Maps application Maps successfully raises $50 million investment

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[Blockchain Today Reporter Ji-Hye Han] Maps Application Maps (MAPS) announced on the 18th that it has attracted a $50 million (about 50 billion won) seed investment. The investment will be used to develop decentralized finance (DeFi) services within the Maps app.

The investment was led by Alameda Research, a digital asset management company, and global cryptocurrency funds such as Genesis Capital and CMS Holdings participated.

Maps supports a variety of features such as detailed maps and location searches, hotel reservations, and travel guides, and currently has 140 million users. In the future, it plans to expand to decentralized financial services by incorporating the blockchain platform Solana.

Maps recently launched the Maps 2.0 app with built-in wallets that support several types of cryptocurrencies. With the Maps 2.0 app, users can make in-app payments with a fee close to 0%. In particular, a certain portion of the transaction amount can be returned or up to 8% of profits can be received through investment products.

Sam Bankman Fried, CEO of Alameda Research, said, “We will provide decentralized financial services to Maps users, allowing them to experience a groundbreaking user experience.”

Alex Grebnev, Co-Founder of Maps, said, “We are pleased to work with our excellent partners to build the functionality of decentralized finance into our existing Maps service.

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