Douugh integrates crypto from Zero Hash under a revenue share model
The firms have signed a partnership for an initial 3-year term with a 90-day notice period for termination by either party.
Douugh has partnered with Zero Hash to integrate cryptocurrency wallet and trading capabilities into its “responsible financial super app”.
The trading firm aims to help to help customers manage and grow their money to live financially healthier lives.
To that effect, Douugh will add the emerging asset class to its offering. The most volatile asset class known to man.
Many have said throughout the years that the underlying value of Bitcoin et al. remains to be proven, but the fact of the matter is that cryptocurrencies are not going anywhere and Bitcoin keeps adding new all-time highs.
Douugh’s Crypto Jar feature and the Douugh platform will be available for users looking to buy, hold and sell crypto in the United States. The Douugh Mastercard debit card is an easy option for consumers spending cryptocurrency.
Andy Taylor, Founder & CEO of Douugh, said: “Cryptocurrency is now at a maturity point that it has become a favored investment for millennials and gen-z who are hungry for yield and access to liquidity. The key for us is facilitating this activity responsibly”.
“Cryptocurrency is becoming an essential component of one’s overall diversified investment portfolio, and we are excited to partner with one of the largest and most regulated exchanges in the digital asset space to provide our customers with the ability to grow their cryptocurrency savings over the long term.”
Zero Hash is registered in the US with FinCEN and can operate in 51 US jurisdictions as a money service business, money transmitter, or virtual currency business and it holds a BitLicense charter issued by the New York Department of Financial Services.
The digital asset settlement and custody platform specializes in building enterprise-grade solutions. It is a trusted operator in the digital asset space and its platform powers the cryptocurrency offerings of other leading fintechs such as MoneyLion and Wirex.
Edward Woodford, the CEO at Zero Hash, said: “We agree that there is a clear generational change in how people invest their money, and crypto offerings give fintechs like Douugh a competitive edge to serve millennials and gen-z. Zero Hash is a turnkey solution that makes it easy for enterprises, like Douugh to enable crypto. This partnership allows Douugh customers to access an exciting new asset class while Zero Hash manages the underlying infrastructure and regulatory complexity of crypto markets.”
Douugh’s Crypto Jar will allow the trading of Bitcoin (BTC) Bitcoin Cash (BCH), Ethereum (ETH), PAX Gold (PAXG), and Litecoin (LTC). The launch of the Douugh Crypto service is subject to receiving final bank and regulatory approval in each jurisdiction.
The firms have signed a partnership for an initial 3-year term with a 90-day notice period for termination by either party.
“The partners will have a revenue share model based on customer activity. As this revenue is based on multiple variables and may vary between jurisdictions, it is indeterminable at this time, however, as this functionality is of significant interest to Douugh’s target market, this is deemed to be a material partnership for Douugh as it looks to ramp up into FY2022”, said the announcement.
