Fintech firm Dave has made a significant decision to distance itself and set boundaries with the troubled, bankrupt cryptocurrency exchange FTX. Dave announced a plan to repurchase a convertible note worth $100 million from FTX Ventures. This development seems to have emerged in parallel with FTX’s bankruptcy and legal challenges. The deal reveals that Dave will purchase the note for $71 million, a figure much below its real value. The company, known for its free checking accounts and cash advance services, had managed to raise over $536.3 million in nine financing rounds. The fintech firm had originally formed a partnership with FTX in March 2022, which included integrating cryptocurrency payments.
Check out the hashd app. It gives you important crypto news and updates in short, simple and easy to read slides. Amazing!
Android: https://links.hashd.co/android
Comments