Offline Travel App Maps.me raises $50 Million in Funding Round Led by Alameda Research

Offline travel application Maps.me has brought $50 million up in a funding round led by Alameda Research, joined by new financial specialists cryptocurrency lender Genesis Capital and crypto firm CMS Holdings, as indicated by a Monday (Jan. 18) declaration, Coindesk announced.

The new funds will be reserved for the rollout of a multi-cash wallet on Maps.me and will empower a decentralized finance (DeFi) environment on the stage, Coindesk said. With DeFi, it desires to form the apparatus into an "everyday app," making Maps.me more standard.

The disconnected planning application has 140 million clients worldwide and is endeavoring to make a decentralized money biological system inside the guide application.

The objective is to launch an inserted multi-currency wallet inside Maps.me, which gives travel aides and guide benefits and permits clients to take an interest in yield-making finance and to win money back by means of exchanges through the wallet.

“By embedding and democratizing access to yield-earning finance to millions of users via an everyday app, Maps.me has the potential to really propel DeFi mainstream adoption and bring a groundbreaking technology to the masses,” Sam Bankman-Fried, founder and CEO of Alameda Research and also crypto exchange FTX, told the news outlet.