Universal Market Access, UMA for short, is a platform for decentralized financial contracts that encourage “universal market access” (which explains its name). Built on Ethereum, this open-source protocol allows users to use ERC-20 token for trading assets, as well as to make and design their own synthetic assets and financial contracts.More
UMA has two major components at work: the Oracle Design or Data Verification Mechanism for identifying and reporting off-chain data to smart contracts, and Priceless Financial Contracts, which are essential for creating ERC-20 synthetic assets. Additionally, in the UMA ecosystem, two organizations or individuals can trade no matter where they are in the world. Everyone who trades is treated equally (a seasoned trader has no advantage with a young neophyte). Lastly, funds in the smart contract allow for instant payments.More
UMA or Universal Market Access cannot be purchased directly using fiats money. However, you can go to crypto exchange networks like Coinmerce and sign-up so you can buy the tokens you need. Don’t forget to indicate if you are paying with your credit card or if you prefer a different payment method.More
You want to buy UMA? You can buy UMA using Creditcard or SEPA at Coinmerce. Once you are logged in, you will see "Coins" in the top menu where you click on. Now you come to a page with all crypto coins that Coinmerce offers. If you don't see UMA, use the search function to search for UMA and click on the name. You can indicate for how many euros you want to buy UMA in the right window. Below is shown how much UMA you get for this. Have you entered the correct amount? Then click on "Buy". You can also execute a "Stop limit order" at Coinmerce. Our system will automatically buy UMA when the price of UMA reaches your entered value. You can also execute a repeating order. Do you want to buy UMA with another crypto currency? Then you go to the cryptocurrency you want to pay with and click on "Swap" in the right window to indicate that you want to receive UMA.
Former Goldman Sachs professional trader and computer scientist Hart Lambur decided to sell his private business so he could devote his time and resources to cryptocurrency. He created Risk Labs in 2017, with significant financial support totaling to approximately $4 million from respected businesses such as Dragonfly Capital and Bain Capital. Lambur used the funding to come up with his own cryptocurrency. The former Wall Street trader created a powerhouse team that included Ivy League-educated (from Princeton) financial engineer and analyst Regina Cai and Goldman Sachs’ former Vice President Allison Lu. In December 2018, they released the initial draft of the UMA whitepaper. Several days later, the public was formally introduced to the UMA project. In 2020, UMA held its first ICO through Uniswap. From the initial supply of 100 million tokens, two million were sold at $0.26 each. The remaining tokens were divided among the network developers, project founders, and for expected sales in the future.