The debacle that is the FTX exchange has seen massive repercussions across the crypto sphere. With hundreds of thousands of people left stranded and their investments gone, the broader market has felt the pressure too.
In the days following the collapse, there has been a massive outflow of cryptocurrencies from other exchanges as well, crossing $5 billion daily at one point. While this is mostly the result of falling confidence in centralized exchanges, there is another issue at play that many crypto holders are not realizing.
Using a private wallet is the best option, giving complete control over their assets. The term “Not your keys, not your crypto” explains it all.
Withdrawing assets from a centralized exchange is always a better option, but people looking to liquidate for fiat will private wallets lacking in this. Private wallets, which offer a higher level of security and self-control, don’t have a connection with TradFi. That means crypto assets in your private wallet will remain crypto unless you move them back to a centralized service that has a banking connection.
But what if you could have your cake and eat it too?
While this may sound a bit far-fetched, one particular wallet has been able to do just this. OWNR Wallet is a crypto service that has all the characteristics found in a private wallet but offers fiat conversions, bank support, and much more.
A non-custodial wallet that has multi-token support, users can buy BTC, ETH, LTC, DASH, TRX, USDT, and ERC-20 compliant tokens. While many crypto holders will find the list a bit on the small side, the OWNR Wallet team is expanding the list and adding new tokens regularly.
To give users access to liquidating their cryptocurrencies, the wallet users can buy and sell supported assets using major fiat payment processors like MasterCard and Visa. The wallet also supports OTC deals, enabling large volume buys and sells directly that come with a market competitive fee (2-4%). Currently, OWNR supports just a handful of fiat and crypto for OTC (BTC, ETH, USDT, TRX and LTC against EUR, USD, and GBP).
Another method that OWNR Wallet allows a fiat connection is through its prepaid Visa cards. Available for both individuals and firms, the card allows spending fiat and crypto anywhere in the world where a Visa card is accepted. This is a handy feature, but considering that only a handful of fiat is supported, there may be conversion costs to consider before swiping it for your daily coffee.
The wallet service is also currently accepting partnerships at both retail and institutional levels, such as its affiliate program and a crypto-to-crypto exchange API respectively.
The OWNR Wallet also claims to be regulatory friendly, which is a plus point in these turbulent times. With 5 different operating licenses in different jurisdictions, the wallet service operates in more than 200 different countries and services more than 400,000+ people. This gives a significant boost to the legitimacy of the service as it has to comply with not only different laws and regulations to protect user funds, but also other aspects such as KYC and AML.
Created by a team of professionals, the OWNR Wallet is a non-custodial service that does not store private keys or other personal data of its users. The project also claims to build its own products and does not rely on third parties, thereby ensuring maximum security and safety of assets.
The wallet can do with expanding its fiat and crypto list, which it claims it is doing. Services such as new payment methods, additional support for more coins (even NFTs), an eventual trading platform, and institutional collaborations are in the works.
