Dave, a mobile banking app, announced a collaboration with FTX US on March 21 to accept bitcoin payments on the platform. FTX Ventures also announced a $100 million investment. Dave stated in the announcement that the investment will help its strategy for future crypto-related projects, with FTX US serving as its cryptocurrency partner. Both organisations stated that they are now looking into methods to include cryptocurrency payments on Dave’s platform.
FTX US President Brett Harrison remarked that the company seeks to partner with organisations that can assist in fostering wider adoption of digital assets, and that Dave was a good fit in that sense.
Dave’s Chief Executive Officer, Jason Wilk, shared his thoughts on the technology-
We think blockchain technology has the ability to level the global financial playing field. We are in a position to join the digital asset sector, explore new development potential, and improve the member experience by partnering with a world-class company like FTX US.
FTX Ventures, which was established in January, is FTX’s investing arm. It has a $2 billion fund to give investment and support to firms in or interested in the crypto area, and its mission statement indicates that it seeks to promote worldwide blockchain and web3 adoption. Dave is a fintech app established in the United States with over 6 million members that offers consumers a budgeting and credit development product as well as a cash advance service.
Dave is the latest in a long line of payment applications aiming to expand into crypto services. PayPal added crypto compatibility in March, and as recently as January, it planned to develop its own stablecoin. Venmo, which is owned by PayPal, also added crypto functionality in August, allowing credit cardholders to get “cash back” benefits in cryptocurrency.
PayPal recently updated its cost structure for crypto transactions across Venmo and its own app, abandoning percentage-based fees in favour of a flat-price system for bitcoin transactions under $200. CashApp, a mobile payment business launched by Bitcoin maxi and Twitter co-founder Jack Dorsey, reported in February that the Lightning Network could be used to send Bitcoin using its app to anybody with a Bitcoin address.