• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
Dave

Mobile Banking App Dave Secures $100 Million FTX Investment To Boost Crypto Presence

Christian Encila by Christian Encila
1 year ago
in Crypto News, News
0

Dave, the digital banking software that went public on the Nasdaq two months ago, is stepping up its cryptocurrency ambitions following a new $100 million investment from crypto exchange FTX.

Dave Inc. established a strategic agreement with West Realm Shires Services, Inc., the owner and operator of FTX US, on Tuesday to further develop the digital asset economy.

FTX US is the exchange’s affiliate in the United States, offering cryptocurrency trading, an NFT marketplace, and payment services via FTX Pay.

Related Reading | DAOs Make This Australian Senator Edgy, Calls Them ‘Existential Threat’ To Tax Base

FTX was founded in 2018 by MIT graduate Sam Bankman-Fried and announced the establishment of the $2 billion FTX Ventures fund in January.

Simultaneously, FTX announced the close of a $400 million Series C investment round, valuing the exchange at $32 billion.

FTX US President Brett Harrison said in a news release:

“We are constantly on the lookout for companies that share our vision, have innovative and disruptive business models, and can assist in accelerating the adoption of digital assets.”

Dave And FTX Collab On Crypto

“Dave is an excellent match since they meet all three criteria,” he continued.

Dave is a financial technology company established in the United States with over 6 million users. It offers consumers a budgeting and credit-building product, as well as a cash advance service.

Dave is the latest in a long line of payment applications exploring the possibility of offering cryptocurrency services.

Crypto total market cap at $1.87 trillion on the daily chart | Source: TradingView.com

PayPal added cryptocurrency compatibility in March, and as recently as January, it announced plans to establish its own stablecoin.

Venmo, which is owned by PayPal, also added cryptocurrency functionality in August, allowing credit cardholders to earn “cash back” in bitcoins.

Related Story | Metaverse To Have A New Lender – The World’s First Crypto-Based Bank

Proceeds For Acquisitions

Dave CFO Kyle Beilman said Tuesday during Dave’s fourth-quarter earnings call that the business may also use the proceeds from FTX to seek acquisitions, which he called as a “attractive component of our growth and capital allocation plan.”

FTX’s $100 million investment is not in the form of shares but rather in unsecured convertible notes — a type of short-term debt — with a 3% annual interest rate.

Among the others that invested in Dave are Mark Cuban, owner of the Dallas Mavericks, Capital One Ventures, music artist Thomas Wesley Pentz, and Quincy Smith, co-founder of CODE Advisors.

Meanwhile, Dave’s stock closed up 4.85 percent on Monday and was up nearly 3% in after-hours trade. Additionally, the corporation released fourth-quarter profits after the market closed on Monday.

Featured image from Decrypt, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christian Encila

Christian Encila

Related Posts

Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

Crypto.ro and Binance Unveil the 3rd Binance Meetup in Romania, Set in Timisoara

1 week ago
Gemini

Gemini To Launch Non-US Crypto Derivatives Platform

1 month ago
Nasdaq

Nasdaq Targets Mid-2023 For Crypto Custody Launch

2 months ago
Crypto.Com Became The10th Largest BONE Holder

Crypto.Com Became The10th Largest BONE Holder

2 months ago
Hong Kong

Hong Kong Set To Welcome Prominent Crypto Data Firm

3 months ago
crypto conference the alliance

Crypto.ro Announces “The Alliance,” a Highly Anticipated Crypto Conference in 2023

3 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    2 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    2 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    2 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • As Polygon (MATIC) volumes soar, top analysts forecast...

    5 hours ago
  • Strategic Crypto Investments: 5 Coins to Watch in 2023

    8 hours ago
  • XRP Consultant and AI Crypto Analyst States ‘Best...

    11 hours ago
  • 6 Figures Crypto Portfolio Builder: Cosmos (ATOM)...

    13 hours ago
  • Floki Inu Trading Volume Jumps 300% in 24 Hours—Enough to...

    14 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.