Douugh (ASX:DOU) enters crypto space, shares up 16%

Highlights

  • Douugh to integrate cryptocurrency wallet and trading on its app.
  • Douugh share price moves up over 16% on ASX today.
  • ASX:DOU shares witness the highest buying volumes in 3 months.

Software company Douugh Limited (ASX:DOU) has announced a partnership with Zero Hash to integrate  cryptocurrency wallet and crypto trading abilities on its platform. The update has made DOU shares witness the highest buying volumes in the previous three months. Since cryptocurrency investing has become more and more popular, investors see positive cues for the company.

How will crypto integration help DOU?

Zero Hash is among the leading crypto-as-a-service providers in the United States. Partnership with Zero Hash to integrate a cryptocurrency wallet and trading capabilities on the Douugh app can help it cater to the GenZ and Millennials turning towards crypto.

The partnership begins by catering to US customers, helping them buy, hold and sell crypto directly through the Douugh app's Crypto Jar feature. The Crypto Jar will allow users to now participate in cryptocurrency investing on a commission-free basis. It will also enable them to spend cryptocurrency through the Douugh debit card. Finally, it will help consumers convert their remaining crypto holdings into US$ for other uses.

The partnership is to commence immediately, for an initial 3-year term. The target launch period is Q3FY22. However, the launch is subject to approval from Douugh's banking partners. Both DOU and Zero hash have agreed to a revenue share model based on customer activity.

Related Article - Douugh Limited (ASX:DOU) shares picking up strong, Here’s why

More About Zero Hash-

Zero Hash is a US registered digital asset settlement and custody business. It holds a license to operate in 51 US jurisdictions as a money transmitter or virtual currency business. It also has a BitLicense charter from the New York Department of financial services. Zero Hash powers major fintech companies like MoneyLion and Wirex.

DOU shares on ASX have moved up 16.417% and are trading at AU$0.078 per share at 2:57 PM AEST as a reaction to DOU's bold crypto entry. DOU shares are witnessing tremendous demand on ASX today breaking three month’s record.    

Bottom line-

The cryptocurrency markets have seen tremendous interest from generation next. Taking into account the potential growth and profitability it can offer, DOU has entered this space. In addition, DOU's existing platform has the potential to gain synergies from the partnership with Zero Hash.

Do Read- Can Bitcoin surpass Apple’s market cap in 2022 after it did Facebook?

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