Dave raises $100mn worth investment from FTX US

Dave, one of the fintech-based mobile applications, is currently the latest app of its kind that offers crypto services. The mobile application idea followed other payments platforms like PayPal, Venmo, and Cash App. On Monday, the fintech application announced a coalition with FTX US. According to the announcement, the partnership will allow the payments platform to integrate digital assets payments. Moreover, FTX’s venture arm has also invested $100 million in the firm.

Dave payments app enters the crypto arena

According to an official statement shared by Dave, it is noted that the investment made by FTX US will help the firm aid its strategy for the future crypto initiatives. Moreover, a global player like FTX is going to serve as its partner. Now both the firms are currently exploring ways to introduce cryptocurrency payments into Dave’s platform.

Following the coalition, Brett Harrison, the president of FTX US commented that the exchange looks to align with firms that can help propel widespread cryptocurrency adoption. Indeed, Harrision believes that Dave is the platform that fits best in their regards.

According to Jason Wilk, the CEO of Dave, the firm believes that blockchain technology has the potential to level the financial playing field across the globe. Indeed, by aligning with a word-class leader like FTX US, Dave is now in position to enter the digital asset arena, explore new growth opportunities, and enhance the member experience.

Fintech apps are looking to offer crypto services

Dave is a fintech application that is based in the US with more than six million members. The app offers its users with a budgeting and credit building product with cash advance service.

In recent developments, we can witness that Dave is the latest application which seeks to offer crypto-related services in the industry. Notably, last year in March, PayPal, the payments giant rolled out support for cryptocurrency. Moreover, recently the firm also intended to launch its own stable crypto token. Besides, Venmo, which is owned by PayPal, also integrated digital assets last August, to allow its credit card holders to receive cashbacks in crypto.