Mobile banking app Dave scores $100M investment from FTX US

On March 21, mobile banking application Dave announced a partnership with FTX US to provide cryptocurrency payments on the platform. It also announced a $100 million investment from FTX Ventures.

In the statement, Dave said the investment would aid its strategy for future crypto-related initiatives, with FTX US serving as its partner for cryptocurrencies. Both companies said they’re currently exploring ways to introduce crypto payments into Dave’s platform.

FTX US President Brett Harrison commented that it looks to align with companies that can help drive widespread adoption of digital assets, believing Dave was a fit in that regard. Jason Wilk, Chief Executive Officer of Dave, expressed his views on the technology.

“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.”

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

Dave is a fintech app based in the U.S. with over 6 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 payments apps looking to move into offering crypto services. Last March, PayPal rolled out support for crypto, and as recently as January, it intended to launch its own stablecoin. Venmo, owned by PayPal, also expanded support for crypto last August, allowing its credit cardholders to receive “cash back” rewards in cryptocurrencies.

Recently, PayPal changed its fee structure for crypto transactions across 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 advisory council for crypto and blockchain

In February, Cash App, a mobile payment service founded by Bitcoin maxi 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.