FTX Ventures Invests $100 Million In Banking App Dave

Cryptocurrency exchange FTX Ventures has invested $100 million in the public-traded banking app Dave, which also announced forging a “strategic partnership” with West Realm Shires Services, the operator of FTX US.

As per a statement released by Dave on Monday, FTX US will serve as its exclusive partner for cryptocurrencies and explore ways to introduce digital assets payments into the banking app’s platform.

The $100mn investment was made pursuant to an unsecured convertible note, which bears interest at a rate of 3.00 percent per year, the release noted.

Jason Wilk, Chief Executive Officer of Dave, said, “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 a position to enter the digital asset arena, explore new growth opportunities, and improve the member experience.”

FTX US President Brett Harrison said, “We consistently look to align with companies that share our vision, have unique and disruptive business models, and can help drive widespread adoption of digital assets. Dave is a great fit as they check all three boxes.”

Launched in January, FTX Ventures is the investment arm of FTX having a $2 billion fund to provide funding and support to companies in or interested in the crypto space, and states its mission is to “advance global blockchain and web3 adoption.”

Recently, tennis player Naomi Osaka joined FTX as a brand ambassador, becoming one of the first major female professional athletes to partner with the firm. She will also have an equity stake in the firm.

Dave is a fintech application based in the US with over six million members. The firm is an addition to the list of payments apps looking to move into offering crypto services. Last year, PayPal rolled out support for cryptos and, as in January, the company said they are planning to launch its own stablecoin.