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Singapore-Based Cosmose AI Adopts Near's Crypto Solution, Company Now Valued at $500 Million

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Source: AdobeStock / Andrey Popov

Global platform Cosmose AI has partnered with the Near Foundation, the Swiss non-profit supporting the governance and development of the NEAR protocol, announcing a strategic investment from the foundation and valuing the company at $500 million. 

Founded in 2014, Cosmose AI is a company that uses AI analytics to track in-store foot traffic, predict how people shop offline, and engage with shoppers online. By gathering insights from smartphones, it helps understand people’s offline shopping habits and “drive footfall across 20 million venues in Asia,” said the announcement. 

Comose works with major companies, such as LVMH, Richemont, L’Oréal, and Estée Lauder. “It also offers AI-driven recommendations to its users encouraging them to shop in nearby stores saving time, money, and the environment,” it added.

The amount invested in Cosmose was not disclosed but it raised the company’s valuation to $500 million, up from $100 million when it closed its $15 million Series A in 2020, which was led by Tiga Investments, OTB Ventures, and TDJ Pitango.

The company said that, 

“With this new investment, Cosmose is set to apply Web3 principles and further advance the AI-driven retail ecosystem. […] Cosmose will continue to innovate within the Web3 ecosystem to create seamless experience for shoppers and increase sales for retailers.”

Processing Online Payments (Without Blockchain) is ‘Absolutely Crazy’

The partners are building a payment system that allows users to shop with crypto at low transaction fees, thus saving money for buyers and sellers alike, TechCrunch reported.

“I’m not sure if you know how expensive and slow it is to process online payments. It’s absolutely crazy,” Miron Mironiuk, Founder and CEO of Cosmose AI, told the news outlet. It includes additional fees paid by the customer and charged by intermediaries. 

Blockchain is a solution to these problems. Near is meant to make online payments faster and cheaper for consumers and vendors served by Cosmose.

Cosmose said it would leverage the power of Web3 to ensure that users maintain complete control over their data and benefit from the ecosystem that they help create, therefore ensuring “the highest level of privacy for users.”

Two of the company’s products, Cosmose Media and KaiKai, will “advance Web3-driven innovations” through this partnership. 

KaiKai, an app that allows users to find products close to them and pay through the app, is leveraging NEAR Protocol. It created its crypto, Kai-Ching, to be used for payments, cash-back, and rewards. 

Per the Cosmose CEO, for certain products, KaiKai lowers annual transaction costs 50 times compared to PayPal or Stripe.

“Imagine how much you could save if all payments are moved to blockchain,” Mironiuk said.

He added that more than 50% of the KaiKai app’s users are Gen-Z, who are “super comfortable” with using crypto because they know they “own it,”  Cryptodaily reported.

According to the announcement, the company has been building on Near since 2022. “Together we’ll build a future where one billion users benefit from the ecosystem they’re part of, with complete control of their data and superior AI-driven personalization,” Mironiuk said.

Marieke Flament, CEO of the Near Foundation, added that,

“The company has already been building on NEAR testnet for some time and with this additional support, Cosmose will have many more opportunities to grow and expand their offerings with Web3 in a way that is sustainable, transparent and infinitely scalable.”

Near and Cosmose are also reportedly working on a system that enables users to see how they are being tracked, including location data and time spent in a store.

Meanwhile, Cosmose said it expanded its product offerings and geographical footprint since the 2020 fundraise, making the platform available to customers in mainland China, Hong Kong, Singapore, Japan, and Southeast Asia. 

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Cosmose transitions from Stripe to Near’s blockchain option

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The cryptocurrency planet constantly evolves, with practical use scenarios rising in various industries. One this kind of most current advancement involves Cosmose AI, a enterprise specializing in AI-pushed retail analytics, opting for Near’s (Around) blockchain-based payment technique about Stripe. 

In a strategic alliance to enhance the protocol’s ecosystem, Around Foundation, the philanthropic subsidiary of In the vicinity of, has invested an undisclosed sum in Cosmose. 

The collaboration catapulted the company’s valuation to a staggering $500 million, a important leap from its $100 million valuation subsequent the closure of its $15 million Series A funding in 2020.

This choice showcases the potential of substitute blockchain remedies and displays the shifting landscape of cryptocurrency adoption.

Cosmose AI, identified for its retail analytics solutions, sought a value-powerful and successful substitute to traditional payment processing units like Stripe and PayPal. 

Several components drove the company’s changeover to Near’s blockchain answer.

Decreased transaction prices perform a sizeable purpose, as Near’s blockchain engineering will allow the KaiKai application, produced by Cosmose AI, to supply appreciably decreased transaction fees than Stripe and PayPal. This reduction in fees positive aspects both people and retailers. 

Cosmose AI is partnering with Around to make a crypto payment method with Kai-Ching, its indigenous stablecoin running on the In close proximity to, saying to reduce the transaction charges of one’s annual espresso use to just $4, which is 50 instances significantly less than the Stripe or PayPal strategy.…

— Wu Blockchain (@WuBlockchain) April 24, 2023

Also, steadiness is a critical thought. Cosmose AI’s indigenous stablecoin, Kai-Ching, operates on Near’s network and is pegged to the US dollar, making sure steadiness and minimizing the volatility frequently related with cryptocurrencies.

Impact on the crypto marketplace and business

The final decision by Cosmose AI to undertake Near’s blockchain answer has broader implications for the cryptocurrency market and the business as a complete. 

Crypto adoption is a single this sort of factor. The collaboration between Cosmose AI and In the vicinity of demonstrates the prospective of blockchain technologies in providing realistic and cost-efficient remedies for day-to-day transactions. 

This could catalyze widespread crypto adoption among the younger generations acquainted with electronic currencies.

Also, the partnership between Cosmose AI and Near highlights the increasing significance of option blockchain platforms like In the vicinity of, Cardano (ADA), and Polkadot (DOT), which offer scalable and value-successful remedies in comparison to Ethereum (ETH). 

As far more businesses seek techniques to incorporate cryptocurrency, these platforms will most likely see amplified demand and adoption.

The road ahead

Cosmose AI’s determination to adopt Near’s blockchain remedy above Stripe reflects businesses’ rising fascination in checking out economical and value-powerful choices to traditional payment processing platforms. 

The impact on the crypto sector could be substantial, with option platforms like In the vicinity of gaining prominence as far more corporations acknowledge the positive aspects of integrating blockchain technology.

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