Offline mapping app raises $50m in seed round led by Alameda Research, an offline mapping app that boasts 140 million users worldwide, has raised $50 million in a seed funding round led by Alameda Research in an effort to build a decentralized finance ecosystem inside the map app.

Other investors including Genesis Trading and CMS Holdings also participated in the round, according to an announcement from Alameda on Monday.

The goal is to launch an embedded multi-currency wallet inside, which provides travel guides and map services as well as allows users to participate in yield-earning finance and to win cashback via transactions through the wallet. 

“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 and bring a groundbreaking technology to the masses,” said Sam Bankman-Fried, founder and CEO of Alameda Research and also crypto exchange FTX.

“We’re excited to be working with our partners to create a DeFi ecosystem on a platform that has already achieved scale in terms of its number of users, and which will expand services that are closely linked to financial needs,”Maps.Me’s co-founder Alex Grebnev said in the statement.

According to the release, over 58% of the users come from the European continent and over 70% between the ages of 18-40. 

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Offline mapping app raises $50m in seed round led by Alameda Research written by Wolfie Zhao @ January 18, 2021 Wolfie Zhao

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