Dave, a mobile banking app, revealed on Monday that it has partnered with FTX US to offer cryptocurrency payments on the platform. FTX Ventures also announced a $100 million investment.
Dave stated in the announcement that the investment would help the company’s strategy for future crypto-related projects, with FTX US serving as its cryptocurrency partner. Both organizations stated they’re looking for methods to integrate cryptocurrency payments into Dave’s platform.
FTX US president Brett Harrison stated that the company seeks to partner with companies that can assist drive widespread adoption of digital assets, and he believes Dave fits the bill. Dave’s CEO, Jason Wilk, shared his thoughts 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 a position to enter the digital asset arena, explore new growth opportunities, and improve the member experience,” he declared.
FTX Ventures, FTX’s investment arm, debuted in January. Its objective is to “promote worldwide blockchain and web3 adoption,” and it has a $2 billion fund to provide money and support to companies in or interested in the crypto field.
Dave is a fintech app with over six million users headquartered in the United States. It offers a budgeting and credit-building solution as well as a cash advance service to its customers.
Dave is the latest in a long line of payment apps attempting to enter the crypto market. PayPal added crypto compatibility in March, and it had planned to introduce its own stablecoin as recently as January.
Last August, Venmo, which is owned by PayPal, added crypto functionality, allowing its credit cardholders to get “cash back” rewards in cryptocurrencies.
PayPal recently modified its cost structure for crypto transactions across Venmo and its own app, abandoning percentage-based fees in favor of a flat-price system for transactions under $200.
Cash App, a mobile payment service launched by Bitcoin maximalist and Twitter co-founder Jack Dorsey, said in February that the Lightning Network could be used to send Bitcoin to anyone having a BTC address using its app.