What is UMA (Universal Money Address)?

UMA stands for Universal Money Addresses network. UMA enables anyone in the world to send and receive any currency or digital asset 24/7, with near real-time settlement of value, and at a very low-cost.

UMA network enables anyone in the world to send and receive any currency or digital asset 24/7. All UMA transactions are processed on top of the Lightning Network (LN). All you need is a Universal Money Address which is your network identity that you can send funds to and from.

The UMA can be used for sending and receiving traditional currencies and cryptocurrencies. It eliminates the need to have IBAN or long and unfriendly crypto addresses. Xapo Bank will support UMA withdrawals in Q1 2024 and deposits in Q2 2024

Xapo Bank is one of the founding members of the UMA network. We are working to enable sending funds to other network participants in Q1 2024 and receiving deposits in Q2 2024.

You have to be an approved Xapo Bank member. Your address will be visible at the profile section in Xapo Bank app.

Xapo Bank is the first fully licensed and regulated bank for the crypto-native and is a secure bridge that links the crypto world to the fiat world, all from one app.

• USD bank account generating 4.6% annual interest*, paid out daily
• Bitcoin wallet generating 0.9% annual interest*, paid out daily
• Global debit card with zero fees* on foreign exchange transactions
• Up to 1.1% cash back on all global Xapo Bank debit card transactions
• Connect to blockchain rails and transact in USDC and USDT, with instant and automatic conversions to and from US Dollars
• Deposit and withdraw British Pounds and Euros via the Faster Payments System (FPS) and Single Euro Payments Area (SEPA)
• Dedicated account manager to help you get the most out of Xapo Bank