Offline mobile map service Maps.me has raised $50 million in capital investment.
The round was led by Alameda Research, a company specializing in cryptocurrency trading, with Genesis Capital and CMS Holding also participating in the investment.
According to reports, Maps.me plans to use the funds to develop a multi-currency wallet enabling travelers to use local payment methods, convert funds into other currencies and avoid bank charges associated with overseas transactions.
The aim is for the wallet to become a "decentralized, financial ecosystem," opening up to a broader audience via the brand's 140 million users.
The ecosystem will give users access to rewards and offers. The wallet also has the potential to avoid intermediaries and enable direct bookings with travel providers.
Maps.me was sold by Russian internet company Mail.ru Group late last year to Daegu, which is part of corporate settlement specialist Parity.com Group.