UMA is an open-source global system that enables seamless, 24/7 transactions in any fiat or cryptocurrency through a preferred wallet, exchange, or bank. It can be thought of as an "Email address for money."
UMA leverages the Bitcoin Lightning Network for fast, low-cost, and seamless payments, similar to how SMTP powers email communication. It lets you send and receive money instantly in your preferred currency, anytime. As an open-source standard, UMA allows wallets, exchanges, and banks to integrate and create new payment experiences.
Additionally, UMAs are interoperable, requiring both parties to have an enabled account with their chosen provider.
How to Send Money via UMA on the Bitnob App
Open your Bitnob App and log into your account.
On the homepage, tap on your BTC wallet balance.
Click “Send” on the resulting page.
Scroll down and click on “Send to UMA.”
Enter the recipient's UMA address.
Input the amount.
Review the transaction details carefully to ensure accuracy.
Click on "Send".
To authenticate the transfer you may be asked to enter your PIN, use a biometric verification, or enter your 2FA code. Click here to learn how to set up your 2FA.
Congratulations you have successfully transferred funds using UMA.
How to Receive Money via UMA on the Bitnob App
Open your Bitnob App and log into your account.
Navigate to the bottom of your screen and click on the “Actions” button.
Click Receive.
Click on “UMA Address”
Kindly set your UMA address by clicking on “Claim UMA Address”
Tap "Copy" to copy the address and share it with your friends, family and clients.
Your funds will be received in your Wallet.
How to Choose Where to Receive Your Funds
Open your Bitnob App and log into your account.
Navigate to the bottom of your screen and click on the “Actions” button.
Click Receive.
Click on “UMA Address”
Click on "Change Destination" on your UMA address page
Select your settlement destination: USD wallet, BTC wallet, Bank account, or Momo.
Congratulations you have successfully changed your settlement destination.