IRVINE, CA, Dec. 02, 2021 (GLOBE NEWSWIRE) -- 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).
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.
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.”
About UA Multimedia, Inc.
UA Multimedia, Inc. is a holding company and solution provider with a focus on blockchain, cryptocurrency, fintech, decentralized finance (DeFi), NFT and metaverse. It is also a holding company seeking to acquire domestic and foreign entities who are in the same space.
Forward Looking Statements:
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the Company and its management team. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. UA Multimedia, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
UA Multimedia, Inc.