Banking app Dave partners FTX US to explore crypto payments

US banking app Dave has announced a strategic partnership with West Realm Shires Services, owner of crypto exchange platform FTX US. FTX US will become Dave’s exclusive crypto partner, with a view to introduce digital asset payments on Dave’s platform.

Dave CEO Jason Wilk

The partnership will also see FTX Ventures, the $2 billion venture fund arm of FTX Trading, invest $100 million in Dave.

Dave CEO Jason Wilk says: “We believe blockchain technology has the potential to level the financial playing field across the globe.”

Wilk adds that by aligning with FTX US, the company is “in position to enter the digital asset arena, explore new growth opportunities, and improve the member experience”.

Dave says the investment has “significantly enhanced” its balance sheet, allowing it to channel resources towards growth and future initiatives, of which crypto is just one.

FTX US president Brett Harrison claims Dave is a “great fit” for the company.

In January, FTX US landed $400 million in funding in a Series A round, valuing the company at $8 billion.

The firm says the cash will support its growth, expand its US footprint, and cement its position as the largest crypto exchange in the country. Money will also pour into growing its user base, bolstering its derivatives efforts, and launching new business lines.