UA Multimedia, Inc. (OTC Pink: UAMM), a holding company and solution provider in the area of blockchain, cryptocurrency, fintech, decentralized finance (DeFi), NFT and metaverse, announces the upcoming launch of its Decentralized Exchange (DEX).
Latest Fintech Insights: Wirex to Give Away $1 Million Worth of Crypto for Christmas Campaign
A DEX is a decentralized permissionless cryptocurrency exchange that allows users to trade various tokens directly without going through a middleman like those from centralized exchanges (CEX).
Centralized exchanges such as Coinbase, Binance or Kraken are owned by a central entity. They require users to provide personal information to open an account. Their funds are held by the company. Trades are done by listing the customers’ orders in the orderbook. The exchange then proceed to match buyers with sellers.
Unlike CEX, DEX similar to Uniswap uses smart contracts deployed on a blockchain. The exchange run on a network of independent computers which execute the rules automatically. There is no central entity controlling the user accounts, therefore, it is not necessary to open an account. Trades are done directly from the users’ own digital wallets thus allowing them to keep full control over their funds.
The DEX will list over 100 cryptocurrencies initially. It will work with a wide range of wallets and interface to major exchanges such as Binance, Huobi, OKEx to provide liquidity.
Browse The Complete News About Fintech : Huobi Wallet Launches H-Earn, Making Digital Wealth Management Safe and Secure
The development of the decentralized exchange is in its final phase which will be followed by testing. The Company expects to launch a beta version around the middle of this month.
The Company is also working on the launch of a DEX native coin. It will be launched and listed on at least one exchange this month with more to follow in Q1 2022.
Additional details of the exchange, development of the NFT marketplace and other crypto related initiatives will be forthcoming.
“Cryptocurrency is a multi-trillion dollars market with DeFi activities surging steadily on a regular basis,” said Michael Lajtay, interim CEO of UA Multimedia. “We are excited to expand our presence in this space by introducing a decentralized exchange that will offer simple and seamless trading experience for cryptocurrency traders worldwide.”
Read More About Fintech News : DeFi Technologies Announces Launch of Solana Validator Node to Participate in Network Governance and Staking
[To share your insights with us, please write to sghosh@martechseries.com]
