Maps.me startup raises $50 million to build a DeFi ecosystem

The Maps.me startup, behind an offline navigation service, has raised $50 million to build a DeFi ecosystem. The seed round was led by Alameda Research, сообщает The Block.

The funds will be directed toward building an in-app multi-currency wallet with yield-farming functionality and cashback capability.

Genesis Trading and CMS Holdings also participated in the funding round.

“Maps.me will help drive mass adoption of DeFi and bring this innovative technology to the masses,” said Sam Bankman-Fried, founder of Alameda Research and the FTX crypto exchange.

The startup has developed a mapping application for navigation used by 140 million people worldwide. More than 58% of users live on the European continent. Over 70% are people aged between 18 and 40.

Earlier in November 2020, Alameda Research participated in financing the DeFi project Opium Protocol, which raised $3.25 million to develop a platform for trading cryptocurrency derivatives.

Follow ForkLog News on Telegram: ForkLog FEED — the full feed of news, ForkLog — the most important news and polls.