Travel App Maps.Me Fetches $50M in a Funding Event

Leading offline map service provide mobile application for travelers, Maps.Me has announced that the cluster has pooled a whopping sum of $50 Million in a recently conducted funding event led by the Alameda Research team. The funding round witnessed active participation from renowned business firms of the crypto domain, such as Genesis Capital and CMS Holdings. The collected amount will aid Maps.Me to expand its network capacity across the decentralized domain.

As per the team’s announcement, the capital will facilitate the launch of a multi-currency-supportive wallet solution on the traveler’s application for the crypto community. The firm will support a decentralized finance interface on the network that will offer the best-decentralized services to the app users. With its new wallet, Maps.Me will enrich its 140 million-strong user clan with seamless access to a diverse range of payment and investment provisions.

Talking about the funding, the honorable CEO of Alameda Research, Sam Bankman-Fried, stated that with Maps.Me they are looking forward to encouraging DeFi adoption by democratizing access to the services easily. The wallet will substitute the heavy foreign exchange charges and commissions charged by the banks and intermediaries from their customers.

The partnership will play a crucial role in removing the intermediaries and banks from the travel financing space. The wallet will help users store their assets securely along with earnings of 8% to their credit. The team clarified that the wallet solution would promote easy sending and spending of money in several currencies during cross-border transactions. It will give juicy cashbacks to the customers and will facilitate exchanges without any hidden charges.

The Maps.Me app gives access to complete routing, travel guidance, hotel booking, and mapping services to the travelers on their mobile phones. The app aims to provide a convenient traveling experience to the users at negligible costs.