Snap, parent company of social media company Snapchat, has bought New York City-based StreetCred, which is working on a location data platform, according to a report from Business Blockchain HQ.
The report said four StreetCred team members, including co-founders Randy Meech and Diana Shkolnikov, will join Snap and begin working on products including map and location-related products.
One such product will be the Snap Map, which will allow users to view and share public snaps from a specific area with friends, the report said. This feature was added to Snapchat’s main navigation bar last summer and it attracted around 200 million users a month.
Snapchat has also worked on other products, including local lenses that allow developers to create geographic augmented reality lenses to interact with physical locations, the report said.
Meech and Shkolnikov will bring some of the experience from their previous company as well as previous skills, the report says, when Meech was CEO at Samsung Mapzen, its Open-Map subsidiary. He also served as senior vice president of local and mapping products for AOL. Shkolnikov, meanwhile, was a former technical director for Mapzen.
StreetCred previously raised approximately $ 1 million in seed capital from Bowery Capital and Notation Capital. Meech previously said its goal is to “open and decentralize” location data from a blockchain-based marketplace where users could receive rewards for helping with data collection, the report said.
This isn’t the first time Snapchat has been working on expanding its wares. Last year, PYMNTS reported that the company was working on using its new Spotlight tool to attract video artists through other popular platforms like TikTok or Instagram, and giving away $ 1 million per day to help viral developers seduce Launched in 2020, Spotlight offers a new, continuous loop of top user-generated content.
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