A correction from UA Multimedia, Inc. is issued for the news release disseminated earlier today, 2021-05-24. The correction relates to an error in the paragraph under the subheader, “Specialist Crypto Exchange” where Georgia was mentioned as “new state”. The corrected release now mentions Georgia as “new country”.
Irvine, California--(Newsfile Corp. - May 24, 2021) - UA Multimedia, Inc. (OTC Pink: UAMM), a holding company and solution provider in the area of blockchain, cryptocurrency, fintech and decentralized finance (DeFi), is pleased to provide updates on its crypto exchange and non-fungible token (NFT) business.
Specialist Crypto Exchange
The acquisition candidate crypto exchange has selected Georgia as the new country to redomicile. Certain certification has taken longer than expected to be obtained. With the most time-consuming part completed, the company is now focusing on finalizing the registration process and expected to take on new business sometime in June.
The exchange will offer competitive listing fees allowing entities to easily list and offer their tokens for sale. The exchange will also offer marketing and capital raising services. The platform is non-custodial and will interface with selected popular digital wallets to forward proceeds directly to the wallet owners using smart contracts.
The two companies have been lining up new listing candidates and will provide more details about the offerings once the business is operational.
Decentralized Exchange (DEX)
UA is also considering to offer crypto trading via its own decentralized exchange. Unlike centralized exchanges such as Coinbase or Binance where the exchange function as a trusted intermediary to facilitate trades and store customers' tokens, DEX trading is peer-to-peer and the users retain full custody of their cryptos via their own wallets.
As cryptocurrency trading gain more popularity, decentralized exchanges are becoming more user friendly and common. DEXs are also less prone to hacking since they don't have custody of the customers' funds.
Another attractive feature of decentralized exchanges is privacy. Because they are not under any central control, there is often no registration requirements where sensitive user information must be provided.
Non-Fungible Token (NFT)
The software development of the NFT marketplace is making steady progress. The marketplace will initially accept listing of digital arts but will eventually be expanded to other areas of collectibles such as music, gaming and sports.
The platform will also aim to make NFT transactions more efficient and less expensive. Using social tools and promotion services, creators can improve the NFTs selling probability. To address the prohibitive high fees often faced with NFT transactions on the Ethereum blockchain, the marketplace will also interface with Binance blockchain where NFT transaction fees will be negligible. The dual interface will allow creators and collectors to transact on both blockchains while keeping a single profile and collection on a single platform.
The platform is scheduled to go live by the end of this quarter. Incremental updates will be provided as progress is made.
ERC-20 Utility Token
The Company is planning a partnership with a non-US entity to offer ERC-20 utility tokens. The tokens can be earned from community participation or marketplace usage. They can also be traded, swapped or used to purchase NFTs. Additional information about the tokens and trading will be forthcoming.
"Cryptocurrency trading and NFT activities have been growing rapidly," said Michael Lajtay, CEO of UA Multimedia. "We are looking forward to capture these market shares with our advanced blockchain solutions which we believe will provide more potential profit opportunities for crypto traders and better experience for NFT market participants."
About UA Multimedia, Inc.
UA Multimedia, Inc. is a solution provider specializing in blockchain, cryptocurrency, fintech and decentralized finance (DeFi). It is also a holding company seeking to acquire domestic and foreign entities who are in the same space.
Company website: http://www.uammedia.com
Facebook: https://www.facebook.com/uamultimedia
Twitter: https://www.twitter.com/uamultimedia
TryShowTime: https://tryshowtime.com/BlueSkyNFT
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.
Contact:
UA Multimedia, Inc.
Investor Relations
949.229.1208
ir@uammedia.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84980
