Dave, the leading banking app that’s also publicly traded, has entered into a strategic collaboration with FTX US. For those not in the know, FTX US is a subsidiary of cryptocurrency exchange behemoth FTX. Its $2 billion fund FTX Ventures also pumped in $100 million as an investment in Dave according to aisalvodecrypt.
Both parties are presently analyzing the future introduction of digital asset payments onto the Dave platform. FTX US will be operating as the exclusive crypto partner in this case. The investment came in the form of a convertible note. Dave is a great fit for FTX US, as outlined by its President, Brett Harrison, since it has a disruptive model focusing on digital assets and their mass adoption.
Dave has several big-ticket backers including Shark and billionaire investor Mark Cuban, and went public this January. A $4 billion merger with VPC Impact Acquisition Holdings III, a SPAC (special purpose acquisition company), propelled it into the big league. FTX US also shored up $400 million with an $8 billion valuation earlier in 2022. Dave shares rose on the back of these developments while company earnings were also revealed for the fourth quarter sometime earlier.