FTX Ventures invests $200M in client funds in Mysten Labs and Dave


The venture arm of cryptocurrency exchange FTX has used $200 million in client funds to participate in funding rounds for two projects, Mysten Labs and Dave. Writes about it CNBC with reference to documents of the US Securities and Exchange Commission (SEC).

In March 2022, FTX Ventures invested $100 million in Dave Digital Bank. In September, the company led the Series B investment round of startup Mysten Labs. According to the channel, she also provided him with $100 million.

Formerly Financial Times disclosed portfolio investments of the venture division of the exchange. According to CNBC, the SEC has so far been able to find evidence of the use of client funds in only the two above transactions.

Speaking to the network, Dave CEO Jason Wilk said that by 2026 his company intends to “repay [инвестиции FTX] with interest.” He explained that the funding was provided through a convertible promissory note, which the exchange could later convert into shares.

In one of the latest applications for the SEC, neobank indicatedthat the process was never completed – Dave had an outstanding obligation to FTX in the amount of $101.6 million (including interest).

“The promissory note issued by FTX is due in March 2026. None of the terms contained in the document burden Dave with an obligation to repay before the specified date, ”CNBC quoted a statement from the digital bank.

Wilk also stressed that at the time of the signing of the deal, his company “did not know that FTX and Alameda were using user assets in investments.”

On December 12, authorities in the Bahamas arrested the founder of the exchange, Sam Bankman-Freed, at the request of the US government.

As part of an investigation into the collapse of FTX, U.S. prosecutors charged him with eight criminal offenses, including misappropriation of client funds.

Recall that after extradition to the United States, Bankman-Fried was released on $250 million bail.

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