Introducing UMA, OMG, BAT, ZRX, SNX and FTT!
Let us introduce you to our six exciting new additions – UMA, OMG, BAT, ZRX, SNX and FTT!
All six are now available to buy and exchange at exclusive live OTC rates in the Wirex app. Want to know more? Here’s a brief introduction to each of our new tokens.
UMA is an Ethereum-based protocol, which was founded by Hart Lambur and Allison Lu in 2018. It is best-known for allowing users to create synthetic cryptocurrency tokens that can track the value of a wide variety of assets.
In other words, it is used to trade assets with ERC-20 tokens without exposure to the asset itself. It opens many opportunities for accessing DeFi, as anyone is able to access assets that would’ve been otherwise unavailable.
OMG is a cryptocurrency that operates on both the Ethereum blockchain and its own OMG Network. It was launched by payment processing company Omise in 2017. OMG works to allow users to move and convert both traditional and crypto assets between different blockchains.
The aim of OMG is to help provide banking services to those who otherwise would’ve been excluded from the system. It does so by integrating several electronic wallets using the OMG Network.
BAT is an Ethereum-based cryptocurrency that was founded in 2017 by Brendan Eich and Brian Bondy. It is specifically exchanged between advertisers, publishers and consumers. Integrated on a custom web browser called Brave, BAT is used to reward consumers with tokens for viewing certain ad content, based on their online activity.
As a result, BAT helps publishers in delivering engaging ad content and reassuring advertisers that they’re messages are coming across efficiently to their target audiences.
ZRX was founded by Will Warren and Amir Bandeali in 2016 and is one of many DeFi protocols on the Ethereum blockchain. The aim of ZRX is to allow users to tokenise assets, as well as buy and sell tokens running on Ethereum. In other words, it allows the creation of custom asset markets without the need for financial intermediaries.
The two types of users for ZRX are known as “makers” and “takers”. Makers are the users who provide liquidity to the order book and place orders that don’t instantly trade (instead waiting for a match). On the other hand, the takers take liquidity from the order book and place orders that match with existing ones.
SNX is a DeFi cryptocurrency that runs on the Ethereum blockchain. It was founded by Kain Warwick in 2018 and allows users to mint new crypto assets that imitate both crypto and traditional assets.
Much like with ZRX, SNX also works without the need for financial intermediaries. Specifically, it works on code alone and uses a “collateralisation” process to generate new assets – AKA “synths”. To do this, users need to buy SNX tokens and lock them into a special contract. In return, users receive synths that mimic the value of a currency (e.g. the US dollar would be called “sUSD”).
FTT was launched in 2019 by Sam Bankman-Fried. Working on the FTX exchange, FTT was created to increase network effects and demand for the token, while also decreasing its circulating supply.
It also offers a wide range of services, including clawback prevention, centralised collateral pool and universal stablecoin settlement. It also aims to address prevalent issues in the trading space.
Wirex currently supports a great variety of top cryptocurrencies (see our full list here) and we’re looking forward to giving you even more choice and flexibility with these new additions!