Buy UMA in Canada

UMA made simple

Everything you need to know about UMA and how to start investing in it.

Current Price

$3.62 CAD

+$0.5732 (18.82%) past 24 hours

Market Cap The value of the entire supply of a specific cryptocurrency or token. It’s calculated by taking the price of a coin/token and multiplying it by the total number of that coin/token in circulation.: $443,380,953.76
Circulating Supply The amount of coins that have already been created and are available in the market.: $82,155,039.26
Total Supply The total amount of coins currently in existence minus any coins that have been burned or removed from circulation.: $120,368,697.04
24h low - high range Low-high range over the past 24 hours.: $2.86 - $3.77
7 day low - high range Low-high range over the past 7 days.: $2.79 - $3.74
52 week low - high range Low-high range over the past 52 weeks.: $1.65 - $9.52

UMA 101

UMA is an acronym standing for Universal Market Access, and it’s a protocol that lets you create synthetic assets on the Ethereum blockchain. These synthetic assets are cryptocurrency tokens that represent other things; they are derivatives of something else.

This includes things like synthetic foreign exchange markets, where you trade stablecoins: cryptocurrencies that represent fiat currencies. It also includes synthetic tokens that track the price of gold or shares in Tesla.

But these examples are just the tip of the iceberg. On UMA, you can create synthetic assets for any market you please: more creative applications track exotic statistics, like the number of downloads of a certain Chrome extension or the weather in Peru. With UMA, you can turn anything at all into a tradable market.

In practice, this makes UMA a powerful but complicated protocol. On the one hand, UMA is very useful for replicating traditional financial markets in the crypto economy, plus any other markets that traditional finance has not accommodated for. But on the other, UMA also opens the door for its users to take on high levels of risk by tracking unpredictable statistics.

A token called UMA backs this whole thing. A little like how the Bitcoin blockchain rewards computers for verifying transactions, UMA’s protocol pays out UMA tokens to people who can identify positions that are under-collateralized—that’s when a synthetic derivative needs a bit more money to function safely. UMA is also a governance token, meaning that holders can use it to vote on the future of the UMA protocol.

Why Wealthsimple Crypto?

Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?

Sign up in minutes right from your phone or laptop
Start trading crypto with as little as $1
No account minimums
No clunky dashboards — just one super simple app
Best of all: you don’t need to be an expert in crypto or blockchain to get started

Get started with Crypto

What can you do with Uma?

UMA is an ERC-20 token, meaning you can spend it in the growing network of Ethereum’s decentralized finance smart contracts. You can also hold it for speculative purposes, or use it as a voting chip to decide how the UMA protocol should work. Lastly, you can try and earn UMA by identifying undercollateralized assets on the network.

Is UMA a smart investment?

Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in UMA or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.

How we keep your UMA safe

As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Coinbase Custody) for cold storage.

FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best UMA prices.

And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.

If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your UMA to your Wealthsimple account in just a few taps.