The cryptocurrency world constantly evolves, with practical use cases emerging in various industries. One such latest development involves Cosmose AI, a company specializing in AI-driven retail analytics, opting for Near’s (NEAR) blockchain-based payment system over Stripe.
In a strategic alliance to boost the protocol’s ecosystem, Near Foundation, the philanthropic subsidiary of Near, has invested an undisclosed sum in Cosmose.
The collaboration catapulted the company’s valuation to a staggering $500 million, a significant leap from its $100 million valuation following the closure of its $15 million Series A funding in 2020.
This decision showcases the potential of alternative blockchain solutions and reflects the changing landscape of cryptocurrency adoption.
Cosmose AI, known for its retail analytics solutions, sought a cost-effective and efficient alternative to traditional payment processing systems like Stripe and PayPal.
Several factors drove the company’s transition to Near’s blockchain solution.
Reduced transaction costs play a significant role, as Near’s blockchain technology allows the KaiKai app, developed by Cosmose AI, to offer significantly lower transaction fees than Stripe and PayPal. This reduction in fees benefits both consumers and merchants.
Additionally, stability is a key consideration. Cosmose AI’s native stablecoin, Kai-Ching, operates on Near’s network and is pegged to the US dollar, ensuring stability and minimizing the volatility often associated with cryptocurrencies.
Impact on the crypto market and industry
The decision by Cosmose AI to adopt Near’s blockchain solution has broader implications for the cryptocurrency market and the industry as a whole.
Crypto adoption is one such aspect. The collaboration between Cosmose AI and Near demonstrates the potential of blockchain technology in providing practical and cost-effective solutions for everyday transactions.
This could catalyze widespread crypto adoption among younger generations familiar with digital currencies.
Furthermore, the partnership between Cosmose AI and Near highlights the growing significance of alternative blockchain platforms like Near, Cardano (ADA), and Polkadot (DOT), which offer scalable and cost-effective solutions compared to Ethereum (ETH).
As more companies seek ways to incorporate cryptocurrency, these platforms will likely see increased demand and adoption.
The road ahead
Cosmose AI’s decision to adopt Near’s blockchain solution over Stripe reflects businesses’ increasing interest in exploring efficient and cost-effective alternatives to traditional payment processing platforms.
The impact on the crypto market could be significant, with alternative platforms like Near gaining prominence as more businesses recognize the benefits of integrating blockchain technology.