Mobile Bank Dave Brings In $100M, Forms Key Strategic Partnership With FTX

There is no shortage of digital payment apps looking to make their way into the world of cryptocurrency transactions. With startups as well as giants like PayPal clearing the way for trading crypto as quickly and easily as possible, the market has become saturated with platforms for such transactions.

As of the end of March, one of those competitors has a major advantage over their competitors: publicly-traded mobile banking service provider Dave announced that it has a new strategic partnership with the U.S. arm of major cryptocurrency exchange FTX that will allow Dave to work digital asset payments into its popular app. If that weren’t enough to give Dave an edge over other payment servicers, newly-established $2 billion venture capital fund FTX Ventures will be contributing $100 million to Dave’s coffers in the form of a convertible note.

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FTX U.S. President Brett Harrison had an understandably sunny outlook on the new partnership in a press release. “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.” The partnership has already led to a dramatic uptick in Dave’s stock value.