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Maps.me Raised $50M in Private Funding Round, Plans IEO in Coming Days

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by Benjamin Godfrey · 3 min read
Maps.me Raised $50M in Private Funding Round, Plans IEO in Coming Days
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The Maps.me app is not just determined to overhaul the financial ecosystem around the travel industry, it is set to do it by paying attention to all the details of a mainstream functioning crypto ecosystem.

Offline mapping service provider Maps.me has secured a fresh $50 million in a private funding round ahead of its proposed Initial Exchange Offering (IEO). As reported by Coindesk, the Maps.me $50 million funding round was lead by Alameda Research and its Chief Executive Officer Sam Bankman-Fried as well as other investors including cryptocurrency lender Genesis Capital and institutional crypto firm CMS Holdings.

According to details dubbed from the announcement of the funding round, Maps.me noted that the new liquidity will be committed to building a multi-currency wallet as well as bringing Decentralized Finance (DeFi) functionalities to its 140 million users. The wallet and DeFi products will afford the platform’s users to access a wide range of payment and investment tools that will make travel experiences more fun and profitable.

“By embedding and democratizing access to yield-earning finance to millions of users via an everyday app, Maps.me has the potential to really propel DeFi mainstream adoption,” said Alameda Research CEO Sam Bankman-Fried.

The move by Maps.me is revolutionary in nature as it removes the extra charges and bureaucracies levied by third-party travel service providers. Many analysts believe that the wallet and DeFi capabilities of the platform will further help to drive mainstream adoption of cryptocurrencies and DeFi in general.

“A seasoned developer team combined with a sharp product design has the potential to bring a huge amount of traffic to … DeFi through the Maps.me app,” Bankman-Fried told CoinDesk via Telegram.

With the proposed additions to the Maps.me app, users can convert their currencies from one fiat to the other, while also earning profits from DeFi yield farming with an annual interest of up to 8%.

Maps.me Gearing Up Its IEO Plans

The Maps.me app is not just determined to overhaul the financial ecosystem around the travel industry, it is set to do it by paying attention to all the details of a mainstream functioning crypto ecosystem. It is developing its native token dubbed the MAPS Tokens and is set to offer a portion of the token’s proposed total supply through an Initial Exchange Offering (IEO).

As published on the FTX Derivatives Exchange also owned by Sam Bankman-Fried, the IEO will be conducted on the 26th of January from 9 PM SGT to 10 PM SGT. The proposed MAPS tokens are currently not on offer on any exchange and though the token’s total supply is 10,000,000,000 MAPS, the initial circulating supply will be pegged at 500,000,000 MAPS.

Actually,  it is the joint primary listing and auction of the Maps.me token (MAPS). The auction is scheduled to start on BitMax on January 26th, at 9:00 a.m. EST, and the listing will go live across BitMax, FTX, and Serum simultaneously on February 1st, at 9:00 a.m. EST.

The MAPS tokens are built on the Solana blockchain and thus offer the needed speed and throughput that can adequately serve the 140 million Maps.me ecosystem when the entire project has attained maximal operational efficiency.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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