Umichat is set to become the world's first mobile application providing chat services, digital wallet and OTC all under one roof. The decision to develop an OTC was made after signing a strategic partnership with UK's Sprinkle Success Quantitative Exchange (SSE) to cope with the demand for USDT from the Exchange's on-growing customer base.
Since its listing on SSE in February, UMQ (the digital asset issue by Umichat) has performed well, with its daily trading volume reaching its peak at US$100 million. In the same month, Umichat also welcomed another partnership in the form of Rapidz Pay, a pioneer in Blockchain Innovation founded in Switzerland. Umichat looks to tap on Rapidz's resources and presences in Thailand, a country Umichat recognises as a key market in its Asia exploits. Rapidz's vast clientele base in Thailand also brings more business opportunities to Umichat and provides more usage outlets for its digital currency, UMQ.
Umichat (www.umi.chat) is a social communication mobile application launched in November 2019 and it is specially designed for the Finance Technology industry. Data safety has always been an important issue in the finance industry and to protect its users' data, Umichat uses mandatory end-to-end encryption to ensure that no chat data is stored on its servers. In addition to the chat function, Umichat has also launched a multi-function crypto wallet and the private sales of UMQ, the in-built wallet also supports up to twelve different digital currencies. The collaboration with SSE not only increased the market value of UMQ, but it also led the Umichat management team to discover a new business opportunity and decisively develop an OTC (Over the Counter) market place in the App.
The OTC market place first originated in the US securities market in the early 20th century. At that time, there were already many securities in the United States that were not traded on stock exchanges and investors bought and sold these securities through the counters of banks or brokerages. Umichat's OTC market place deals with digital currencies, and the core development has been completed. It is now in the testing phase and is expected to be launched in the third week of April. It is a free market and all digital currency buyers and sellers are welcome to participate.
According to sources, Umichat will launch more eye-catching functions in the second half of the year, such as chat burn, translation bot, Umichat joy packet, moments, group payment, one-to-one live chat and VPN network beta etc. These functions are specially designed for users in the financial technology sector. The core concept is to create a multi-functional smart crypto wallet cum chat app. Personal privacy and digital asset security are definitely the most pressing issues facing the financial industry elites at this point of time. Existing solutions in the market today are not good enough to meet their needs, there are application that solves a single issue but there aren't any that solve most issues. The market lacked an app that is multi-functional and solve most issues, hence the creation of Umichat.
As a digital asset investor, I hope Umichat can launch more functions relating to digital asset security and I look forward to its performance in the second half of the year. 2020 has been a year of epidemic so far, people are forced to stay home, and more and more business are conducted online. This also means that digital assets and online personal information security issues will gradually impact more and more people. Umichat being a solution to the above problems looks set to take the financial market by storm for the many years to come.
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Jane faye watson