An offline cellular map for vacationers has raised $50 million in a funding spherical led by Alameda Research.
Announced Monday, the recent capital will go towards the launch of a multi-currency pockets on Maps.me and allow a decentralized finance (DeFi) ecosystem on the platform.
Cryptocurrency lender Genesis Capital and institutional cryptocurrency agency CMS Holdings additionally participated in the spherical.
According to a press assertion shared with CoinDesk, the Maps.me pockets is predicted to “unlock DeFi instruments” for its 140 million customers by permitting them to entry a spread of cost and funding instruments.
“By embedding and democratizing entry to yield-earning finance to tens of millions of customers by way of an on a regular basis app, Maps.me has the potential to essentially propel DeFi mainstream adoption,” mentioned Alameda Research CEO Sam Bankman-Fried.
The transfer intends to take away intermediaries and banks from the financing-of-travel equation by enabling customers to retailer worth and earn yields of as much as 8%. Users may even be capable of ship and spend cash in a number of currencies for cross-border journey, provide cashback on transactions and trade funds with out hidden prices, per the assertion.
With its pockets providing, the journey platform mentioned it’s aiming to fight excessive international trade charges and commissions charged by banks and third-party journey reserving suppliers. Maps.me intends to permit customers to make journey bookings instantly via its built-in pockets with “near-zero” charges.
The Maps.me app gives offline entry to turn-by-turn routing, journey guides, lodge bookings and maps which is focused towards vacationers with out mobile phone reception or pre-paid telephone plans.
“A seasoned developer crew mixed with a pointy product design has the potential to carry an enormous quantity of visitors to … DeFi via the Maps.me app,” Bankman-Fried advised CoinDesk by way of Telegram.
CORRECTION (Jan 18, 3:59 UTC): A press launch incorrectly referred to the funding as a seed spherical. Maps.me raised its seed spherical in 2013, in keeping with Crunchbase.