Maps.me, an offline mapping application, has raised $50 million in a seed funding round which was led by Sam Bankman-Fried. It is revealed that the major purpose of raising this amount is to integrate the decentralized finance tools into the platform. Along with Bankman-Fried, CMS Holdings and Genesis Capital have also participated in this funding round. Maps.me’s a new application, Maps.me 2.0, is going to be a wide-range application. It will come along with mapping services, hotel bookings, various travel guides and a lot more. It will also support a multi-currency crypto-asset wallet that will be offering annual yields of around 8%. Maps.me 2.0 Will Allow Users to Generate Yields on Savings Alex Grebnev, the co-founder of Maps.me 2.0, has said that the users of the application will be able to generate yields on their savings. This will be done by directly lending the savings to the borrowers. He said: “We also plan to give our users the ability to trade a wide range of assets that are not limited by geographical boundaries or transaction size.” Maps.me has been in operation for eight years and has a user base of more than 14 million. It is among the first mainstream apps that have embraced DeFi and is hoping to increase the DeFi mainstream adoption. Easier Way to Invest, Pay, and Travel Grebnev has said that the firm is committed to providing a platform that will help the users to invest, pay, and travel through one platform. Parity.com has purchased Maps.me in November 2020 for around $20 million. The reason behind acquiring the application is that the firm wanted to integrate the DeFi tools with a platform that is having a huge user base. According to Parity.com, Maps.me was a perfect fit for their requirement of an app for this integration.
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