The leading offline mapping application has conducted a $ 50 million seed funding round to integrate decentralized financial tools on its platform.

The funding round for “ 2.0” was led by Sam Bankman-Fried of Alameda Research and also included participation from crypto venture heavyweights CMS Holdings and Genesis Capital. 2.0 will be a broad application, with travel guides, hotel bookings and map services, in addition to exchange functions and a multi-currency crypto-asset wallet with annual yields of up to 8%.

Alex Grebnev, the co-founder of 2.0, told Cointelegraph that users “can generate a return on their savings by lending them securely directly to borrowers.”

“We also plan to provide our users with the ability to trade a wide variety of assets that are not limited by geographic boundaries or trade size.” claims to be the first “mainstream app” to embrace DeFi, with the application having a user base of over 140 million after eight years of use. About 60 million users were active in 2020. Bankman-Fried said:

“By embedding and democratizing millions of users to access revenue-generating finance through an everyday app, has the potential to really drive mainstream adoption of DeFi and bring a breakthrough technology to the masses.”

The announcement states that the platform plans to “break financial silos determined by nationality or net worth” through its DeFi integrations. Grebnev further explained:

“The industry is waiting for a catalyst for the mass adoption of DeFi tools and we are excited to make this happen by leveraging our active user base as a means to start a retail community for a new innovative DeFi platform on Maps .me.”

“Our long-term vision is to create an embedded platform that combines a wide variety of financial services that provide an easier way to invest, pay and travel. – with low rates, no hidden costs and strong loyalty incentives, ”he added. launched in 2012 under the old name MapsWithMe and was acquired by in 2014 for approximately $ 14 million. On November 2, 2020, Daegu Limited, a member of Grebnev’s Group, purchased the app for nearly $ 20 million.

Grebnev told Cointelegraph that Parity acquired with the goal of “building an ecosystem that integrated DeFi tools with a platform with a large user base.”

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