Mapping the Future: Maps.me’s Ambitious Plans
Maps.me, the leading offline mapping application, has recently embarked on a $50 million fundraising journey to transform its platform with decentralized finance (DeFi) tools. This significant funding round, dubbed ‘Maps.me 2.0,’ was spearheaded by none other than Sam Bankman-Fried of Alameda Research, along with other crypto venture giants like CMS Holdings and Genesis Capital.
A Multifunctional Experience Awaits
What’s in store for Maps.me 2.0? Oh, just a little bit of everything! The revamped application aims to provide travel guides, hotel bookings, mapping services, and a flashy new feature: a multi-currency crypto-asset wallet with annual yields reaching up to a jaw-dropping 8%. This could effectively turn those travel expenses into potential earnings while you’re off indulging in that decadent croissant in Paris.
Unlocking Financial Opportunities
Alex Grebnev, the co-founder of Maps.me 2.0, said users would finally have the chance to “generate yield on their savings by directly lending it out securely to borrowers.” It’s like being a mini-bank from your smartphone, where you can loan out your stash of coins faster than you can say “decentralized finance.”
Breaking Down Financial Barriers
Maps.me is not just developing a tech upgrade, but a cultural revolution in finance that claims to be the first mainstream app fully integrating DeFi. The platform boasts an impressive user base of over 140 million—consider that for a moment— with 60 million active users reported in 2020. With this kind of reach, Bankman-Fried envisions a seismic shift towards mainstream DeFi adoption, making it accessible just like your GPS.
The Bigger Picture: DeFi for Everyone
Through its upcoming DeFi features, the platform aims to “break down financial silos determined by nationality or net worth,” allowing an unprecedented level of financial inclusion. Grebnev further elaborated, “The industry is waiting for a catalyst for the mass adoption of DeFi tools, and we’re excited to make this a reality….” It sounds like a rallying cry for the little guy to step into the financial ring!
What Lies Ahead
The future plans for Maps.me extend beyond just mapping and DeFi. Grebnev envisions creating an all-encompassing platform that merges foreign exchange, investing, credit card usage, and peer-to-peer payments—all wrapped up with low fees and strong loyalty incentives. Essentially, they’re aiming to turn financial transactions into a seamless experience that leaves no room for hidden costs.
A Brief Look Back
Founded in 2012 initially as MapsWithMe, the app has had a fascinating journey, having been acquired by Mail.ru for approximately $14 million in 2014 and then by Daegu Limited for nearly $20 million in 2020. Grebnev’s vision for Parity to build a DeFi-integrated ecosystem is coming to life with this new paradigm shift.
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