Mark Cuban-backed fintech Dave says no customers exposed to FTX

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<p>By Saeed Azhar and Manya Saini</p>
<p><span class="caps">NEW</span> <span class="caps">YORK</span> -Entrepreneur Mark Cuban-backed Dave Inc stated on Thursday none of its prospects have been uncovered to <span class="caps">FTX</span> and it has not launched any merchandise in partnership with the beleaguered cryptocurrency alternate. </p>
<p><span class="caps">FTX</span> had invested $100 million within the fintech in March, by way of <span class="caps">FTX</span> ventures, to develop Dave’s digital property choices and the corporate had stated <span class="caps">FTX</span> US can be its unique companion for crypto.</p>
<p>“We've not launched any merchandise in partnership with <span class="caps">FTX</span> and no prospects are uncovered by way of Dave,” the corporate spokesperson stated in an announcement to Reuters.</p>
<p>“The notice issued to <span class="caps">FTX</span> will not be due for compensation till March 2026. No phrases contained within the notice set off any present obligation by Dave to repay previous to the maturity date.”</p>
<p><span class="caps">FTX</span> filed for chapter safety in the US on Friday within the highest-profile crypto blowup to this point, after merchants pulled billions from the platform in three days and rival alternate Binance deserted a rescue deal.</p>
<p>The collapse has fanned fears about the way forward for the crypto trade after <span class="caps">FTX</span> outlined a “extreme liquidity disaster”. A number of regulators have since opened investigations and lawmakers have referred to as for clearer guidelines on how the trade operates.</p>
<p>Shares in Dave closed down practically 11% and have fallen 97% year-to-date.</p>
<p>Dave was valued at $4 billion final yr when it went public by way of a merger with a blank-check agency sponsored by funding agency Victory Park Capital. The corporate is valued at simply over $100 million on Thursday.</p>
<p>Excessive-flying fintechs have had a tumultuous yr on Wall Road as turmoil within the markets dampens investor sentiment, significantly round high-growth expertise shares. </p>
<p>Earlier this month, Dave reported that its web loss widened to $47.5 million within the third quarter ended Sept. 30, from $7.9 million, a yr earlier. </p>
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