Shares of UA Multimedia (OTCMKTS:UAMM) ended sharply higher on Friday on unusual volume.
Trading Data
On Friday, UAMM stock soared 43% at $0.0450 with more than 21.10 million shares, compared to its average volume of 1.95 million shares. The stock has moved within a range of $0.0265 – 0.0578 after opening trade at $0.0300.
UA Multimedia Announces Decentralized Exchange, while Expanding into DeFi and Cryptocurrency Market
UA Multimedia (OTCMKTS:UAMM), which specializes in blockchain, cryptocurrency, fintech, decentralized finance (DeFi), NFT, and metaverse, has announced the launch of its Decentralized Exchange (DEX) on December 02, 2021. It is a decentralized permissionless cryptocurrency exchange, where users can trade tokens directly without requiring a middleman, as opposed to centralized exchanges.
DEX is similar to Uniswap, and uses smart contacts deployed on a blockhain. It is run on a network of independent computers that implement the rules automatically. Since no central entity controls the user accounts, it isn’t necessary to open an account. Trades are done directly from the digital wallets of users. Thus, they stay in full control of their funds at all times.
Initially, the DEX is going to list over 100 cryptocurrencies, and work with a wide range of wallets interface to major exchanges such as Binance, Huobi, OKEx to provide liquidity. Michael Lajtay, interim CEO of UA Multimedia states that the cryptocurrency market and DeFi activities have enormous potential, and its DEX is all set to make the trading experience simple and hassle-free for all.
A beta version will be launched around the middle of December 2021. The company is working to launch a DEX native coin too. It is expected to be launched and listed on at least one exchange this month, with more to follow in the first quarter of 2022.
Technical Data
UAMM stock is trading above the 20-Day and 40-Day Moving averages of $0.0254 and $0.0266 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0331. The stock is up 74% in the past month.
