Mobile banking application Dave introducing a partnership with FTX US scores $100M funding from FTX US


Publicly traded mobile banking application Dave announced on 21st
March this year, about introducing a strategic partnership with the stateside arm
of cryptocurrency exchange FTX US to grant cryptocurrency payments service on
the platform. It additionally introduced a $100 million funding from FTX
Ventures through a convertible note, a type of short-term debt.
FTX Ventures is the latest fund to make investments in Dave. It
will be an exclusive partner for any crypto offerings. In the statement, along
with FTX US, Dave stated the funding would support its approach for future
crypto-related initiatives, with FTX US serving as its accomplice for
cryptocurrencies. Both businesses stated
they’re presently exploring approaches to introduce cryptocurrency payments and
different digital payments into Dave’s platform. As per a report in a blog post,
Dave says FTX US will be its distinctive accomplice for cryptocurrencies.
FTX US President Brett Harrison commented that it appears to
align with corporations that can assist power sizable adoption of digital
assets, believing Dave was once a match in that regard. 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.”
Other organizations working in the same area :
In February, Cash App, a mobile payment service founded by
Bitcoin maximalist and Twitter co-founder, Jack Dorsey, printed that the
Lightning Network should be used to switch Bitcoin thru its app to everybody
with a BTC address. Last March, PayPal rolled out aid support for crypto, and
at end of January, it was supposed to launch its very own stablecoin. Venmo, owned
by PayPal, additionally improved assist for crypto closing August, permitting
its credit score cardholders to obtain “cash back” rewards in cryptocurrencies.
In recent months, PayPal changed its fee structure for crypto transactions using
Venmo and its own app. Instead of percentage-based fees, it now charges a flat fee for crypto transactions below $200.
The other competitor of Dave in this area are apps like Cash
App, Venmo, and Paypal all of which provide each crypto and fiat service—in
the $8 trillion digital banking market.
The others organization invested in Dave consist of Capital
One Ventures, Dallas Mavericks proprietor Mark Cuban, recording artist Thomas
Wesley Pentz (also acknowledged as Diplo), and CODE Advisors founding associate
Quincy Smith.
About FTX Ventures:
FTX Ventures was founded in January 2018 by MIT graduate Sam
Bankman-Fried. FTX Ventures is the investing arm of FTX. FTX US is the
exchange's American affiliate that gives cryptocurrency trading, an NFT
marketplace, and charge offerings through FTX Pay. In this year in the month of
January, it launched a $2 billion FTX Ventures fund to provide funding and
information to organizations in or concerned in the crypto space. It states its
mission is to advance blockchain and web3 adoption worldwide. Earlier this year,
FTX announced that it had raised $400 million in a Series C funding round,
giving the exchange $32 billion valuations.
About Dave:
Dave is based in Los Angele and was launched in 2017. It is a
fintech app-based totally in the U.S. with over 6 million members. It presents
customers with a budgeting and credit score constructing product, and money
strengthens service. It is a publicly buying and selling online banking provider
that presents monetary equipment such as debit cards, spending accounts, and
budgeting tools and is recognized for its money boost features.

Indrani bose
CBW - External Analyst
INDIA