BlockNews
FOLLOW ON X
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • SUI
    • CHAINLINK
    • LITECOIN
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • OPINION
No Result
View All Result
BlockNews
Home CRYPTO

Fintech Leader Dave Secures $100M Note from Bankrupt FTX Ventures

BlockNews.com Team by BlockNews.com Team
January 5, 2024
in CRYPTO
Reading Time: 2 mins read
1
SHARES
16
VIEWS
Share on XShare in TelegramShare on Reddit
  • Dave has agreed to buy back a $100 million stake in the company previously owned by now-bankrupt FTX. Dave will purchase the stake for $71 million at a discounted rate, pending court approval.
  • The stake was originally purchased by FTX Ventures, the VC arm of FTX, when the companies partnered in March 2022. The partnership enabled crypto payments through Dave’s banking app.
  • This deal is the latest in FTX’s ongoing bankruptcy proceedings after its November 2022 collapse. Administrators have recovered around $7 billion so far, including through a recent settlement with FTX’s Bahamas subsidiary.

The financial technology company Dave has announced an agreement to buy back a $100 million stake previously held by the now-bankrupt cryptocurrency exchange FTX.

Background on the Dave-FTX Relationship

Dave partnered with FTX in March 2022 to enable cryptocurrency payments through its banking app. As part of this, FTX Ventures, the venture capital arm of FTX, invested $100 million into Dave.

Details of the New Agreement

Under the new agreement, Dave will purchase a $100 million convertible note from FTX for $71 million, at a discounted rate. This deal requires approval from the bankruptcy court overseeing FTX’s Chapter 11 proceedings.

A convertible note is a loan that can later be converted into an equity stake in the company. The agreement allows Dave to buy back the sizable stake FTX previously held after FTX’s collapse.

JUST IN: Fintech firm Dave to purchase a $100M convertible promissory note from FTX for $71M pic.twitter.com/OGbhTjI0pA

— BlockNews.com (@blocknewsdotcom) January 5, 2024

The Ongoing FTX Bankruptcy Case

FTX entered bankruptcy proceedings in November 2022 after a liquidity crisis led to billions in missing customer funds.

Since then, FTX bankruptcy administrators have worked to sell off company assets and recover lost funds. Recently, they reached a settlement deal with FTX’s Bahamas-based subsidiary.

In total, administrators have recovered around $7 billion so far. FTX founder Sam Bankman-Fried faces criminal charges related to fraud and money laundering. His sentencing hearing is scheduled for late March.

The bankruptcy proceedings are complex but ongoing. The deal with Dave is the latest development as FTX’s estate is slowly unwound.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptoFinTechFTX
TweetShareShare
BlockNews.com Team

BlockNews.com Team

The go-to news source for Cryptocurrency, Blockchain, Technology, & Finance

DON'T MISS THESE! HOT OFF THE PRESS

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade
CRYPTO

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

September 17, 2025
How to Go From Zero to Your First Profitable Trade in Crypto (2025)
BITCOIN

How to Go From Zero to Your First Profitable Trade in Crypto (2025)

September 17, 2025
What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News
CHAINLINK

What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

September 17, 2025
What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight
CRYPTO

What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

September 17, 2025
Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow
CRYPTO

Here is Why Experts Predict a 40X Rally for Pepe Coin After $25M Whale Outflow

September 17, 2025
Here is Why SUI Could Soar 200% on Google Cloud Partnership and ETF Buzz
CRYPTO

Here is Why SUI Could Soar 200% on Google Cloud Partnership and ETF Buzz

September 17, 2025
Load More

Related News

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

Here is What Aave’s CEO Just Revealed About the Q4 2025 Upgrade

September 17, 2025
How to Go From Zero to Your First Profitable Trade in Crypto (2025)

How to Go From Zero to Your First Profitable Trade in Crypto (2025)

September 17, 2025
What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

What Happened in Crypto Today? – September 17: Fed Interest Rate Decision, Bullish DOGE and LINK News

September 17, 2025
Jerome Powell October Rate Decision Outlook: What to Expect and How it Will Effect You

Jerome Powell October Rate Decision Outlook: What to Expect and How it Will Effect You

September 17, 2025
What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

What is Arbitrum? Why ARB is an Underpriced Crypto Gem Hiding in Plain Sight

September 17, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews is your premier source for real-time cryptocurrency, blockchain, political and financial market news.

Stay ahead of the herd with BlockNews

RESOURCES

  • About Us
  • Contact Us
  • Editorial Policies
  • Terms and Conditions
  • Privacy Policy
  • Sitemap

DISCLOSURES AND POLICIES

BlockNews provides independent reporting on crypto, blockchain, and digital finance. Content is for informational purposes only and does not constitute financial advice. Sponsored material is always disclosed. By using this site, you agree to our Terms and Conditions and Privacy Policy.

© 2025 BlockNews

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO
    • ETHEREUM
    • RIPPLE XRP
    • SOLANA
    • CARDANO
    • BINANCE BNB
    • DOGECOIN
    • TRON
    • LITECOIN
    • CHAINLINK
    • SUI
  • MEMECOINS
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2025 BlockNews