FTX Ventures announces a $100 million investment in banking app Dave

Dave Inc. has today revealed a strategic partnership with West Realm Shires Services, Inc., owner and operator of FTX US. According their agreement, the two companies will work together to expand the digital assets ecosystem. FTX Ventures, a $2 billion venture fund has made a $100 million investment in Dave.

The banking app Dave has significantly advanced its balance sheet with this new investment. It has added resources to accelerate its growth strategy and invest in future initiatives including crypto-related ones.

FTX US will serve as the Dave’s exclusive partner for cryptocurrencies, as per their partnership agreement. The companies are currently exploring ways to introduce digital asset payments into Dave’s platform, while continuing to improve the customer experience for members.

FTXX invests in Dave

Jason Wilk, Chief Executive Officer of Dave, said:

This is an exciting milestone for our Company, our shareholders and all Dave members. 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. FTX US is a pioneer in the cryptocurrency ecosystem, and we look forward to working with them long-term to enhance stakeholder value through digital assets.

FTX US President Brett Harrison commented:

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.

Read Also: