Dave (DAVE) Banking Apphas formed a strategic alliancewith FTX US of cryptocurrency trading giant FTX. The company also received $100 million in investment from FTX Ventures, a $2 billion venture capital fund.
FTX US and Dave are exploring ways to introduce digital asset payments on Dave’s platform. FTX US will act as an exclusive partner for any crypto offering.
The $100 million investment from FTX Ventures will go through a convertible note, a type of short-term debt.
“We look for solutions that align with companies with a shared vision. and has a continuous new business model And it can help drive the widespread adoption of digital assets, which Dave is a perfect fit for,” Brett Harrison, president of FTX US, said in a press release.
Dave, whose billionaire Mark Cuban is one of the sponsors. It was launched in January through a $4 billion merger with VPC Impact Acquisition Holdings III.
Earlier this year, FTX US raised $400 million in a Series A round, one of the largest in the crypto industry.
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