Douugh (ASX:DOU) share price rockets 18% on crypto update

Douugh users in the United States will soon be able to trade and transact with cryptocurrencies.

| More on:
A drawing of a white rocket streaking up, indicating a surging share pirce movement

Image source: Getty Images

The Douugh Ltd (ASX: DOU) share price is on the rise this morning after the company announced a partnership to launch an integrated crypto offering.

At the time of writing, the Douugh share price is up 16.4% to 7.8 cents.

Douugh app to feature crypto wallet and trading features

Douugh has partnered with leading crypto-as-a-service provider Zero Hash, in the United States to integrate a cryptocurrency wallet and trading capabilities into its core Douugh app.

The partnership will initially allow US customers to buy, hold and sell crypto directly through the Douugh app’s Crypto Jar feature.

The Crypto Jar offering will allow consumers to directly participate in digital asset investing, commission-free. As well as spend with the cryptocurrency of their choice through the Douugh Mastercard debit card.

The partnership with Zero Hash commences immediately, for an initial 3-year term.

The launch of Douugh’s crypto service is subject to approval from the company’s banking partner on the flow of funds.

Douugh said that it intends to launch the Crypto Jar offering and functionality in Q322.

About Zero Hash

Zero Hash is a digital asset settlement and custody platform that is registered in the United States with the Financial Crimes Enforcement Network.

The company can operate in 51 US jurisdictions as a money service business, money transmitter or virtual currency business.

Management commentary

Douugh founder and CEO Andy Taylor commented on the upcoming features, saying:

Cryptocurrency is now at the 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.

For the next generation of investors, 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.

Douugh share price has a long way to go

Despite Douugh’s exciting growth story, its share price is down 54% year-to-date.

This comes off the back of an explosive initial public offering last year, where it surged to all-time highs of almost 50 cents from a listing price of just 3 cents.

The Doough share price has a mountain to climb to breakeven for the year, let alone re-test its previous record highs.

Should you invest $1,000 in Douugh right now?

Before you consider Douugh, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Douugh wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

disembodied hands in pink surgical gloves making heart shape
Technology Shares

2 top ASX tech shares for February 2022

Key points There are some high-quality ASX tech shares that have been sold-off, which could be opportunities Doctor Care Anywhere, …

Read more »

a man clasps his hand to his forehead as he looks down at his phone and grimaces with a pained expression on his face as though receiving bad news.
Technology Shares

Trouble in tech land may not be the only reason Block (ASX:SQ2) shares have dived 17% since listing

Key points Block’s shares have crashed since their listing on the ASX The tech selloff has weighed on its shares, …

Read more »

A woman in a red jacket whispers in the ear of a man who has a surprised look on his face as she explains that one top broker thinks the Appen share price is a buy
Technology Shares

Down 77%! Is the Appen (ASX:APX) share price a buy today?

Key points Appen used to be a high-growth WAAAX share market darling The company has had a stunning fall from …

Read more »

A man sits in front of his laptop computer with his head on his hand and a sad, dejected look on his face after seeing how far Whitehaven shares have fallen today
Technology Shares

Here’s why the Nitro (ASX:NTO) share price is backtracking 6% today

Key Points Nitro shares retrace despite robust Q4 FY21 performance Key financial metrics increased by double-digits FY21 EBITDA expected to …

Read more »

Four PointsBet customers and football fans put heads in hands and look disappointed while watching television
Earnings Results

PointsBet (ASX:PBH) share price sinks 6% as losses widen to $52m

Key points The PointsBet share price is moving lower today on its second-quarter figures Operating cash outflows increased to $51.8 …

Read more »

woman thing about her payment
Growth Shares

Down almost 20% in 2022, is the EML share price now too good to ignore?

Key points The EML share price has sunk close to 20% in 2022, is it too low to be ignored? …

Read more »

two women looking intently at computer screen
Broker Notes

Is the Wisetech (ASX:WTC) share price a bargain after plunging 26% so far this year?

Key points The Wisetech Global share price is under more selling pressure today Shares in the software solutions provider have …

Read more »

Young businessman standing on the top of the mountain punching fist in the air.
Technology Shares

ASX tech shares are plummeting today but this one just hit a 9-year high

Key points The Xref share price hit a 9-year high of 80 cents after the company released a trading update …

Read more »