FTX Ventures Forms Strategic Partnership with Banking app Dave, Invests $100m

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West Realm Shires Services, Inc., the U.S.-based owner and operator of the FTX crypto exchange, has invested $100 million in a strategic partnership with banking app Dave.

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The company received a $100 million investment from the exchange of a $2 billion venture capital fund- FTX Ventures.

Dave CEO Jason Wilk said about 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.”

The investment was made through unsecured convertible notes, a type of short-term debt, from FTX Ventures, a venture fund with over $2 billion. The note bears an annual interest rate of 3.00% (compounded semi-annually).

FTX US will be the exclusive cryptocurrency partner of the Dave platform and will introduce digital assets to the Dave trading platform.

Dave’s went public in January through a special purpose acquisition company (SPAC) merger with VPC Impact Acquisition Holdings III, valued at up to $4 billion.

Brett Harrison, President of FTX USA, expressed his delight at the investment and stated that both parties share the same vision, commenting:

“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. We see significant growth opportunities ahead for both of our companies and are excited to be working with Dave.”

This month, top-notch cryptocurrency exchange FTX has partnered with AZA Finance, a Kenyan-based fintech company, to expand its global footprint and presence on African soil.

 

Image source: Shutterstock

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