurrency Payment System

04/24/2023 07:09 • AI & Tech Insights • 60 views

According to reports, Cosmose AI has announced that it is collaborating with Near, one of the blockchain protocols competing with Ethereum. The two are establishing a payment system that allows users to shop in cryptocurrency at low transaction costs, saving money for both buyers and sellers. As part of the partnership, the Near Foundation, a non-profit organization that supports the development of the protocol ecosystem, has made strategic investments in Cosmose. The amount of this round of financing has not been publicly disclosed, increasing the company’s valuation from $100 million in the 2020 A-round financing to $500 million.

Near Foundation completes strategic investment in Cosmose

Cosmose AI recently announced a new partnership with Near, one of the competitors of Ethereum in the blockchain protocol space. Working together, the two companies will develop a payment system that allows users to shop using cryptocurrency while minimizing transaction costs.

What is Cosmose AI?

Cosmose AI is a Polish technology start-up that specializes in using artificial intelligence to analyze consumer behavior in physical stores. Using its proprietary software, Cosmose tracks in-store customer behavior in real-time, including how long customers stay in a store, what they look at, and what they buy. This allows businesses to create more personalized experiences for customers, which leads to increased sales and customer loyalty.
Cosmose has already established partnerships with several large retailers around the world, including Walmart, L’Oreal, and Samsung.

Near: Competing with Ethereum

Near is a blockchain protocol that aims to solve many of the scalability and usability issues associated with Ethereum. Developed in Russia and Switzerland, Near uses innovative technology such as sharding and proof of stake to create a more efficient and user-friendly platform for building decentralized applications.
Near has attracted significant investment, raising $21.6 million in a private token sale in 2018. Its token, NEAR, is currently trading at around $6.50 and has a market cap of over $3.5 billion.

The Partnership

As part of the new partnership, Cosmose and Near will develop a new payment system that allows users to shop using cryptocurrency with low transaction costs. For buyers, this means lower fees than traditional payment methods such as credit cards. For sellers, this means not having to pay high fees to process these transactions.
The Near Foundation, a non-profit organization that supports the development of the Near ecosystem, has also made strategic investments in Cosmose. The amount of funding has not been made public, but it has increased the company’s valuation from $100 million in 2020 to $500 million.

The Benefit for Consumers

This new payment system will provide consumers with an easier and more affordable way to shop using cryptocurrency. With lower fees, shoppers can save money on transactions, which could encourage more people to adopt cryptocurrency as a form of payment.
Furthermore, this new system provides greater convenience to consumers as they can use cryptocurrency to pay for products and services at physical stores.

The Benefit for Businesses

For businesses, this partnership provides even more incentive to adopt Cosmose’s innovative technology for analyzing consumer behavior. By incorporating Cosmose’s software, businesses can gain a better understanding of how their customers behave in-store and use that information to create more personalized shopping experiences.
Additionally, by accepting cryptocurrency payments with low transaction costs, businesses can save money on traditional payment processing fees while providing a more convenient payment option for their customers.

Conclusion

Cosmose AI’s partnership with Near is an exciting development in the world of cryptocurrency and blockchain protocols. With the increased adoption of cryptocurrency by businesses and consumers alike, this new payment system could help to create a more efficient and affordable way to make transactions. As technology continues to evolve, it will be interesting to see how other companies will use blockchain technology to disrupt the traditional payment industry.

FAQs

Q: What is Cosmose AI?
A: Cosmose AI is a Polish technology start-up that uses artificial intelligence to analyze consumer behavior in physical stores.
Q: What is Near?
A: Near is a blockchain protocol that aims to solve many of the scalability and usability issues associated with Ethereum.
Q: What is the benefit of the new payment system?
A: This new payment system allows users to shop in cryptocurrency with low transaction costs, which saves money for both buyers and sellers.

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