Wallet Terms
Wallet Terms
These terms (“Wallet Terms”) supplement the OwlPay User Agreement and govern your use of the Wallet Services (defined below). If there is any conflict or ambiguity between the provisions of these Wallet Terms and the provisions of your OwlPay User Agreement, the provisions of these Wallet Terms will prevail.
No Investment Advice: For the avoidance of doubt, OwlTing does not provide investment, tax, or legal advice, and you are solely responsible for determining whether any investment, investment strategy or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. OwlTing may provide educational information about Supported Digital Assets, as well as Digital Assets not supported by OwlTing, in order to assist users in learning more about such Digital Assets. Information may include, but is not limited to, blog posts, articles, links to third-party content, news feeds, tutorials, and videos. The information provided through our Services or any such third-party sites does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the website's content as such. OwlTing does not recommend that any Digital Asset should be bought, earned, sold, or held by you. OwlTing will not be held responsible for the decisions you make to buy, sell, or hold Digital Assets based on the information provided by OwlTing.
Acknowledgement of Risk: As with any asset, the value of Digital Assets can increase or decrease and there can be a substantial risk that you lose money buying, selling, holding, or investing in Digital Assets. You should consult your financial advisor, legal or tax professional regarding your specific situation and financial condition and carefully consider whether trading or holding Digital Assets is suitable for you.
OwlTing is not registered with the U.S. Securities and Exchange Commission and does not offer securities services in the United States or to U.S. persons. You acknowledge that Digital Assets are not subject to protections or insurance provided by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation.
Definitions. Capitalized terms not defined in these Wallet Terms have the meanings given to them in your OwlPay User Agreement.
“Digital Asset” means any digital asset (including a virtual currency or virtual commodity) which is a digital representation of value based on (or built on top of) a cryptographic protocol of a computer network.
“Hosted Wallet” means the hosted wallet provided to you by OwlTing.
“Network Fees” means all blockchain network fees incurred in connection with any transaction or other use of the Wallet Services, including but not limited to transacting in any Supported Digital Asset. These fees will be dynamic and based on network congestion.
“Supported Digital Asset” means only those particular Digital Assets listed as available to buy using the Services. The Services and supported assets may vary by jurisdiction.
“Wallet Services” means the services that enables you to store, track, transfer, and manage your Hosted Wallet as well as Wallet Payment Services.
“Wallet Payment Services” means the payment processing services OwlTing made available to you.
“Wallet Partner” means the service provider OwlTing works with to provide Wallet Services.
Hosted Wallet.
Hosted Wallet. OwlTing will provide qualifying users: (a) Hosted Wallet, which is an account for holding Supported Digital Assets. Your Hosted Wallet allows you to store, track, transfer, and manage your balances of Supported Digital Assets. We securely store Digital Asset private keys, which are used to process transactions, in a combination of online and offline storage.
Supported Digital Assets. Your Hosted Wallet is intended solely for proper use of Supported Digital Assets as designated on our website (“OwlPay Site”). Under no circumstances should you attempt to use your Hosted Wallet to store, send, request, or receive any assets other than Supported Digital Assets. OwlTing assumes no responsibility in connection with any attempt to use your Hosted Wallet with Digital Assets that we do not support. You acknowledge and agree that OwlTing is not liable for any unsupported Digital Asset that is sent to a Hosted Wallet. OwlTing may in its sole discretion terminate support for any particular Digital Asset. If you have any questions about our current list of Supported Digital Assets, please contact owlpaysupport@owlting.com.
Digital Asset Custody and Title. All Supported Digital Assets held in your Hosted Wallet are custodial assets held by OwlTing for your benefit, as described in further detail below. In the U.S., OwlTing USA, Inc. maintains a money transmission license (or the statutory equivalent) in various U.S. states and territories, and is therefore subject to the requirements of such statutes. We are not a trust company nor do we maintain a trust company charter in any U.S. state or territory. Accordingly, any regulated services we provide to you located in the United States are characterized as money transmission and/or virtual currency business activity, and not as trust services. Additionally, for the avoidance of doubt, OwlTing is not a fiduciary, and OwlTing does not provide any trust or fiduciary services to you in the course of such you visiting, accessing, or using the OwlTing website or services. Any reference to custody services in this Agreement or elsewhere refers only to our custody of digital currencies on your behalf pursuant to the authority granted under our money transmission and/or virtual currency licenses. OwlTing is not a Qualified Custodian pursuant to 17 C.F.R. § 275.206(4)-2.
Ownership. Title to Supported Digital Assets shall at all times remain with you and shall not transfer to OwlTing. All interests in Digital Assets we hold for Hosted Wallets are held for customers, are not property of OwlTing, and are not subject to claims of OwlTing’s creditors. As owner of the Supported Digital Assets in your Hosted Wallet, you shall bear all risk of loss of such Supported Digital Assets. OwlTing shall have no liability for Supported Digital Asset fluctuations or loss. None of the Supported Digital Assets in your Hosted Wallet are the property of, or shall or may be loaned to, OwlTing; OwlTing does not represent or treat assets in user’s Digital Assets as belonging to OwlTing. OwlTing may not grant a security interest in the Supported Digital Assets held in your Hosted Wallet. Except as required by law, or except as provided herein, OwlTing will not sell, transfer, loan, hypothecate, or otherwise alienate Supported Digital Assets in your Hosted Wallet unless instructed by you.
Termination. We encourage you to transfer any Supported Digital Assets out of your Hosted Wallet prior to issuing a request to terminate your Hosted Wallet. We may be unable to terminate Hosted Wallet at your request if you maintain a balance in Hosted Wallet. In the event that you or OwlTing terminates this Agreement or your access to Wallet Services, or cancels your Hosted Wallet, you remain liable for all activity conducted on or with your Hosted Wallet while it was active and for all amounts due hereunder.
Digital Asset Transfers
In General. Your Hosted Wallet enables you to send Supported Digital Assets to, and request, receive, and store Supported Digital Assets from, third parties by giving instructions through the OwlPay Site. Your transfer of Supported Digital Assets between your other wallets (including wallets off the OwlPay Site) and to and from third parties is a “Digital Asset Transfer”. We recommend customers send a small amount of Supported Digital Assets as a test before sending a significant amount of Supported Digital Assets.
Inbound Digital Asset Transfers. When you or a third party sends Digital Assets to a Hosted Wallet from an external wallet not hosted on OwlTing (“Inbound Transfers”), the person initiating the transaction is solely responsible for executing the transaction properly, which includes ensuring that the Digital Asset being sent is a Supported Digital Asset that conforms to the particular wallet address to which funds are directed. By initiating an Inbound Transfer, you attest that you are transacting in a Supported Digital Asset that conforms to the particular wallet address to which funds are directed. If you send Unsupported Digital Assets to a Hosted Wallet or Supported Digital Assets to an incompatible Digital Asset wallet address, then you will lose those Digital Assets.
Outbound Digital Asset Transfers. When you send Supported Digital Assets from your Hosted Wallet to an external wallet (“Outbound Transfers”), such transfers are executed in accordance with the instruction you provide to OwlTing. You should verify all transaction information prior to submitting instructions to us. OwlTing shall bear no liability or responsibility in the event you enter an incorrect blockchain destination address, or if you send your Supported Digital Assets to an incompatible wallet. We do not guarantee the identity or value received by a recipient of an Outbound Transfer.
Reversals & Cancellations. Digital Asst Transfer cannot be reversed once they have been broadcast to the relevant blockchain, although they may be in a pending state, and designated accordingly, while the transaction is processed by network operators. OwlTing does not control any blockchain or Digital Asset network and makes no guarantees that a Digital Asset Transfer will be confirmed by a Digital Asset network. OwlTing may refuse to process or cancel any pending Outbound Transfers as required by Law to which OwlTing is subject in any jurisdiction. Additionally, OwlTing may require you to wait some amount of time after completion of a Digital Asset Transfer before permitting you to use further Wallet Services and/or before permitting you to engage in transactions beyond certain volume limits. We reserve the right to refuse to process, or to cancel, correct, clawback, or reverse, any Digital Asset transaction or transfers in our sole discretion, even after funds have been debited from your account(s), in response to a subpoena, court order, or other government order; or if we suspect the transaction may: involve money laundering, terrorist financing, fraud, or any other type of financial crime; be erroneous; or relate to Prohibited Activities and Business Types as set forth in the Acceptable Use Policy. In such instances, OwlTing will reverse the transaction and we are under no obligation to reinstate a purchase or sale order at the same price or on the same terms as the canceled transaction.
Unauthorized and Incorrect Transactions. When a transaction occurs using your credentials, we will assume that you authorized such transaction, unless you notify us otherwise. If you believe you did not authorize a particular transaction or that a transaction was incorrectly carried out, you must contact us as soon as possible via our help page at owlpaysupport@owlting.com. It is important that you regularly check your Hosted Wallet and your transaction history to ensure you notify us as soon as possible of any unauthorized or incorrect transactions. Reporting an unauthorized transaction does not guarantee OwlTing will be able to reverse the transaction or reimburse you for the transaction
Debts. Without limiting anything set forth in Section 8.2 of the OwlPay User Agreement, OwlTing may and is authorized, without prior notice and both before and after demand, to set off the whole or any part of your liabilities or other amounts payable to OwlTing, including but not limited to Fees, whether such amounts are present or future, actual or contingent, or liquidated or unliquidated, against any sums held or controlled by OwlTing and owed to you.For the purpose of exercising its rights under this Section 3.6, OwlTing is entitled to convert and/or exchange any Digital Assets owned by you and held or controlled by OwlTing, and is authorized to effect any such conversions at the then prevailing exchange rate; and if your liability is contingent and/or unliquidated, then OwlTing may set off the amount it estimates in good faith will be the liquidated amount.
Wallet Payment Services.
Wallet Payment Services. OwlTing may offer various Wallet Payment Services to you which may be provided by our Wallet Partners. Additional terms and conditions apply to such services.
Non-affiliation. OwlTing is not affiliated with any Wallet Partner and has no control over the Wallet Partner and funds held therewith. You agree to be bound by the terms of the Wallet Partners, as applicable, below. You agree and acknowledge that a Wallet Partner has no obligation to establish any relationship with you. A Wallet Partner may suspend, terminate, assign, transfer or otherwise deal with its relationship with you at any time. OwlTing shall not bear any responsibility for any loss incurred by you as a result of such action.
- Fees.
- Fees. You agree to pay all Fees including fees charged by any third-party service provider associated with any third-party blockchain address. We may charge Network Fee to process a transaction on your behalf. We will calculate the Network Fee at our discretion, although we will always provide you with an estimated Network Fee range at the time you authorize a transaction. You agree and acknowledge that the final Network Fee billed to you may be higher than the estimated Network Fee value provided to you when you authorize a transaction. The value of the Network Fee changes, often unpredictably, and is entirely outside of our control. You acknowledge and agree that under no circumstances will a transaction initiated by you be invalidated, revocable, retractable, or otherwise unenforceable on the basis that the Network Fee for the given a transaction was unknown, too high, or otherwise unacceptable to you. You also acknowledge and agree that you understand the risks associated with Digital Assets, including the fluctuations in Network Fee. You are fully responsible for all Network Fee you incur in connection with any transaction under all circumstances. You further acknowledge and agree that Fees are not refundable or recoverable if you, as determined by OwlTing in its sole discretion, fail to comply with Wallet Terms by any means.
- Additional Fees. You acknowledge and agree that you may be charged additional fees by Wallet Partners or other financial institutions, including fees for currency conversion, transfer and service fees, or other related fees. OwlTing is not responsible for such fees, nor is it responsible for any processing delays that are caused by you or any third party. If you initiate a wire transfer in a currency other than U.S. Dollars, or when your financial institution is located in a country not supported by the Waller Partners, you may be charged additional fees by your financial institution in connection with such payment, including fees for currency conversion or cash advance fees. OwlTing is not responsible for such fees, nor is it responsible for any processing delays that may result in connection with required currency conversions. OwlTing reserves the right to reject a wire transfer that cannot be properly authenticated, or that is made outside the cut-off hours established by our Waller Partners.
Digital Asset Disclosure.
Digital Asset Disclosure. Please note the following additional disclosures associated with Digital Asset:
Legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange and value of Digital Asset.
Transactions in Digital Asset may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
Some Digital Asset transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that a user initiates the transaction.
The value of Digital Asset may be derived from the continued willingness of market participants to exchange fiat currency for Digital Asset, which may result in the potential for permanent and total loss of value of a particular Digital Asset should the market for that Digital Asset disappear.
There is no assurance that a person who accepts Digital Asset as payment today will continue to do so in the future.
The volatility and unpredictability of the price of Digital Asset relative to fiat currency may result in significant loss over a short period of time.
The nature of Digital Asset may lead to an increased risk of fraud or cyber-attack.
The nature of Digital Asset means that any technological difficulties experienced by OwlTing may prevent the access or use of Digital Asset.
- Digital Assets are not legal tender, are not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections.
Any bond or trust account maintained by OwlTing for the benefit of its customers may not be sufficient to cover all losses incurred by you.
Blocked Addresses & Forfeited Assets. OwlTing reserves the right to “block” certain Digital Asset addresses and, if such addresses are OwlTing-custodied addresses, freeze associated Digital Asset (temporarily or permanently) that it determines, in its sole discretion, are associated with illegal activity or activity that otherwise violates the Wallet Terms (“Blocked Addresses”). In the event that you send Digital Asset to a Blocked Address, or receive Digital Asset from a Blocked Address, OwlTing may freeze such Digital Asset and take steps to terminate your Hosted Wallet. In certain circumstances, OwlTing may deem it necessary to report such suspected illegal activity to the applicable Regulatory Authority and you may forfeit any rights associated with your Supported Digital Asset. OwlTing may also be forced to freeze and potentially surrender Supported Digital Asset in the event it receives a legal order from a Regulatory Authority requiring it to do so.
Unclaimed Property. If OwlTing is holding assets in your Hosted Wallet, and OwlTing is unable to contact you and has no record of your use of the Wallet Services for several years, Law may require OwlTing to report these funds as unclaimed property to the applicable jurisdiction. If this occurs, OwlTing will try to locate you at the address shown in our records, but if OwlTing is unable to locate you, it may be required to deliver any such funds to the applicable Regulatory Authority as unclaimed property. OwlTing reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by Law.
Dispute Resolution. Without prejudice to either Party’s rights or remedies under these Wallet Terms, if any dispute between you and OwlTing (each a “Disputing Party”) arises out of or in connection with these Wallet Services (“Dispute”), either Disputing Party shall give to the other a written notice of the Dispute, setting out the nature and full particulars of such Dispute, together with any relevant supporting documents (“Dispute Notice”). Following service of the Dispute Notice, the Disputing Parties shall attempt to resolve the Dispute in good faith. If the Disputing Parties are unable to resolve the Dispute within fourteen (14) Business Days of service of the Dispute Notice or such other period as mutually agreed between the Disputing Parties (“Period”), either Disputing Party shall be entitled to commence proceedings under Section 15 of the OwlPay User Agreement. If the Dispute is resolved within the Period, any settlement shall be recorded in writing and signed by the authorized representative of each Disputing Party. Nothing in this section shall prevent either Disputing Party from making any application for injunctive relief it considers necessary to protect its position
Risk Disclosures; Assumption of The Risk; Release of OwlTing.
BY ACCESSING OR USING ANY WALLET SERVICES YOU ARE VOLUNTARILY CHOOSING TO ENGAGE IN SOPHISTICATED AND RISKY FINANCIAL TRANSACTIONS. YOU ARE FURTHER ACKNOWLEDGING THAT YOU ARE AWARE OF THE MANY RISKS ASSOCIATED WITH THE USE OF THE WALLET SERVICES AND WITH ENGAGING IN TRANSACTIONS IN DIGITAL ASSETS, INCLUDING BUT NOT LIMITED TO, RISKS OF FINANCIAL LOSS, TECHNOLOGY GLITCHES (INCLUDING BUT NOT LIMITED TO PROBLEMS WITH THE BLOCKCHAIN TECHNOLOGY), AND HACKING. OWLTING WORKS HARD TO PROVIDE STATE-OF-THE-ART SYSTEMS AND SECURITY. NONETHELESS, CERTAIN ISSUES AND RISKS ARE UNAVOIDABLE, AND IF SUCH ISSUES OR PROBLEMS ARISE IN CONNECTION WITH YOUR USE OF THE WALLET SERVICES, INCLUDING TECHNICAL DIFFICULTIES WITH DEPOSITING DIGITAL ASSET, IT MAY TAKE DAYS, WEEKS, OR MONTHS TO RESOLVE, AND SOME ISSUES MAY NOT BE RESOLVED AT ALL. BY AGREEING TO THESE WALLET TERMS, YOU ACKNOWLEDGE THAT OWLTING IS NOT RESPONSIBLE FOR THE AFOREMENTIONED RISKS, AND YOU VOLUNTARILY ASSUME AND ACCEPT SUCH RISKS IN DECIDING TO ENGAGE IN DIGITAL ASSET TRANSACTIONS THROUGH THE WALLET SERVICES.
You acknowledge and agree that you understand the risk associated with Digital Asset risking loss of all value for your Digital Asset, inability to access or transfer Digital Asset, inability to receive financial benefits available to other Digital Asset holders, and other financial losses to you. You hereby assume, and agree that OwlTing will have no responsibility or liability for such risks. You hereby irrevocably waive, release and discharge any and all claims, whether known or unknown to you, against OwlTing Parties related to any of the risks set forth herein. You represent and warrant that you have: (a) the necessary technical expertise and ability to review and evaluate the security, integrity and operation of any Digital Asset that you decide to acquire; and (b) the knowledge, experience, understanding, professional advice and information to make your own evaluation of the merits and risks of any Digital Asset. You should not acquire Digital Asset unless you have sufficient financial resources and can afford to lose all value of the Digital Asset. OwlTing’s decision to support transfer or storage of any particular Digital Asset through the Wallet Services does not indicate OwlTing’s approval or disapproval of the Digital Asset or the integrity, security or operation of the Digital Asset or its underlying technology.
Exclusion and Limitation of Liability. OwlTing makes no representations or warranties, express or implied, as to the satisfactory quality, fitness for a particular purpose, no infringement and performance or otherwise of the Wallet Services and any other services provided in related thereto. To the extent permitted by Law, OwlTing shall not be liable to you for any losses (however arising, regardless of the nature of the claim or the form of cause of action) in connection with these Wallet Terms, Wallet Services, and any other services provided in related thereto. You acknowledge and agree that the exclusion and limitation of liability in this Section 11 are reasonable having regard to all relevant factors, including the nature of the services provided and the allocation of risk and liability between the Parties.