Maps.me, a leading offline mapping application, has conducted a seed funding round to install decentralized finance tools onto its platform. Maps.me, an offline mapping app that claims 140 million users globally, has raised $50 million in a seed funding round. Alameda Research led the round to develop a decentralized finance ecosystem inside the map app. According to Alameda’s announcement on Monday, Genesis Trading and CMS Holdings were amongst other investors who participated in the round.
Maps.me 2.0 will be a wide-ranging application, emphasizing travel guides, hotel bookings, and mapping services. Additionally, it will involve exchange features and a multicurrency crypto-asset wallet providing up to 8% of annual yields. Users will exchange funds with no concealed fees, send money, and consume various currencies for cross-border travel. Moreover, it also involves the cashback options on transactions. The Maps.me app offers offline access to travel guides, turn-by-turn routing, hotel bookings, and maps. Thus, directed towards travelers without cell phone reception or pre-paid phone plans.
Maps.me intends to broaden access to finance
Further, the company elucidates that its new app will not only oppose high foreign fees and commissions imposed by banks and third-party travel booking platforms but expand access to finance in general. However, it’s not only travellers who can profit from Maps.me 2.0. Travel and local businesses will accept payments without third-party platforms while touching the most relevant clients based on their location, demographics, and interest.
The platform’s utility and governance token are MAPS developed on the Solana blockchain. Moreover, its holders will be qualified for personalized rewards and services. According to Maps.me, the platform is incredibly familiar with millennial Europeans. It has above 58% of users from the continent and over 70% between the age group 18 and 40. Maps.me was started in 2012 following its old name “MapsWithMe”. It was acquired by Mail.ru for approximately $14 million in 2014. On Nov. 2, 2020, Daegu Limited, a member of Grebnev’s Parity.com Group, purchased the app for nearly $20 million.
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