Maps.me is an offline map application that has more than 140 million users around the world and recently entered into a financing round with the aim of raising $50 million.

Maps.me’s initial funding round is led by Alameda Research, a Hong Kong-based investment firm and liquidity provider.

Genesis Capital and CMS Holdings participated in the financing round.

According to a press release reported by SourceThe “Maps.Me 2.0” application update comes with a wallet that supports multiple cryptocurrencies for the purpose of providing hotel reservations directly and supporting location services with decentralized finance (DeFi) tools, the latter offering the ability to store value and earn returns of up to 8%.

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The update of the “Maps.Me 2.0” application supports the ability to exchange digital currencies, send money directly, and support payment in multiple cryptocurrencies for cross-border travel.

Sam Bankman Fred, founder and CEO of Alameda Research, commented:

The company, with its new application “Maps.Me 2.0”, will not only combat foreign exchange fees and high commissions charged by banks and third-party travel booking platforms, but will expand access to decentralized finance in general.

But it is not only travelers who can benefit from Maps.me 2.0, travel agencies and local businesses will be able to receive payments in cryptocurrency without third-party platforms with access to the most relevant customers based on demographics, location and interests.

Alex Grebenev, founder of Maps.Me, said:

We are excited to work with our partners to create a DeFi system based on a platform that has already achieved a large scale in terms of the number of users, which will expand services that are closely linked to financial needs.

The digital currency “MAPS” is an application utility and the application platform is built on the “Solana” blockchain.

MAPS holders will be eligible for personalized rewards and services.

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According to Maps.me representatives, the app is particularly popular among European millennials, with more than 58% of users coming from the European continent and more than 70% between the ages of 18-40.

In 2019, millennials spent an average of $4,400 on travel-related expenses.

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