Circle, a global financial technology firm that provides payments and financial infrastructure for internet businesses, partnered with Maps.me, which offers millions of users globally access to a decentralized finance ecosystem via the world's leading offline mapping application. Together, Circle and Maps.me will offer consumers using USD Coin (USDC), the world's fastest growing dollar digital currency, simple access to Maps.me's DeFi ecosystem.
That means cheap, fast, and secure ways to pay, transfer and invest with USDC – as well as exclusive discounts and benefits – all within a user-driven financial system that allows people to transact directly with each other, not through a financial institution.
Under the partnership, Maps.me will integrate support for USDC, which was developed by Circle and Coinbase, enabling a seamless consumer journey from using a credit card to purchase USDC to holding MAPS tokens within a Maps.me Wallet. Users will be able to Earn yield of as much as 8% on stored value, Make payments via a linked credit card, Transfer money instantly and at low cost to friends and family globally in 35 different currencies, Get up to 10% cashback on Booking.com and Enjoy a discount of as much as 50% on selected eSIM and telecoms services
"We're very proud to be a part of the first effort to bring the DeFi experience to a massive audience on Maps.me," said Jeremy Allaire, CEO and Co-founder of Circle. "Our two companies share a commitment to transforming money into an internet experience that allows users to send, share, pay and invest as simply and freely as email, text messaging, or social media."
Over the last nine years, the Maps.me app has been downloaded 140 million times, with 60 million people using it to navigate 195 countries in 2020. In a recent survey conducted by Maps.me, the company found that roughly half of its users are interested in accessing financial services via the app. More than 220,000 users have already joined a waiting list for a digital wallet within the app.
"DeFi is ready to go mainstream and Circle is a natural partner for the Maps.me ecosystem in driving mass adoption," said Alex Grebnev, Co-founder of Maps.me. "We know that Maps.me's large and highly engaged user base is looking for instant, secure, and easy-to-access financial services that are relevant to their needs. This partnership with Circle accelerates our ability to deliver the benefits of DeFi and put people in charge of their financial lives, just like they are in charge of their travel."
USDC has experienced tremendous growth, decisively becoming the fastest growing and most widely adopted fully reserved and compliant dollar digital currency. USDC in circulation has grown from just over 400 million in early 2020 to over 20 billion as of June 9th, according to CoinMarketCap. USDC adoption has expanded across trading, payments, savings, lending, and other use cases in blockchain finance. Today, hundreds of companies in the blockchain ecosystem have integrated support for USDC in their products and services.
"This partnership is another building block in the construction of a different, more open financial system," said Viktor Mangazeev, co-founder of Maps.me. "Maps.me offers users a world of possibilities because of the way that DeFi apps can seamlessly integrate with each other. That means more and more exciting services and offers for users."
