Universal Market Access is a protocol facilitating the creation of synthetic assets on the Ethereum blockchain. Its open source infrastructure is designed to minimize the reliance of smart contracts on oracles and includes a data verification mechanism as a way to handle disputes on oracle provided data and on contract liquidation due to undercollaterization. The UMA token is used as a voting token for the data verification mechanism.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store UMA. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing UMA and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store UMA without any technical knowledge. Here is a brief overview of the existing wallet options to store your UMA:
Hosted wallets are wallets where the private keys to your UMA are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your UMA online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your UMA. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your UMA, and if malicious parties have access to your device, your private keys (and therefore your UMA) can be stolen.
A hardware wallet is a physical device on which you can store your UMA offline. It is one of the safest ways to store your UMA, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your UMA is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive UMA. Once you have purchased UMA on Bitvavo, you can choose to send your UMA from your Bitvavo wallet to your own software or hardware wallet.