Dave announces partnership to expand cryptocurrency ecosystem, $100M investment

Dave (NASDAQ:DAVE) partnered with West Realm Shires Services, owner and operator of FTX US, to expand the digital assets ecosystem. FTX Ventures, a $2B venture fund, also invested $100M in DAVE. FTX US will serve as DAVE's exclusive partner for cryptocurrencies and the parties are currently exploring ways to introduce digital asset payments into Dave's platform, while continuing to improve customer experience. The $100M investment was made pursuant to an unsecured convertible note, which bears interest at 3% per year (compounded semi-annually). Interest may be paid in-kind or in cash, at DAVE's option. After 48 months from the date of the initial issue of the note, DAVE will pay FTX Ventures the sum of the outstanding principal amount of the note, plus all accrued but unpaid interest thereon, and all expenses incurred by FTX Ventures. Payment of the redemption price on the maturity date will constitute a redemption of the note