Global Travel App Maps.me Raises $50M To Bring Financial Inclusion And DeFi To MainstreamJanuary 18, 2021
Offline mapping application Maps.me has raised $50 million in a seed funding round led by Alameda Research, a Hong Kong-based investment firm, quantitative cryptocurrency trading firm, and liquidity provider. Genesis Capital and CMS Holdings also participated in the round.
Over the last eight years, Maps.me has been trusted by 140 million users, with over 60 million people using Maps.me last year to navigate across 195 countries. This trusted travel companion provides turn-by-turn routing, travel guides, and detailed mapping. The cornerstone of Maps.me 2.0 is MAPS token which will bind 140M users. MAPS is Maps.me’s utility and governance token. Holders of MAPS tokens become eligible for personalized rewards and services. Maps.me’s financial suite is built on the Solana blockchain.
The latest funding will be used to embed a cross-border, multi-currency wallet that will merge DeFi tools with everyday travel and location services to more than 140 million users worldwide. The Maps.me wallet will enable users to store value and earn yields of up to 8%, exchange funds with no hidden fees, send money and spend in multiple currencies for cross-border travel, as well as get cashback on transactions through the app.
“We’re excited to be working with our partners to create a DeFi ecosystem on a platform that has already achieved scale in terms of its number of users, and which will expand services that are closely linked to financial needs,” said Alex Grebnev, Co-Founder of Maps.Me.
According to Maps.me, their goal is to combat the high foreign exchange fees and commissions charged by banks and third-party travel booking platforms by enabling users to make direct travel bookings via its natively integrated wallet with near-zero fees. Travel and local businesses will also benefit from Maps.me 2.0 as they will be able to reach the most relevant clients by demographics, location, and interest – as well as ensure they receive fair payments without third-party platforms taking large commission fees.
“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,” said Sam Bankman-Fried, Founder and CEO of Alameda Research.
Source: Read Full Article