NEAR blockchain developers helped AI startup Cosmose AI develop a shopping solution using a stablecoin. The creators of the NEAR blockchain protocol have entered into a partnership with the AI startup Cosmose AI, within which the parties are promoting a joint blockchain solution for online shopping.
NEAR’s Blockchain Aims to Slash Payment Fees
According to the founder of Cosmose, Miron Mironyuk, traditional payment solutions are too slow and expensive. As an example, he cited payment providers Stripe and PayPal, which charge more than 10% in commissions. In just a year, the average coffee drinker can overpay up to $200 due to intermediaries like Stripe, Mironyuk notes. With the help of a blockchain solution from NEAR, Cosmose wants to solve a pressing problem. Blockchain is said to reduce commission costs for consumers by fifty times.
As part of regional testing (in Singapore), Cosmose has already tested the potential of NEAR technology. Users of the KaiKai application could use the Kai-Ching stablecoin (deployed on NEAR) to pay for purchases on the Internet. The stablecoin balance can be replenished using traditional currency, but it is not yet possible to convert back.
Cosmose: Stablecoin Gains Traction, Popular Among Zoomers
The stablecoin itself is available exclusively within the app to avoid volatility issues. Since September 2022, about 30% of payments through KaiKai have been made using the stablecoin, according to Cosmose. At the same time, zoomers are the most active users of stablecoins, because they understand how the blockchain works, says Mironyuk. In the future, the parties want to expand KaiKai’s geographic presence in cryptocurrency-friendly regions, but timing and details have not been disclosed.
| Note that NEAR previously tried to attract the public’s attention with the help of a stablecoin, but the idea did not work out in the long term. In October 2022, NEAR shut down its USN algorithmic stablecoin project. The reason for the failure was insufficient collateral for the asset. |
In March, NEAR rebranded its ecosystem. Now the blockchain project positions itself as an operating system with support for various decentralized applications. Founded in 2014, Cosmose has raised $27 million in funding at a valuation of $500 million, according to reports. The project deals with e-commerce using artificial intelligence.
