The popular offline mapping tool, Maps.Me, is launching a token via an Initial Exchange Offering (IEO) exclusively on the FTX exchange.
Maps.Me claims to be the first ‘mainstream app’ to embrace Decentralized Finance (DeFi) by integrating a token economy with travel services.
Maps.Me becomes one of the few real-world products that is looking to tokenize its services and enable its users invest, pay, and travel via a tokenized ecoystem.
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Speaking about this move by the company, the Co-founder of Maps.Me, Alex Grebnev, said:
“The industry is waiting for a catalyst for the mass adoption of DeFi tools and we’re excited to make this a reality by leveraging our active userbase as a means to bootstrap a retail community for a new innovative DeFi platform on Maps.me.”
– Co-Founder, Maps.Me
Launched in 2012, Maps currently has over 140 million users worldwide and operates in almost all African countries and across many ciities on the continent.
The app had about 60 million active users in 2020 alone.
The new Maps.Me 2.0 service is looking to combine DeFi features with real-world services. Some of the new features to be included are:
- Travel guides
- Hotel bookings
- Mapping services
- Multi-currency crypto-asset wallet
- Crypto lending services
By bringing the ability to store value, Maps.Me says users of the service will be able to earn yields of up to 8% while having the ability to exchange funds with no hidden fees and send and spend money in multiple currencies for cross-border travel.
The platform’s utility and governance token is MAPS and is built on the Solana blockchain. Holders of the token will be eligible for personalized rewards and services.
The IEO is scheduled for January 26, 2021, 16:00Hrs.
It is also quite common for users of a service to get token airdrops, which makes it highly likely that users of the app will have an opportunity to get some free tokens at launch as well.
Bitcoin KE will be holding a session, two days before the IEO on January 24, 2021, for the African community, to help interested ones qualify for the IEO bid.
Signup here to attend the session.
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RECOMMENDED READING: [WATCH] The DeFi Revolution will Get its Customer Base from Africa, Says Cardano CEO
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