Offline mapping application Maps.me, with over 140 million users globally has boosted $50 M in a seed funding round. It was managed by the investment company Alameda Research. Among the participants were Genesis Capital and CMS Holdings.
Related: Biconomy Seed Funding Reaches $1.5 M
Maps.me will use the capital to integrate DeFi services into the protocol. The company aims to offer a multi-currency wallet, through which it will be possible to book hotels, reach tour guides, and earn interest.
The renewed version of the app will offer to deposit assets and earn yields of up to 8%, trade with no hidden fees, make transfers, and receive cashback on transactions.
Maps.me was released in 2012, originally called “MapsWithMe.” It was acquired by Mail.ru for about $14 million in 2014.On November 2, 2020, Daegu Limited, a member of the Parity.com Group bought the application for $20 M. Maps.me co-founder Alex Grebnev said that Parity obtained Maps.me intending to develop a network, which puts DeFi tools at work and already had a large user base.