Offline Travel App Maps.Me Raises $50M in Seed Funding Led by Alameda Research

Offline Travel App Maps.Me Raises $50M in Seed Funding Led by Alameda Research

An offline mobile map for tourists has actually increased $50 million in a seed-funding round led by Alameda Research.

Announced Monday, the funding will certainly approach the launch of a multi-currency purse onMaps me and also make it possible for a decentralized money (DeFi) community on the offline mobile map system.

Cryptocurrency lending institution Genesis Capital and also institutional cryptocurrency company CMS Holdings likewise got involved in the round.

According to a press declaration shown to CoinDesk, the system’s purse is anticipated to “unlock DeFi tools” for its 140 million individuals by permitting them to access a series of settlement and also financial investment devices in theMaps me community.

“By embedding and democratizing access to yield-earning finance to millions of users via an everyday app, has the potential to really propel DeFi mainstream adoption,” stated Alameda Research’ Chief Executive Officer Sam Bankman-Fried

The action plans to eliminate middlemans and also financial institutions from the financing-of-travel formula by allowing individuals to shop worth and also make returns of approximately 8%. Users will certainly likewise have the ability to send out and also invest cash in several money for cross-border travel, deal money back on deals and also exchange funds without covert expenses, per the declaration.

With its purse offering, the travel system stated it’s intending to fight high fx charges and also compensations billed by financial institutions and also third-party guidebook suppliers.Maps me plans to permit individuals to make travel reservations straight via its incorporated purse with “near-zero” charges.

The Maps me app gives offline accessibility to transform-by- transform transmitting, travel overviews, resort reservations and also maps which is targeted towards tourists without mobile phone function or pre-paid phone strategies.

“A seasoned developer team combined with a sharp product design has the potential to bring a huge amount of traffic to…DeFi through the app,” Bankman-Fried informed CoinDesk using Telegram.