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Universal Market Access (UMA) lands on Coinbase Pro
Universal Market Access (UMA) lands on Coinbase Pro
Crypto

Universal Market Access (UMA) lands on Coinbase Pro

By Alfredo de Candia - 3 Sep 2020

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Yesterday Coinbase Pro announced that tomorrow, September 4th, it will proceed with the listing of the Universal Market Access (UMA) token.

Coinbase Pro is a trading platform that is part of the Coinbase ecosystem but designed for an audience of professional traders.

What is Universal Market Access (UMA)?

The UMA token is part of decentralized finance (DeFi).

Universal Market Access (UMA) is a protocol for the creation, maintenance and arrangement of derivatives. 

It allows to place any asset as an underlying and at high levels allows its users to create smart contracts governed by metatokens that represent any derivative.

Each UMA contract includes 5 configurable components:

  • The public address of the counterparties;
  • The margin trading account for each counterparty;
  • The logic to calculate the economy in terms of derivatives, such as NPV or volatility;
  • An oracle to track the underlying asset;
  • Some contract functions to modify the margin balance and setting procedures, as each counterparty must maintain a certain margin balance.

In any case, from tomorrow it will be possible to start transferring UMA tokens to Coinbase Pro and trading will start on September 8th if the liquidity conditions are met.

Trading will be available on the following pairs: UMA-USD, UMA-BTC, UMA-EUR and UMA-GBP.

It is interesting to note that this protocol, which we said is part of DeFi, is steadily growing and has already a market capitalization of more than one billion dollars.

At the moment, its price is around $23, but in June alone it was only worth $1.5, so it has increased by 1500% in just 3 months.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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