Cosmose AI, the Singapore-based firm specializing in AI-driven in-store foot visitors analytics and buyer engagement, has partnered with Close to Protocol, a blockchain competitor to Ethereum, to develop a low-cost crypto fee system.
The transfer goals to extend cryptocurrency adoption among the many basic public, because the modern fee system affords appreciable financial savings for patrons and sellers.
Cosmose raises valuation to $500 million with strategic funding
The Close to Basis, Close to Protocol’s non-profit arm, has made a strategic funding in Cosmose, bringing the corporate’s valuation as much as $500 million.
The funding quantity stays undisclosed, nevertheless it follows Cosmose’s $15 million Sequence A financing in 2020, which valued the corporate at $100 million.
As a part of the partnership, Close to will assist Cosmose implement blockchain know-how in its KaiKai app, which permits customers to find close by retail shops, and its on-line focusing on platform.
KaiKai app affords cheaper transactions blockchain
Cosmose’s founder and CEO, Miron Mironiuk, sought to scale back the prices of on-line funds for customers and distributors via the partnership with Close to.
Conventional fee processing firms, comparable to Stripe and PayPal, cost over 10% for small transactions, resulting in greater costs for customers.
The Close to-powered blockchain fee system, built-in into the KaiKai app, considerably reduces transaction prices, saving customers as a lot as 50 instances in comparison with conventional strategies.
KaiKai’s native stablecoin, Kai-Ching, which runs on Close to’s community, facilitates these price financial savings. Customers can high up their accounts with fiat currencies, and sooner or later, they could have the choice to transform Kai-Ching again into fiat.
The stablecoin is pegged to the US greenback and solely tradable throughout the app to forestall worth volatility.
Since launching the crypto fee possibility in Singapore final September, Kai-Ching has processed over a million transactions, together with funds, refunds, and rewards.
With one-third of transactions being paid in Kai-Ching, the success in Singapore suggests potential enlargement to different crypto-friendly jurisdictions.
Along with price financial savings, Cosmose and Close to are working to provide customers extra management over their private knowledge. Close to is helping Cosmose in migrating consumer knowledge onto its blockchain and making a system for customers to see how they’re being tracked.
The last word purpose is to retailer consumer knowledge on their telephones utilizing edge computing, permitting individuals to decide on how they wish to be tracked for extra correct product suggestions and rewards.
Since its inception, Cosmose has served over 20 million shops and reached one billion telephones worldwide, with a workforce of 80 employees throughout a number of places, together with Warsaw, Shanghai, Hong Kong, Singapore, Tokyo, and Paris.