The developers of the offline navigation service Maps.me have raised $50M from Alameda Research, Genesis Capital, CMS Holdings and Sino Global Capital to create their own decentralized finance ecosystem (DeFi), The Block reports.
The funds raised will be used to create a multi-currency wallet integrated into the app that will allow users to participate in yield-earning finance and to win cashback. Sam Bankman-Fried, founder of Alameda Research and crypto exchange FTX, said:
"Maps.me has the potential to really propel DeFi mainstream adoption and bring a groundbreaking technology to the masses."
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Cryptocurrency exchange FTX will also hold a pre-sale (IEO) of MAPS, the native token of Maps.me, on January 26.
It is worth noting the service currently has 140 million users worldwide. More than 58% of these live in Europe, while over 70% are between 18 and 40 years old.