A $50 million seed funding round was conducted by Maps.me, the leading offline mapping application. To integrate decentralised finance tools into its platform.
Sam Bankman-Fried of Alameda Research led the funding round for “Maps.me 2.0” and featured participation from crypto venture heavyweights CMS Holdings and Genesis Capital as well.
In addition to exchange features and a multicurrency crypto-asset wallet offering annual yields of up to 8 percent. Maps.me 2.0 will be a wide-ranging application, with travel guides, hotel bookings and mapping services.
Maps.me 2.0 co-founder Alex Grebnev said. That users will be able to “generate yield on their savings by directly lending it out securely to borrowers.”
“We also plan to give our users the ability to trade a wide range of assets that are not limited by geographical boundaries or transaction size.”
Maps.me claims to be DeFi’s first “mainstream app,” with the application boasting a user base of over 140 million after eight years of operation. Moreover, in 2020, roughly 60 million users were active. Bankman-Fried declared:
“By embedding and democratizing access to yield-earning finance to millions of users via an everyday app, Maps.me has the potential to really propel DeFi mainstream adoption and bring a groundbreaking technology to the masses.”
Platform intends to use its DeFi Integrations
The announcement states that the platform intends to use its DeFi integrations to “break down financial silos determined by nationality or net worth’, It was further explained by Grebnev:
“The industry is waiting for a catalyst for the mass adoption of DeFi tools. And we’re excited to make this a reality by leveraging our active userbase. As a means to bootstrap a retail community for a new innovative DeFi platform on Maps.me.”
Moreover, our long-term goal is to create an integrated platform. That combines a wide range of financial services that make investing, paying, and travel easier. We see the ability to combine things such as foreign exchange, investment, credit card. And peer-to-peer payment services with low fees, no hidden costs, and strong incentives for loyalty, he added.
In addition, Maps.me was introduced in 2012 under its old name MapsWithMe. And was acquired by Mail.ru for approximately $14 million in 2014. On Nov 2, 2020, Daegu Limited, a member of Grebnev’s Parity.com Group, purchased the app for nearly $20 million.
Lastly, Grebnev said Parity acquired Maps.me with the goal of building “an ecosystem that integrated DeFi tools with a platform that had a large user base.”