FTX Invests $100M in Banking App Dave, Forms Partnership for Crypto Payments

FTX US will serve as the exclusive partner for any crypto offerings offered by Dave

AccessTimeIconMar 21, 2022 at 9:22 p.m. UTC
Updated May 9, 2023 at 3:40 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Dave (DAVE), a publicly traded banking app, has made a strategic partnership with FTX US, the stateside arm of cryptocurrency exchange giant FTX. The company also received a $100 million investment from FTX Ventures, the exchange’s $2 billion venture capital fund.

  • FTX US and Dave are currently exploring how to introduce digital asset payments onto Dave’s platform. FTX US will serve as the exclusive partner for any crypto offerings.
  • The $100 million investment from FTX Ventures was through a convertible note, a type of short-term debt.
  • “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 in a press release.
  • Dave, which counts billionaire Mark Cuban among its backers, went public in January through a $4 billion merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III.
  • Earlier this year, FTX US raised $400 million at an $8 billion valuation in one of the crypto industry’s largest Series A rounds.
  • Shares of Dave closed up 4.85% in Monday’s trading, and were up about 3% in after-hours trading. The company also reported fourth-quarter earnings after the close on Monday.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Brandy Betz

Brandy covered crypto-related venture capital deals for CoinDesk.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about