digital dave 100m ftx ftx us

On Monday, mobile banking app Dave announced a partnership with FTX US to provide cryptocurrency payments on the platform. He also announced a $100 million investment from FTX Ventures.

According to the release, Dave said the investment will help his strategy for future crypto-related initiatives, with FTX US being his cryptocurrency partner. Both companies said they are currently exploring ways to bring crypto payments into Dave’s platform.

FTX US President Brett Harrison said he is looking to align with companies that can help drive widespread adoption of digital assets, believing Dave to be a good fit in this regard. Jason Wilk, CEO of Dave, expressed his views on the technology.

“We believe that blockchain technology has the potential to level the financial playing field across the world. By aligning ourselves with a world-class leader such as FTX US, we are able to enter the asset arena. digital technologies, explore new growth opportunities and improve the member experience.

Launched in January, FTX Ventures is the investment arm of FTX. It has a $2 billion fund to provide funding and support to businesses in or interested in the crypto space, and says its mission is to “advance the global adoption of blockchain and of the web3”.

Dave is a US-based fintech app with over six million members. It provides users with a budgeting and credit building product and a cash advance service.

Dave is the latest in a series of payment apps looking to offer crypto services. Last March, PayPal rolled out crypto support, and as recently as January, it intended to launch its own stablecoin. PayPal-owned Venmo also expanded crypto support last August, allowing its credit card holders to receive “cash back” rewards in cryptocurrencies.

Recently, PayPal changed its fee structure for crypto transactions on Venmo and its own app, moving away from percentage-based fees and introducing a flat fee structure for crypto transactions under $200.

Related:PayPal Establishes Crypto and Blockchain Advisory Council

In February, Cash App, a mobile payment service founded by Bitcoin maximalist and Twitter co-founder Jack Dorsey, revealed that the Lightning Network could be used to transfer Bitcoin through its app to anyone with a BTC address.

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