Main offline mapping utility Maps.me has performed a $50 million seed funding spherical to embed decentralized finance instruments onto its platform.
The funding spherical for “Maps.me 2.0” was led by Sam Bankman-Fried of Alameda Analysis and likewise featured participation from crypto enterprise heavyweights CMS Holdings and Genesis Capital.
Maps.me 2.0 shall be a wide-ranging utility, that includes journey guides, lodge bookings and mapping providers, along with alternate options and a multicurrency crypto-asset pockets providing annual yields of as much as 8%.
Alex Grebnev, the co-founder of Maps.me 2.0, instructed Cointelegraph that customers will be capable to “generate yield on their financial savings by immediately lending it out securely to debtors.”
“We additionally plan to offer our customers the flexibility to commerce a variety of property that aren’t restricted by geographical boundaries or transaction measurement.”
Maps.me claims to be the primary “mainstream app” to embrace DeFi, with the applying boasting a consumer base of greater than 140 million after eight years of operation. Round 60 million customers had been energetic in 2020. Bankman-Fried mentioned:
“By embedding and democratizing entry to yield-earning finance to tens of millions of customers through an on a regular basis app, Maps.me has the potential to essentially propel DeFi mainstream adoption and produce a groundbreaking expertise to the plenty.”
The announcement states the platform intends to “break down monetary silos decided by nationality or web value” by its DeFi integrations. Grebnev additional defined:
“The business is ready for a catalyst for the mass adoption of DeFi instruments and we’re excited to make this a actuality by leveraging our energetic userbase as a way to bootstrap a retail neighborhood for a brand new modern DeFi platform on Maps.me.”
“Our long-term imaginative and prescient is to create an embedded platform that mixes a broad vary of monetary providers that present a neater strategy to make investments, pay, and journey. We see the flexibility to bundle issues like overseas alternate, investing, bank card, and peer-to-peer fee providers — with low charges, no hidden prices, and robust loyalty incentives,” he added.
Maps.me was launched in 2012 below its outdated identify MapsWithMe and was acquired by Mail.ru for roughly $14 million in 2014. On Nov. 2, 2020, Daegu Restricted, a member of Grebnev’s Parity.com Group, purchased the app for almost $20 million.
Grebnev instructed Cointelegraph that Parity acquired Maps.me with the target of constructing “an ecosystem that built-in DeFi instruments with a platform that had a big consumer base.”