Mobile banking app Dave has partnered with FTX US in a move that sees it become the latest fintech payments app to offer crypto services. With this move, Dave joins other payment apps such as CashApp, PayPal, Venmo and the likes.
Dave Sees $100 Million Investment From FTX US
According to the Monday announcement, Dave says it can now offer crypto payments services on its platform due to its partnership with FTX US. However, it also added that it saw a $100 million support from FTX Ventures — the investment arm of FTX exchange.
Furthermore, Dave claims that the investment would help it be well poised for its future initiatives that are crypto-related. But also claims that FTX US will continue serving as its strategic partner for crypto-related matters.
Meanwhile, FTX US President Brett Harrison has shared his view on the partnership. He says that Dave certainly have the qualities needed to drive global adoption of digital assets. And that’s exactly what FTX US is looking for in its partner companies.
The CEO of Dave, Jason Wilk has also expressed his views on blockchain technology. He says:
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.
Payment Apps Integrating Crypto Services
Interestingly, the U.S-based fintech app Dave, boasts of well over 6 million users on its platform. So with that kind of figure, and the new partnership with FTX US, massive crypto adoption is almost certain. However, Dave is not the only payment app going in the direction of crypto.
In March 2021, PayPal integrated support for crypto, and as recently as January 2022, was planning to launch its stablecoin. Venmo, which is also owned by PayPal, did extend support to crypto last August as well. Thus, allowing its credit cardholders to receive “cash back” rewards in cryptocurrencies.
Also recall that in February, CashApp itself spoke about the possibility of using the Lightning Network to transfer Bitcoin to anyone with a BTC address via its app.