%Cryptocurrency exchange %FTX has invested $100 million U.S. in %Dave ($DAVE), a publicly traded banking app.
The investment was made from FTX Ventures’ $2 billion U.S. venture capital fund, the companies said in a news release.
FTX and Dave are exploring how to introduce cryptocurrency payments onto Dave’s online banking platform. FTX will serve as the exclusive partner for any cryptocurrency offerings made available through the Dave app.
“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,” FTX President Brett Harrison said in the news release.
Dave, which counts billionaire entrepreneur Mark Cuban among its early investors, went public in January of this year through a $4 billion U.S. merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings III.
Earlier this year, FTX raised $400 million U.S. at an $8 billion U.S. valuation in one of the cryptocurrency industry’s largest ever Series A funding rounds.
Shares of Dave closed up 4.85% yesterday (March 21) at $10.60 U.S., and were up an additional 3% in after-hours trading on news of the FTX investment.