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Mobile Banking App Dave Receives $100M Investment From FTX US

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On March 21, mobile banking app Dave announced a partnership with FTX US to provide cryptocurrency payments on the platform. It also announced a $100 million investment from FTX Ventures.

By doing statement, Dave said the investment would support his strategy for future crypto-related initiatives, with FTX US acting as a cryptocurrency partner. Both companies said they are currently exploring ways to introduce crypto payments to Dave’s platform.

FTX US President Brett Harrison commented on looking to partner with companies that could help drive the widespread adoption of digital assets and believed Dave would be a good fit in that regard. Jason Wilk, Dave’s Chief Executive Officer, had his say on the technology.

“We believe that blockchain technology has the potential to level the financial playing field globally. By partnering with a world-class leader like FTX US, we are able to enter the digital asset arena, explore new growth opportunities and enhance the member experience.”

Founded in January, FTX Ventures is the investment arm of FTX. It has a $2 billion fund to provide financing and support to companies involved in or interested in crypto, and says its mission is to “drive the global adoption of blockchain and Web3.” .

Dave is a US based fintech app with over 6 million It offers members a budgeting and credit building product and a cash advance service to users.

Dave is the latest in a line of payment apps looking to offer crypto services. Last March, PayPal Crypto support rolled outand only in January intended it launching its own stablecoin. Venmo, owned by PayPal, also expanded support for crypto last August, allowing its credit card holders to do the same Receive “cashback” rewards in cryptocurrencies.

Recently PayPal changed its fee structure for crypto transactions via Venmo and its own app, which is moving away from percentage fees and introducing a flat fee structure for crypto transactions under $200.

Related: PayPal establishes advisory board for crypto and blockchain

In February, Cash App, a mobile payment service founded by Bitcoin maxi and Twitter co-founder Jack Dorsey, revealed that the Lightning Network could be used Transfer bitcoin to anyone with a BTC address via his app.

https://cointelegraph.com/news/mobile-banking-app-dave-scores-100m-investment-from-ftx-us Mobile Banking App Dave Receives $100M Investment From FTX US

Fry Electronics Team

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