OKEx Now Supports Financial Innovation Project Universal Market Access (UMA)

Universal Market Access (UMA), an open-source, permissionless, and censorship-resistant protocol for financial innovation has achieved a milestone by getting listed on a major exchange. UMA token went live on leading global crypto spot and derivatives exchange OKEx on August 31, 2020.

According to an announcement by OKEx, UMA is now available for spot trading against USDT and ETH on the platform. The latest listing comes just a couple of days after OKEx created a record of sorts by listing 8 DeFi projects in a single day. With UMA listed on the platform, OKEx now supports 29 DeFi tokens.

UMA is a protocol for building synthetic assets based on concepts borrowed from fiat financial derivatives. It allows any two counterparties to design and create their own decentralized financial contracts and oracles with economic guarantees using self-enforcing contract design patterns, all in a permissionless blockchain setting.

The project’s co-founder Hart Lambur said, “The UMA project is excited to launch on OKEx. We are committed to supporting DeFi growth for OKEx’s users and to grow more in the Asia market.”

In the past month, UMA has gained a lot of attention, becoming the second-largest blockchain oracle with a market cap of $233 million. According to Coin98 Trading Analysis, as of August 8, UMA was preceded only by the Chainlink project.

Responding to Lambur’s comment, CEO of OKEx Jay Hao said, “OKEx 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.”

With this collaboration, OKEx is on its way to achieving its #FinanceAll goal where everyone will have access to financial services.