Skip to main content

FAQ

About OwlPay Wallet Pro​

1. What is OwlPay Wallet Pro?​

Wallet Pro offers both personal and enterprise versions to meet diverse user needs.

Personal Version: The personal version is a non-custodial wallet where users' private keys are securely stored on their personal devices. Users have full control over their funds and transactions, ensuring the highest level of security. Each transaction requires users to provide a PIN code or complete 2FA verification, adding an extra layer of protection.

Enterprise Version: The enterprise version is a custodial wallet managed by OwlTing using Multi-Party Computation (MPC) technology, relieving users of the responsibility of managing private keys. When users need to operate on their allocated blockchain wallets, OwlTing requires PIN code input or 2FA verification to confirm withdrawals, ensuring transaction security and compliance.

2. What is the difference between OwlPay Wallet Pro and EOA (External Owned Account)?​

  • Custodial Nature: OwlPay Wallet Pro Enterprise Edition is a Hosted Wallet, which means the private keys are stored by OwlTing using Multi-Party Computing (MPC) technology. In the Personal Version, we provide users with the key factors to access the wallet private key in the same way as EOA. When the user changes their mobile phone or logs in from another device, we will ask the user to provide the key PIN Code and Recovery phrase to restore the wallet. EOAs (such as MetaMask) are non-custodial wallets where users manage and store their own private keys, making security entirely dependent on the user's key management practices.
  • Verification Method: When using OwlPay Wallet Pro, users need to confirm operations via a PIN code or 2FA verification. EOAs typically require users to enter a password or use a hardware wallet for signature verification.
  • Ease of Use: Since OwlPay Wallet Pro is custodial, OwlTing can provide users with enhanced security measures and technical support, making it more user-friendly for those unfamiliar with blockchain technology. On the other hand, EOAs require users to have some knowledge of blockchain and private key management skills.

3. Can OwlPay Wallet Pro export private keys?​

Personal only

We currently only provide the function of exporting private keys for Personal version users:

Currently we do not provide the function of exporting private keys, but we plan to provide personal version users with the ability to export private keys in the future, and after exporting, this wallet will not be allowed to be operated on our service again. We will be able to provide EVM and Stellar private key export,

4. What is the difference between OwlPay Wallet Pro and a CEX (Centralized Exchange) wallet?​

  • Custodial Nature: The personal version of OwlPay Wallet Pro is a non-custodial wallet. Users' critical keys are securely stored on their personal devices & their cloud (iOS: iCloud, Google: Google Drive), giving them full control and ownership over their assets. In contrast, the enterprise version is a custodial wallet, managed with Multi-Party Computation (MPC) technology. This eliminates the need for users to manage private keys themselves while offering enterprise-grade fund management and security.

Centralized exchange wallets are also custodial wallets, where private keys are managed by the exchange. However, a key difference is that exchanges typically consolidate the majority of user funds into a few large pools.

  • Usage Purpose: OwlPay Wallet Pro is primarily used for everyday personal or business use and payments, while CEX wallets are mainly used for trading and fund management, often including trading functionalities such as buying, selling, and matching.
  • Security: OwlPay Wallet Pro enhances security using Multi-Party Computation and requires PIN codes or 2FA for operation confirmation. The security of CEX wallets depends on the exchange's security measures, including multi-layer authentication and cold storage, but they can be attractive targets for attacks due to the large concentration of funds.
  • Control Over Funds: In OwlPay Wallet Pro, users have higher control over their funds and can use and transfer them anytime. In a CEX wallet, users rely on the exchange for fund transfers and withdrawals, which may be subject to the exchange's rules and limitations.

5. How do I get started with OwlPay Wallet Pro (Individual)?​

  • Register an Account: Go to the App Store/Google Play to download the OwlPay Wallet Pro app.
  • After completing the registration, you will be required to verify your identity (KYC). Follow the instructions to upload necessary documents, such as an ID card, passport, or driver's license.
  • Set Up Security: Set a strong password and enable two-factor authentication (2FA) for added account security. Set up a PIN code for verification during important operations.
  • Add Funds: Agree to the Buy/Sell terms of service to get a funding account. Depending on the different deposit and withdrawal modes, the system will give you different deposit/withdrawal instructions. Or transfer cryptocurrencies from other wallets to your wallet address.
  • Start Using: You can now use the wallet for payments, transfers, and receiving funds.

6. Does OwlPay Wallet Pro support MetaMask and other EOAs?​

We plan to enable functionalities such as Buy, Sell, and Bridge directly through verified EOAs in the future.

7. What features does OwlPay Wallet Pro offer?​

8. What payment methods does OwlPay Wallet Pro offer?​

  • Individual: Credit Card, Wire, Cash
  • Enterprise: ACH, Wire

9. Does OwlPay Wallet Pro offer Enterprise services?​

Yes, we provide Enterprise services and will offer more Enterprise features (e.g., Payment) in the future.

10. How will OwlPay Wallet Pro charge me? What are the fees?​

Note

We currently only charge enterprise version users:

  1. Payer (Full Amount Received): The specified amount will be credited to the wallet, and additional amounts will be deducted from the wallet.
    • Specified Wallet: The specified amount will be credited, and the recipient will receive a smaller amount.
    • Credit Card: When paying with a credit card, the specified amount will be credited to the recipient, and the credit card will be charged after the transaction is completed.
  2. Recipient (Specified Amount Received): The specified amount will be credited, and the recipient will receive a smaller amount.
Available Amount

When paying from a specified wallet, you may notice a discrepancy between the balance provided by OwlPay Wallet Pro and the address on the blockchain explorer. This is because Wallet Pro temporarily holds the transaction fees to be deducted from your wallet after a few days.

For more details on transaction and network fees, please refer to Fees.

11. Which blockchain networks does OwlPay Wallet Pro support?​

For supported networks, please refer to Supported Blockchain Networks and Tokens.

KYC​

1. How long does it take to verify OwlPay Wallet Pro? What information is required (Individual)?​

Verification takes approximately 0.5 - 2 days and requires relevant documents. Please follow the system instructions to complete KYC verification.