Dave Inc, a Nasdaq-listed banking app services provider has secured the sum of $100 million from FTX Ventures, the venture capital arm of FTX Derivatives Exchange. As contained in the announcement detailing the funding, the Nasdaq-Listed Dave startup also entered into a strategic partnership with West Realm Shires Services, Inc., owner and operator of FTX US.
The partnership between FTX US and Dave is hinged on both companies working together to develop the digital assets ecosystem.
“This is an exciting milestone for our Company, our shareholders, and all Dave members,” said Jason Wilk, Chief Executive Officer of Dave. “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 position to enter the digital asset arena, explore new growth opportunities, and improve the member experience. FTX US is a pioneer in the cryptocurrency ecosystem, and we look forward to working with them long-term to enhance stakeholder value through digital assets.”
Growing the FTX Brand
While FTX as a global platform has somewhat limited access to operate on US soil, its subsidiary, FTX US has been checking all the right boxes in a bid to help grow the FTX brand. As a gesture toward its growth plans, the trading platform went on a hiring spree for software developers for its blockchain and gaming units back in February.
Per the partnership with Dave, the trading platform will act in the capacity of an exclusive trading partner for the banking services provider who has been exploring avenues to get into the crypto ecosystem. Additionally, the two companies will work to introduce and integrate crypto payments products into the Dave app, giving broad and regulated exposure to the latter’s customer base. The partnership may also gravitate towards the startup’s NFT marketplace that was floated last year.
“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,” said FTX US President Brett Harrison. “We see significant growth opportunities ahead for both of our companies and are excited to be working with Dave.”
Besides the latest partnership with Dave, FTX US is also known to be championing partnerships with four major Washington DC sports teams.