OKX Becomes First Major Exchange to List UMA
Malta, Sept. 1, 2020 — OKX (www.okex.com), a world-leading cryptocurrency spot and derivatives exchange, has announced the listing of Universal Market Access (UMA), an open-source, permissionless and censorship-resistant protocol built to power safe and responsible financial innovation. This makes OKX the first major exchange by trading volume to list UMA for its global user base, further enhancing its commitment to the development of the DeFi economy.
UMA spot trading against USDT went live at 7:00 am UTC on Aug. 31, with trading pairs against ETH opening one hour later. Deposits of UMA were available from 4:00 am UTC on Aug. 31, and UMA withdrawals will open at 9:00 am UTC on Sept. 2.
As a decentralized financial contracts platform, UMA is designed to enable Universal Market Access and power the financial innovations made possible by permissionless, public blockchains such as Ethereum. The UMA system consists of self-enforcing contract design patterns that allow any two counterparties to design and create their own financial contracts, such as tokenized derivatives, and an oracle construction that guarantees the economic security of a smart contract and oracle system in a fully decentralized and permissionless blockchain setting.
An open-source project that allows anyone to write self-enforcing smart contracts with economic guarantees, UMA has attracted a lot of attention since its inception and, according to Coin98 Trading Analysis, is currently the second-largest blockchain oracle, with a market cap of $233 million, as of Aug. 8, second only to market-leader Chainlink.
The addition of UMA expands OKX’s extensive offering of decentralized finance projects further, with a current total of 29 DeFi tokens available for its global user base.
“The UMA project is excited to launch on OKX,” said Hart Lambur, co-founder of UMA Protocol. “We are committed to supporting DeFi growth for OKX’s users and to grow more in the Asia market.”
Jay Hao, CEO of OKX commented:
“OKX also believes that financial markets should be universally accessible and open, a vision we know is shared by UMA. We have witnessed the impressive strides that UMA has made within the DeFi space and are glad to be collaborating with them.”
Through increased collaboration in the DeFi and blockchain space, OKX aims to achieve its goal of #FinanceAll, providing every citizen access with financial services. This latest partnership with Universal Market Access is another key step along this path for the global exchange.
A world-leading cryptocurrency spot and derivatives exchange, OKX offers the most diverse marketplace where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swap and options — of major cryptocurrencies, offering investors flexibility in formulating their strategies to maximize gains and mitigate risks.
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