Cosmose AI Collaborates with Near to Establish a Cryptocurrency Payment System

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

In recent news, Cosmose AI has announced its partnership with Near, a blockchain protocol competitor of Ethereum, to develop a payment system for cryptocurrency users. The system is designed to offer low transaction costs to facilitate shopping, saving money for buyers and sellers alike. As part of the collaboration, the Near Foundation has made strategic investments in Cosmose, increasing its valuation with undisclosed financial contributions. This article will cover the details of this exciting development and the potential implications it could have on the future of payments.

The Background and Development of the Partnership

The payment system implementation is driven by the ambition of Cosmose and Near to revolutionize payment systems using blockchain technology. Cosmose AI is an offline shopping platform that uses machine learning and AI to derive insights from customers’ behavior and optimize their shopping experience. Near, on the other hand, is an independent blockchain ecosystem that focuses on allowing developers to create decentralized applications.
The two technological giants have collaborated to create a payment system that allows users to pay in cryptocurrency, lowering transaction fees to make shopping more affordable. The partnership could create a significant shift in the payment system regarding how users shop and how merchants sell their goods.

How the Payment System Will Work

The payment system developed by Cosmose AI and Near will enable users to pay for goods and services in cryptocurrency. This payment system will be available in the Cosmose AI platform, where users can make purchases and complete transactions using cryptocurrency.
Cosmose’s offline retail technology and Near’s blockchain solutions will work together to provide users with a secure and reliable payment system. The platform’s integration with blockchain technology is expected to offer a higher level of security and safety. It will provide users with faster transaction speeds and reduce the risks of fraud, resulting in a more streamlined payment process.

The Financial Implications of the Payment System

This partnership can change the conventional payment system significantly. Transaction costs for conventional payments can be very high, with an additional percentage charged by payment processors or banks. The payment system created by Cosmose AI and Near is expected to provide low transaction fees, making it affordable for users to shop and reducing the cost of transactions for merchants.
This payment system will enable merchants to bypass intermediaries such as banks, reducing their costs by cutting out the middleman. This could help smaller businesses to compete with large corporations, which typically have lower transaction costs. Additionally, this payment system could help improve financial inclusion by providing affordable transaction fees for people who have been previously excluded from the traditional financial system.

The Significance of the Strategic Investment

Cosmose AI has received strategic investments from the Near Foundation, which supports the development of the protocol technology ecosystem. This undisclosed amount of investment comes at a time when Cosmose AI’s valuation has risen to $500 million from $100 million in their 2020 A-round financing.
The strategic investment indicates that the Near Foundation believes in Cosmose AI’s technology and sees its potential in the payment system. It also provides Cosmose AI with the financial backing necessary to pursue the development of more innovative solutions in the retail industry.

Conclusion

The collaboration between Cosmose AI and Near is a game-changer in the payment system industry. Their payment system provides users with faster and secure transaction speeds, lower costs, and a more streamlined payment process. The strategic investment from the Near Foundation is a testament to the groundbreaking potential of this partnership.
Overall, the payment system developed by Cosmose AI and Near could revolutionize payment systems globally, particularly for people previously excluded from traditional financial services. The partnership is an indication of the potential of blockchain technology in creating innovative payment systems.

FAQs

Q: What is Cosmose AI?
A: Cosmose AI is an offline shopping platform that uses machine learning and AI to derive insights from customers’ behavior and optimize their shopping experience.
Q: How does the payment system work?
A: The payment system enables users to pay for goods and services in cryptocurrency. The system will be integrated into the Cosmose AI platform and provides users with a secure and reliable payment system.
Q: What is the significance of the strategic investment by the Near Foundation?
A: The strategic investment in Cosmose AI indicates the Near Foundation’s belief in the potential of its technology, particularly its payment system. It also provides the necessary financial support to enable Cosmose AI to develop innovative solutions in the retail industry.