Main offline mapping software Maps.me has performed a $50 million fundraising 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 software, that includes journey guides, resort bookings and mapping companies, along with trade options and a multi-currency crypto-asset pockets providing annual yields of as much as 8%.
Alex Grebnev, the co-founder of Maps.me 2.0, advised Cointelegraph that customers will be capable of “generate yield on their financial savings by instantly lending it out securely to debtors.”
“We additionally plan to present our customers the power to commerce a variety of belongings that aren’t restricted by geographical boundaries or transaction measurement.”
Maps.me claims to be the primary “mainstream app” to embrace DeFi, with the appliance boasting a person base of greater than 140 million after eight years of operation. Round 60 million customers have been energetic in 2020. Bankman-Fried stated:
“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 actually propel DeFi mainstream adoption and convey a groundbreaking expertise to the plenty.”
The announcement states the platform intends to “break down monetary silos decided by nationality or web price” by means of its DeFi integrations. Grebnev additional defined:
“The trade 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 progressive DeFi platform on Maps.me.”
“Our long-term imaginative and prescient is to create an embedded platform that mixes a broad vary of economic companies that present a neater solution to make investments, pay, and journey. We see the power to bundle issues like international trade, investing, bank card, and peer-to-peer cost companies — with low charges, no hidden prices, and robust loyalty incentives,” he added.
Maps.me was launched in 2012 below its previous 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 practically $20 million.
Grebnev advised 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 person base.”