An offline cellular map for travelers has raised $50 million in a funding round led by Alameda Study.
Introduced Monday, the clean cash will go towards the launch of a multi-forex wallet on Maps.me and allow a decentralized finance (DeFi) ecosystem on the system.
Cryptocurrency loan company Genesis Funds and institutional cryptocurrency business CMS Holdings also participated in the round.
According to a press assertion shared with CoinDesk, the Maps.me wallet is predicted to “unlock DeFi tools” for its 140 million end users by allowing them to entry a assortment of payment and investment decision applications.
“By embedding and democratizing entry to yield-earning finance to hundreds of thousands of consumers by using an every day application, Maps.me has the likely to definitely propel DeFi mainstream adoption,” claimed Alameda Exploration CEO Sam Bankman-Fried.
The shift intends to take away intermediaries and banking companies from the funding-of-travel equation by enabling consumers to retailer value and earn yields of up to 8%. Users will also be in a position to send and invest funds in numerous currencies for cross-border travel, present cashback on transactions and trade money without the need of concealed expenditures, per the statement.
With its wallet presenting, the vacation system reported it’s aiming to overcome high international exchange expenses and commissions billed by financial institutions and third-get together vacation scheduling suppliers. Maps.me intends to allow end users to make travel bookings straight by way of its built-in wallet with “near-zero” service fees.
The Maps.me app supplies offline accessibility to convert-by-change routing, travel guides, resort bookings and maps which is specific towards tourists without mobile phone reception or pre-compensated phone programs.
“A seasoned developer crew merged with a sharp product layout has the opportunity to provide a large sum of targeted traffic to … DeFi by means of the Maps.me app,” Bankman-Fried instructed CoinDesk by using Telegram.
CORRECTION (Jan 18, 3:59 UTC): A push launch incorrectly referred to the funding as a seed round. Maps.me raised its seed round in 2013, in accordance to Crunchbase.