Crypto Spotlight: Have you met UMA yet?

Exciting news,- we’ve got six new members of the Wirex family! Give a warm welcome to UMA, OMG, BAT, ZRX, SNX and FTT!

You can now buy and exchange these awesome new additions at live OTC rates in the Wirex app. Plus, you’ll get a bonus EUR5 in WXT when you buy $50 worth of them with your credit or debit card in the next 7 days!

So, let’s talk about UMA. What’s it all about?

Say hello to UMA

Meet UMA. Founded in 2018 by Hart Lambur and Allison Lu, it aims to allow users to trade any assets using ERC-20 tokens without exposure to the asset itself. It’s a great way to get into DeFi, as it allows anyone access to certain assets that would have been otherwise unavailable to them.

What does it do?

UMA allows users to create their own synthetic tokens and derivatives that can track the price of any asset. It uses two main factors in its protocol – Priceless Financial Contracts and UMA’s Oracle. These work on UMA’s protocol to build an open-source infrastructure for creating derivatives on the Ethereum blockchain. They also bring security and enhanced collateralisation for counterparties.

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Crypto Spotlight UMA June EEA & APAC Terms & Conditions
The following terms and conditions (“Terms”) shall apply to the Crypto Spotlight Might Promotion (the “Promotion”) which is offered by Wirex Ireland Limited in the European Economic Area (“EEA”) and Wirex Pte Ltd in the Asia Pacific (“APAC”) (each separately referred to as “Wirex”):
Timescale
1. The Promotion will run from 00:01AM (BST) on 28 June 2021 until 23:59 (BST) on 4 July 2021 (the “Promotion Period”).
Eligibility
2. This Promotion is only open to verified users of the Wirex Service (as defined by the applicable Wirex terms & conditions: Wirex | Making currencies equal and available to everyone) resident in the EEA and APAC regions (“Eligible Participants”). For the avoidance of doubt, no other users of the Wirex Service are eligible for this Promotion.
3. The Promotion applies to Eligible Participants who makes a UMA cryptocurrency purchase with a minimum exchange value of at least EUR 50 (in the EEA) and US$50 (in APAC) via debit or credit card in the Wirex App during the Promotion Period (“Qualifying Transaction”).
4. Any Eligible Participants who make a Qualifying Transaction prior to or after the Promotion Period will not be counted.
5. Qualifying Transactions are limited to one per customer during the Promotion Period.
Reward
6. The Reward will be paid to all Eligible Participants who make a Qualifying Transaction within the Promotion Period (“Qualifying Participants”).
7. The Reward will be paid to Qualifying Participants’ accounts within 30 Working Days of the end of the Promotion Period. Once a Qualifying Participant has received the Reward, it can be converted to traditional fiat currency through the Wirex Service.
General
8. “EUR” means Euro.
9. “Reward” means the WXT equivalent to EUR 5 (in the EEA) and US$5 (in APAC) which will be calculated by an exchange rate set by Wirex from time to time in its absolute discretion. The Reward may be amended or cancelled by Wirex at any time.
10. “UMA” means the Universal Market Access token cryptocurrency available through the Wirex App.
11. “USD” means United States Dollar.
12. “Working Days” means Monday to Friday, excluding weekends and any public holidays when the banks of England are closed for business.
13. “Wirex App” means the Wirex mobile application which allows you to buy, store, exchange and spend a wide variety of traditional and digital currencies.
14. Subject to applicable law, Wirex will not under any circumstances be liable to compensate Wirex users, Eligible Participants, Qualifying Participants or other third parties for any losses or damages occurring as a result of their participation or engagement with this Promotion.
15. Wirex may, at its sole discretion, revise any of these Terms or terminate this Promotion at any time without prior notice to Wirex users, Eligible Participants, Qualifying Participants or other third parties.
16. This Promotion is launched by Wirex independently and there are no partnerships between Wirex and any merchant or other third parties relating to this Promotion.
17. The Terms of this Promotion are governed by the laws of England and the parties irrevocably agree that the courts of England shall have exclusive jurisdiction to hear, settle and/or determine any dispute, controversy or claim (including any non-contractual dispute, controversy or claim) arising out of or in connection with this Promotion.

Hello UMA :wave:

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