NEAR has witnessed a significant increase in daily active user activity in the past month. This increase is largely attributed to the recent launch of e-commerce app Kai-Ching.
NEAR reported a record number of daily active addresses, with transactions exceeding 3.2 million and nearly 900,000 active wallets. This huge increase in user activity was primarily due to the Kai-Ching app, which launched in late August and has since attracted approximately 1.6 million monthly active users.
Kai-Ching is used as the stablecoin of Cosmose AI, a venture-backed company that uses artificial intelligence analytics to track in-store customer traffic and engage with consumers online.
In early 2023, Cosmose AI partnered with NEAR to develop a payment system that allows users to shop with cryptocurrency with low transaction fees.
As part of this partnership, NEAR Bakfi invested an undisclosed amount in Cosmose AI, valuing the company at $500 million.
Currently, this blockchain payment system is available and can only be used in Singapore.
*This is not investment advice.