Flagship offline maps app Maps.me has completed a $ 50 million fundraising tour to build decentralized financial instruments on the platform.
The Maps.me 2.0 funding round was led by Sam Bankman-Fried of Alameda Research, in which CMS Holdings and Genesis Capital also participated.
Maps.me 2.0 will be an all-in-one app with travel guides, hotel and map booking services, as well as switching features and a multi-currency cryptocurrency wallet that provides up to 8% annual revenue.
Alex Gribnev, co-founder of Maps.me 2.0, told Cointelegraph that users will be able to “use their savings by lending them safely to borrowers.”
“We also plan to give our users the ability to trade a wide range of assets, not limited by geographic boundaries or transaction size.”
Maps.me claims to be the first “flagship app” to use DeFi, with an app that has over 140 million users in eight years. There were about 60 million active users in 2020. Banker Fred said:
“By enabling access and democratizing returns for millions of users through a traditional app, Maps.me can truly drive the huge adoption of DeFi and bring the latest technology to the masses.”
The announcement states that the platform intends to “eliminate economic silos determined by nationality or net worth” through integration with DeFi. Gribnev further explained:
“The industry is waiting for a catalyst for massive use of DeFi tools, and we are excited to make this a reality by using our active user base as a retail community tool for the new DeFi platform on Maps.me.”
Our long-term vision is to create a built-in platform that integrates a wide range of financial services to make it easier to invest, pay and travel. We see an opportunity to combine things like currency, investments, credit cards and more – peer-to-peer payment services – with low fees, no hidden costs and strong incentives for loyalty. ”
Maps.me was launched in 2012 under the old name MapsWithMe and acquired by Mail.ru for around $ 14 million in 2014. On November 2, 2020, Daegu Limited, a member of Grebnevs Parity.com, acquired the app for almost $ 20. million.
Gribnev told Cointelegraph that Parity bought Maps.me to create “an ecosystem that brings DeFi tools together with a large user base.”