FTX US will serve as the Company’s exclusive partner for cryptocurrencies, and the parties are currently exploring ways to introduce digital asset payments into Dave’s platform, while continuing to improve the customer experience for Dave members.
“This is an exciting milestone for our Company, our shareholders and all Dave members,” said Jason Wilk, Chief Executive Officer of Dave. “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.
inside.com. Retrieved 2021-10-07.
Cryptocurrency exchange FTX acquires portfolio tracker Blockfolio”. TechCrunch. Yahoo.
Crypto exchange FTX secures backing from venture capital and hedge funds”. Financial Times.
Bloomberg.com. 20 July 2021.
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.
LOS ANGELES, March 21, 2022 (GLOBE NEWSWIRE) — Dave Inc. (Nasdaq: DAVE) (“Dave” or the “Company”), a banking app on a mission to build products that level the financial playing field, today announced a strategic partnership with West Realm Shires Services, Inc., owner and operator of FTX US (“FTX US”), whereby the companies will work together to expand the digital assets ecosystem. FTX Ventures, a $2B venture fund, has also invested $100 million in Dave.
With this investment, Dave has significantly enhanced its balance sheet with additional resources to expedite its growth strategy and invest in future initiatives, including those crypto-related.
Maturity Date, if the closing price of the Common Stock equals or exceeds 175% of the Conversion Price for 20 out of the 30 consecutive trading days ending immediately preceding the delivery of the notice of the Company’s election to convert the Note, the Note will be convertible into shares of Common Stock at the option of the Company, upon delivery of a written notice to the FTX Ventures electing to convert the Note or all or any portion of the outstanding principal amount of the Note. At any time prior to the Maturity Date, the Company may, in its sole discretion and upon delivery of a written notice to the FTX Ventures electing to prepay the Note, prepay the Note without penalty by paying the FTX Ventures 100% of the Redemption Price.
About Dave Dave is a banking app on a mission to build products that level the financial playing field.
Why did crypto exchange Binance exit FTX?”. Fortune.
Cryptocurrency exchange FTX hits $32 billion valuation despite bear market fears”. CNBC. Retrieved 2022-01-31.
FTX US. Retrieved 11 February 2022.
“Miami Heat to play in FTX Arena after county approves $135M deal with crypto exchange”.
Crypto exchange FTX via its venture capital arm FTX Ventures has invested $100 million into Dave, a mobile banking company. This goes along with the ongoing payment industry’s wave towards a focus on systems that support crypto products.
Even firms such as MasterCard and Visa that have previously dealt with legacy payment systems have launched initiatives to facilitate payments via crypto assets.
PayPal and its Venmo platform added support for crypto last year, while JackDorsey’s Cash App allows US users (bar New York) to send BTC via the Lightning Network.
FTX.US will help Dave enter the digital asset space
According to a news release by Dave, a strategic partnership will be formed between the parent company of FTX.US, West Real Shires Services, and the banking platform following the investment.
Dave members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings; the effects of the COVID-19 pandemic on Dave’s business; the possibility that Dave may be adversely affected by other economic, business, and/or competitive factors; and those factors discussed in Dave’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on January 11, 2022 and subsequent Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC.
FTX’s platform. FTX also paid $17.5 million for the naming rights to California Memorial Stadium for ten years.
In September 2021, FTX announced a long-term partnership with the Mercedes-AMG Petronas F1 Team that adds the FTX logo to the cars and uniforms of both Lewis Hamilton and George Russell. Other FTX brand ambassadors include NBA player Stephen Curry.
In October 2021, FTX ventured into Cricket by signing a global deal with International Cricket Council starting with the T20 World Cup held in UAE.
In 2022, FTX became the title sponsor of the first season of MLB Home Run Derby X, a home run hitting contest staged in several international venues.
- FTX.com website
- FTX.US website
- FTXTR.com website
- ^“FTX raises $900M”. inside.com.
We look forward to working with them long-term to enhance stakeholder value through digital assets, ” said Jason Wilk, the CEO of Dave.
FTX exchange keeps on growing
The financial services app already has some heavy-weight investors, including FTX CEO Sam Bankman-Fried, whose Alameda Research invested in Dave’s pre-IPO. Dallas Maverick’s owner Mark Cuban and venture capital firm Capital One are also on the investors” list in the company.
FTX remains one of the fastest-evolving exchanges in the world today.
After gaining approval in Dubai last week, the multi-billion valued firm launched an Australian subsidiary – FTX Australia – yesterday.