Dave Inc., one of the leading US neobanks, is in bankruptcy proceedings. FTX He announced that he reached an agreement with Ventures.
Accordingly, Dave Inc purchased FTX Ventures’ convertible debt security worth $100 million for $71 million.
It was stated that the completion of the transaction is conditional on the Bankruptcy Court approving the agreement and FTX not entering into an alternative transaction for the sale of the convertible bond.
Dave founder and CEO Jason Wilk made the following statement:
“We believe this transaction represents a compelling capital allocation opportunity for Dave. Taking the payment into account, we are confident that we have sufficient capital to execute our growth plan without the need to raise additional equity capital.
After the positive news FTX’s native cryptocurrency FTT began to rise and increased by up to 15%.
FTT At the time of writing, it continues to trade at $2.99.
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!