April 16, 2024


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Travel App Maps.me Notches $50 Million

Offline journey application Maps.me has lifted $50 million in a funding spherical led by Alameda Investigation, joined by new buyers cryptocurrency loan company Genesis Capital and crypto agency CMS Holdings, according to a Monday (Jan. 18) announcement, Coindesk claimed.

The new money will be earmarked for the rollout of a multi-forex wallet on Maps.me and will allow a decentralized finance (DeFi) ecosystem on the system, Coindesk stated. With DeFi, it hopes to develop the tool into an “everyday app,” creating Maps.me extra mainstream.

The offline mapping application has 140 million buyers all over the world and is striving to develop a decentralized finance ecosystem inside of the map application.

The target is to start an embedded multi-currency wallet within Maps.me, which supplies vacation guides and map companies and allows consumers to take part in produce-earning finance and to earn income back again by means of transactions through the wallet.

“By embedding and democratizing obtain to generate-earning finance to millions of customers by means of an every day application, Maps.me has the likely to genuinely propel DeFi mainstream adoption and deliver a groundbreaking technology to the masses,” Sam Bankman-Fried, founder and CEO of Alameda Exploration and also crypto trade FTX, advised the news outlet.

According to the Coindesk report, more than 58 per cent of Maps.me customers occur from the European continent and far more than 70 percent are between the ages of 18 and 40.

“We’re thrilled to be functioning with our companions to generate a DeFi ecosystem on a platform that has now attained scale in phrases of its quantity of consumers, and which will expand solutions that are carefully connected to money wants,” Maps.Me Co-Founder Alex Grebnev reported in the statement, per the Coindesk report.

In different information, Colin Smyth, head of vacation at Flywire, told PYMNTS in an interview that vacation will likely commence to return in 2021 and into 2022. He claimed he expects people today will ease again into journey to match their convenience ranges.



About: The January 2021, Retail Banking Services’ Paradigm Change Report, PYMNTS examines how consumers decide on to interact with their FIs when accessing information and facts about different products and expert services, especially considering that the pandemic’s onset.