Douugh taps OMG for access to NYSE, ASX, and Crypto exchanges
Openmarkets Group (OMG) is one of Australia’s largest retail brokers and provides technology solutions across wholesale execution, order and risk management.
Douugh has partnered with Openmarkets Group to offer a comprehensive array of integrated trading services across the NYSE, ASX, and Crypto exchanges.
The agreement, which has a minimum term of three years and comes with a notice period of six months, is a major move by the Australian financial super app.
OMG responsible for clearing, settlement, and execution
The deal with the trading infrastructure and wealth management fintech Openmarkets Group (OMG) will enable DOU to offer a full suite of integrated trading services across NYSE, ASX, and Crypto.
Douugh will launch its financial app in FY22, replacing its current app – ‘Goodments by Douugh’.
Using Openmarkets’ market-leading APIs, Douugh gains access to a single integrated tech stack with APIs and OMG’s customer support.
OMG will be responsible for cleaning, settlement services, and execution to DOU’s Aussie customers for single stock ASX trading, which will be into DOU’s ‘Stocks Jar’ feature.
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.
Douugh integrates crypto from Zero Hash
In October, Douugh partnered with Zero Hash to integrate cryptocurrency wallet and trading capabilities into its “responsible financial super app”.
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.
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.