An offline mobile map, that is developed specifically for travelers has raised nearly $50 million during a funding round led by the Alameda Research. The fresh capital will go towards the dispatch of a multi-currency wallet on Maps.me and develop decentralized finance or DeFi environment on the platform, declared on Monday.
Institutional crypto company CMS Holdings and crypto lender Genesis Capital also participated in the funding round. The Maps.me wallet is expected to unlock the DeFi tools for its 140M clients by enabling them to access a range of investment and payment tools, as per the statement shared with CoinDesk.
The CEO of Alameda Research, Sam Bankman Fried stated, by democratizing and embedding access to yield earning finance to a large number of users through an everyday application, Maps.me has the capability to drive DeFi adoption.
The move expects to eliminate delegates and banks from the financing-of-travel condition by empowering clients to store value and procure yields of up to 8%. According to the statement, clients will likewise have the option to send and spend cash in various monetary standards for cross-line travel, offer cashback on exchanges, and trade funds without any hidden expenses.
With its wallet offering, the travel platform stated it’s meaning to battle high foreign trade expenses and commissions charged by third-party travel booking providers and banks. Maps.me expects to permit clients to make travel appointments directly through its coordinated wallet with almost zero charges.
The Maps.me application gives offline admittance to turn-by-turn routing, travel guides, inn appointments, and maps which are focused toward voyagers without prepaid telephone and mobile phone reception plans. Bankman-Fried told CoinDesk via Telegram, a prepared developer group joined with a sharp item design that can carry a huge measure of traffic to … Decentralized finance or DeFi through the Maps.me application.
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