Banking App Dave Partners With FTX.US

  • The banking app not only formed a strategic partnership with FTX.US, but also received a $100 million investment from FTX Ventures.
  • Both companies are now exploring ways to introduce cryptocurrency payments to the US-based banking app.
ftx partnership


Mobile banking application Dave has formed a strategic partnership with the U.S. arm of crypto exchange FTX, and received a $100 million investment from FTX Ventures, the company said in a press release on 21 March.

According to the announcement, the new partnership will allow Dave to form a strategy for future crypto-related initiatives, with FTX.US serving as its exclusive partner for any crypto offerings. The app also noted that both companies are currently exploring ways to introduce digital asset payments to Dave. The CEO of Dave, Jason Wilk, commented on the partnership:

“We believe blockchain technology has the potential to level the financial playing field across the globe. By aligning with a world-class leader such as FTX US, we are in position to enter the digital asset arena, explore new growth opportunities, and improve the member experience. FTX US is a pioneer in the cryptocurrency ecosystem, and we look forward to working with them long-term to enhance stakeholder value through digital assets.”

The banking app also received a $100 million investment from FTX Ventures — FTX’s $2 billion venture capital fund that was launched in January — in the form of a convertible note, a type of short-term debt. FTX.US, which raised $400 million back in January, noted that it was looking to partner with companies that could “help drive widespread adoption of digital assets”, and that Dave was one of those companies.

Based in the United States, Dave is a banking app with over six million customers. It provides users with a series of financial tools, such as debit cards, spending accounts, budget and credit building products, as well as cash advance services. The company went public back in January through a $4 billion merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III.

Related Coverage
Musk Hints at Crypto Payments on Twitter
  • During a Twitter virtual all hands on deck meeting, billionaire Elon Musk said “it would make sense to integrate payments into Twitter”, including crypto.
  • The CEO of Tesla and SpaceX also noted that his goal for Twitter was to “maximize the usefulness of the service”, and that enabling convenient payments was one way to do it.
June 17, 2022, 11:53 AM
Tesla CEO Elon Musk in California City

Tesla CEO Elon Musk in California City, California, USA on 14 December 2020. Shutterstock

FTX.US Launches Stock Trading Platform in Beta
  • The exchange noted that FTX Stocks will be the first platform of its kind to allow users to fund their accounts using fiat-backed stablecoins like USDC.
  • The new platform will offer users no-fee brokerage accounts, commission-less trading, and free access to market and company fundamental data.
Gucci to Accept Crypto Payments in Select U.S. Stores
  • The crypto payment feature will be rolled-out in five Gucci stores, located in New York, Los Angeles, Miami, Atlanta, and Las Vegas, by the end of the month.
  • Gucci plans to accept 12 cryptocurrencies, namely BTC, ETH, wBTC, LTC, SHIB, DOGE, and five dollar-backed stablecoins.