Cell banking app Dave scores $100M funding from FTX US

On March 21, cellular banking software Dave introduced a partnership with FTX US to offer cryptocurrency funds on the platform. It additionally introduced a $100 million funding from FTX Ventures.

Within the assertion, Dave stated the funding would support its technique for future crypto-related initiatives, with FTX US serving as its companion for cryptocurrencies. Each corporations stated they’re presently exploring methods to introduce crypto funds into Dave’s platform.

FTX US President Brett Harrison commented that it appears to be like to align with corporations that may assist drive widespread adoption of digital belongings, believing Dave was a slot in that regard. Jason Wilk, Chief Government Officer of Dave, expressed his views on the know-how.

“We imagine blockchain know-how has the potential to degree the monetary taking part in subject throughout the globe. By aligning with a world-class chief akin to FTX US, we’re in place to enter the digital asset area, discover new progress alternatives, and enhance the member expertise.”

Launched in January, FTX Ventures is the funding arm of FTX. It has a $2 billion fund to offer funding and assist to corporations in or within the crypto area, and states its mission is to “advance world blockchain and web3 adoption”.

Dave is a fintech app primarily based within the US with over 6 million members, it supplies customers with a budgeting and credit score constructing product, and a money advance service.

Dave is the most recent in a sequence of funds apps trying to transfer into providing crypto providers. Final March, PayPal rolled out assist for crypto, and as not too long ago as January, it supposed to launch its personal stablecoin. Venmo, owned by PayPal, additionally expanded assist for crypto final August, permitting its credit score cardholders to obtain “money again” rewards in cryptocurrencies.

Just lately, PayPal modified its price construction for crypto transactions throughout Venmo, and its personal app, transferring away from proportion primarily based charges, and introducing a flat-fee construction for crypto transactions beneath $200.

Associated: PayPal establishes advisory council for crypto and blockchain

In February, Money App, a cellular fee service based by Bitcoin maxi and Twitter Co-founder, Jack Dorsey, revealed that the Lightning Community could possibly be used to switch Bitcoin via its app to anybody with a BTC handle.

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