Offline travel application Maps.me has raised $50 million in a funding round led by Alameda Study, joined by new investors cryptocurrency loan company Genesis Funds and crypto business CMS Holdings, in accordance to a Monday (Jan. 18) announcement, Coindesk reported.
The new resources will be earmarked for the rollout of a multi-currency wallet on Maps.me and will allow a decentralized finance (DeFi) ecosystem on the platform, Coindesk said. With DeFi, it hopes to create the device into an “everyday application,” earning Maps.me much more mainstream.
The offline mapping application has 140 million people globally and is striving to create a decentralized finance ecosystem inside the map app.
The intention is to launch an embedded multi-forex wallet within Maps.me, which provides vacation guides and map companies and will allow people to participate in generate-earning finance and to get funds again via transactions by way of the wallet.
“By embedding and democratizing obtain to yield-earning finance to hundreds of thousands of buyers via an every day application, Maps.me has the prospective to definitely propel DeFi mainstream adoption and bring a groundbreaking know-how to the masses,” Sam Bankman-Fried, founder and CEO of Alameda Investigation and also crypto trade FTX, explained to the news outlet.
In accordance to the Coindesk report, about 58 percent of Maps.me users occur from the European continent and more than 70 percent are among the ages of 18 and 40.
“We’re energized to be working with our associates to develop a DeFi ecosystem on a system that has already obtained scale in phrases of its amount of buyers, and which will grow products and services that are closely connected to economic requires,” Maps.Me Co-Founder Alex Grebnev said in the assertion, per the Coindesk report.
In individual news, Colin Smyth, head of vacation at Flywire, informed PYMNTS in an job interview that travel will probable begin to return in 2021 and into 2022. He claimed he expects people will relieve back again into travel to match their consolation concentrations.