October 23, 2023: Today, we're happy to share that Xapo Bank will offer its members access to Universal Money Addresses (UMAs) – a big step towards making global payments and money transfers simpler than ever before while remaining just as secure.
All Xapo Bank members can claim their unique UMA starting today.
What is UMA?
Imagine having one address for moving money. A UMA address is like an email address that enables you to make transfers in both crypto and traditional currency with ease.
UMA is much simpler than the long and complex numbers and symbols that are associated with Bitcoin wallets and IBANs. Instead, UMAs are much easier to read and understand, and are personalised according to you.
What can you do with UMA?
You can instantly send money in any currency — fiat or crypto — to your family and friends on UMA. It's as simple as sending money from a Gmail-like address to a Hotmail counterpart.
UMAs transform the tedious process of money transfers. Imagine being able to send USD from your Xapo Bank account to a friend's bank address in Argentina, where it seamlessly converts into Pesos.
- UMAs are safe, compliant, and available to millions of people worldwide.
- UMAs enable fast real-time settlement 24/7, seven days a week, 365 days a year.
- UMAs are low-cost.
- UMAs will work across digital wallets worldwide.
How can you claim your UMA?
Xapo Bank will launch UMA in 2024. But you can already get your own UMA today by signing up for our waitlist using your preferred name. We'll let you know when UMA is available in your region. Be sure to get your UMA name on the waitlist before it’s taken by someone else.
We're thrilled to bring Universal Money Addresses to our members, and we'll keep you updated as they roll out in more countries and regions. Find out more here.