Cosmose AI partners with Near to enhance 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

As the world becomes increasingly digitized, the use of cryptocurrency has grown rapidly in recent years. In response to this trend, Cosmose AI has announced a partnership with Near, one of the blockchain protocols competing with Ethereum, to establish a payment system that allows users to shop in cryptocurrency at low transaction costs, saving money for both buyers and sellers. This move is expected to revolutionize the ecommerce industry by removing the traditional barriers to entry, such as payment processing fees and currency conversion costs.

The Partnership between Cosmose AI and Near

Cosmose AI is a Polish-based company that specializes in providing predictive analytics and artificial intelligence solutions to the retail sector. On the other hand, Near is an open-source blockchain protocol that aims to provide a scalable platform for decentralized applications. Together, the two companies are leveraging their strengths to establish a payment system that supports cryptocurrency transactions.
The system they are working on enables users to purchase goods and services using cryptocurrencies without the need for a third-party payment processing platform. Instead, the transactions will be processed directly on the Near blockchain, resulting in lower processing fees and faster transaction times. This move is expected to enhance the efficiency and speed of payments, saving buyers and sellers money and time.
Furthermore, as part of the collaboration, 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, but it will surely help to boost the valuation of Cosmose from $100 million in the 2020 A-round financing to $500 million.

Implications of the Partnership

The collaboration between Cosmose AI and Near has several implications for the cryptocurrency and ecommerce industries. First, it marks a significant step forward in the adoption of cryptocurrency as a mainstream payment system. With lower transaction costs and faster processing times, more merchants and buyers are likely to embrace the use of cryptocurrency, thereby promoting its widespread adoption.
Secondly, it underscores the robustness of the Near blockchain. By partnering with Cosmose AI, Near is setting the precedent for other blockchain protocols to integrate with e-commerce platforms. As more businesses adopt this model, the Near ecosystem will grow even more robust, attracting more developers and investors.
Furthermore, since the transactions will be processed directly on the Near blockchain, the transparency and security of the system will be enhanced. This should give consumers more confidence in the security and integrity of their transactions, which is of utmost importance in a world where cybercrime is on the rise.

Challenges of the Partnership

While the collaboration between Cosmose AI and Near has great potential, it is not without challenges. The adoption of cryptocurrency is still relatively low, meaning that the overall impact of this payment system is yet to be determined. Furthermore, there is still a lot of volatility in the cryptocurrency market, which could impact the viability of this payment system.
Another challenge is the issue of regulatory compliance. Cryptocurrency regulations vary widely from one jurisdiction to another, making it difficult for businesses to navigate the legal landscape. This could make it challenging for merchants to adopt this payment system fully.

Conclusion

The partnership between Cosmose AI and Near is a significant milestone in the evolution of cryptocurrency in the retail sector. By establishing a payment system that supports cryptocurrency transactions, the two companies are removing the barriers that have traditionally hindered the adoption of this payment system. With lower transaction costs, faster processing times, and increased security and transparency, more merchants and buyers are likely to embrace the use of cryptocurrency.

FAQs

1. What is Cosmose AI, and what does it do?
Cosmose AI is a Polish-based company that specializes in providing predictive analytics and artificial intelligence solutions to the retail sector.
2. What is Near, and what does it do?
Near is an open-source blockchain protocol that aims to provide a scalable platform for decentralized applications.
3. How will the partnership between Cosmose AI and Near benefit consumers?
The partnership between Cosmose AI and Near will benefit consumers by enabling them to purchase goods and services using cryptocurrencies without the need for a third-party payment processing platform. This move is expected to reduce transaction costs and enhance payment processing speed.