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.