UA Multimedia Inc (UAMM)

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UA Multimedia Provides Business Updates on Crypto Exchange and NFT Marketplace

IRVINE, CA (Newsfile April 14, 2021) UA Multimedia, Inc. (OTC: UAMM), a holding company and solution provider in the area of blockchain, cryptocurrency, fintech and decentralized finance (DeFi), is pleased to provide updates on its crypto exchange and non-fungible token (NFT) marketplace.

The Company has reached an agreement to acquire via a stock swap a majority interest in an early stage Hong Kong based specialist crypto exchange. Due to the recent environmental changes in Hong Kong, the exchange entity is in the process of redomiciling. Initial plans to relocate to South Korea has been changed due to the anticipated high cost of compliance as the result of the updated Specific Financial Transactions Act announced there in late March. A new location has been identified and the registration process has been initiated.

The Company is actively working with the exchange to get established in the new location as well as expanding its features and service offerings. Additional information will be provided once the entity is settled and the transaction is consummated.

The Company is also exploring partnership opportunities with other exchanges as well as launching its own non-custodial or limited custodial exchanges in the future.

To capitalize on the burgeoning NFT market, the Company is pressing forward with its NFT initiatives. Effort is on-going with the development of an NFT marketplace which it plans to launch before the end of this quarter. The initial version will be geared towards digital arts with support for other types of collectibles to follow.

*In addition to the NFT marketplace, the Company will host a platform catering to the NFT community where arts can be featured and connections between artists and collectors can be made. The platform is scheduled to go live sometime next month.*

The Company is also making a shift in its business model whereby it will place more focus on developing its intellectual properties and supporting its own platforms than developing technology solutions for others. It is still active in listing and raising capital for crypto related projects as well as seeking for complementary businesses for mergers and acquisitions.

The demands for major cryptocurrencies and the number of large companies adopting Bitcoin have been steadily increasing, said Michael Lajtay, CEO of UA Multimedia. As a result, we are seeing a boom in the crypto related businesses and as a blockchain company, we are well positioned to capitalize on this emerging growth.

https://www.otcmarkets.com/stock/UAMM/news/UA-Multimedia-Provides-Business-Updates-on-Crypto-Exchange-and-NFT-Marketplace?id=298011