Numerous blockchain-based businesses are gradually integrating with mainstream applications. Recently, PayPal, a well-known online payment platform, announced its integration of crypto trading into its system. Like PayPal, Maps.me hopes to utilize a blockchain tech, DeFi. Unlike years ago, when DeFi struggled with users, it now attracts institutional monies and investments.
Different businesses now add technology to their system to explore certain fast payment choices and maximum privacy. The mapping application has a massive number of users worldwide, establishing the fact that it is widely used. With almost 150 million clients, the firm sourced funding for its new plans. Soon, blockchain tech might go mainstream because of the number of institutions that admit its efficiency and speed.
China-based company leads funding
The company had help from different contributors concerning the money raised. Fortunately, a China-based firm, Alameda Research, helped with making the $50 million raised a complete success. The contributing company is known as an investment firm, with long years in the industry to help the mapping firm make efficient use of funds. Apart from the investment firm, other industry players made sure they helped expand the sector’s growth.
With new plans to utilize the DeFi tech, the mapping firm publicly announced that its new platform would accommodate a multi-currency wallet that would help with booking hotels and its mapping application. The wallet will allow users to keep funds, get returns, and trade funds without spending extra on transfer fees.
Also, Maps.me’s innovation will help travelers spend money in different countries. The mapping firm noticed how outrageous foreign exchange rates could be, along with high transaction fees foreigners experience in other countries. The new platform will lessen the stress and cost customers would face.
Research company CEO speaks on the new app
The CEO, Sam Bankman-Fried, explained that the application would give complete access to financial services. He also noted that a mainstream app like Maps.me would help the DeFi technology gain publicity, especially on its journey to get exposure and adaptability. Bankman-Fried added that the new DeFi addition would help people enjoy a groundbreaking innovation in their daily activities. The firm explained that everyone would enjoy the new creation’s advantages because people within the country will transact without facing the outrageous fees they would have been mandated to pay. Additionally, the app will make use of specifics like demography to help users achieve their goals.
An executive of the mapping company, Alex Grebnev, explained the firm’s excitement to improve the innovation and ensure widespread adoption. The popularly hinted that its large number of users will help DeFi expand while Maps.me to ensure cost efficiency for clients. MAPS is the designated token to work with the platform, assisting users to stand a chance to get access to some rewards.
Interestingly, the mapping platform has large users from Europe, being the region that utilizes the app the most. The age bracket of the users spans from 17-45 years. The creation could restructure the DeFi sector, being one of the latest firms showing interest in the tech.