The Secret Network ($SCRT) is a project that’s worth keeping an eye out for. However, buying it in the US is not that easy. The $SCRT token is only listed on Kraken. As a result, US citizens must be creative, within legal boundaries, to get their hands on the $SCRT token. 

So, without further ado, let’s find out how Americans can buy Secret Network’s $SCRT token. This is Part 1, in which I explain how to onboard the Osmosis DEX and swap $ATOM, $OSMO, or $USDC for $SCRT. In Part 2 I will explain how you can move USDC from Noble to Osmosis.

And we are singling out Americans here cause nearly everyone else in the world can buy it easily on one of many centralized exchanges. Then, of course, you’d want to move it to your wallet of choice. It’s a little tougher for Americans.

Setting Up a Cosmos-Compatible Wallet

Secret Network is a protocol that offers privacy-preserving smart contracts. In other words, Dapps on Secret Network allow your transactions to remain confidential. Their confidential computing lets you disclose what you want from your data. This includes disclosing nothing publicly. In 2024 Secret is expanding its confidential computing solutions to Ethereum. See their explanation in a blog about their 2024 roadmap.

But let’s stay closer to home for starters. Secret Network is part of the Cosmos ecosystem. In other words, it’s part of the IBC or the Inter-Blockchain Communication Protocol. So, if you want to take part in this, you need a Cosmos-compatible wallet. The most popular options are Keplr, Leap Wallet, or the Cosmostation Wallet. 

So, unless you want to keep your $SCRT tokens on an exchange, you will need one of these wallets. At Altcoin Buzz, we always advise having your tokens in a non-custodial wallet. If you leave them on an exchange, you don’t have control over your assets. Do you remember this, not your keys, not your coins? With a non-custodial wallet, you have control over your assets. 

For the various options I’m about to explain how to get $SCRT, you will need one of these wallets. US citizens can only buy $SCRT tokens directly at the Kraken exchange. For every other option, you will need to use your Cosmos-compatible wallet. So, let me explain how I get $SCRT tokens. See the video below on how to set up a Keplr Wallet. For a Leap Wallet, the procedure is similar.

Using the Osmosis DEX

Whenever I need Cosmos tokens that are not available on a CEX, I use Osmosis. This is a Cosmos-based DEX with an AMM. According to DeFiLlama, it takes 4th spot, measured by TVL, in the Cosmos ecosystem. So, you can buy the $SCRT token there. 

Using Fiat

Osmosis offers three ways to onboard and buy crypto with fiat. This is by far the easiest way to onboard Osmosis.

$SCRT token

Source: Osmosis

Once you bought $OSMO or $USDC, you can swap it into $SCRT. Now you have two options. You can leave it on the Osmosis app or send it to your Cosmos wallet. For the latter option, 

  • Get your $SCRT address from your wallet.
  • Select the amount of $SCRT you want to send.
  • Hit the send button and within approx. 20 seconds, you should find your $SCRT in your wallet. Transaction costs are also very low on the IBC.
$SCRT token
Osmosis
Using $ATOM or $OSMO From a CEX

Another option is to buy the two most commonly available Cosmos tokens on a US-based exchange. These are $ATOM and $OSMO. This is how I buy tokens on Osmosis because I don’t have the fiat on-ramp options. It requires a few more steps than the aforementioned method. However, it also works. Here’s a chart that shows where you can buy these two coins in the US.

$ATOM $OSMO

Binance US

 + –

Bitmart

 +

+

BYDFi

 +

+

Coinbase

 +

+

Crypto.com

 +

+

Gemini

 +

–

Kraken*

 +

–
Robinhood +

–

*Kraken is also the only US-based exchange that offers $SCRT as a trading pair. So, let me walk you through this.

  • Sign up for an exchange and complete a KYC (Know Your Customer) procedure.
  • Send fiat to the exchange. You can also send a crypto asset, like a stable coin, from your noncustodial wallet.
  • Buy $ATOM or $OSMO.
  • Withdraw $ATOM or $OSMO to your Cosmos-compatible wallet.
  • Transfer $ATOM or $OSMO to Osmosis over IBC. Remember IBC is really just a bridge between all the Cosmos chains.
  • Swap $ATOM or $OSMO on Osmosis for $SCRT.
  • Leave $SCRT on Osmosis or send it over IBC to your Secret Network address in your Cosmos wallet.

So, yes, this requires more steps than onboarding with fiat. However, talking from personal experience, I’m used to this procedure. It works fine for me, and it doesn’t feel like a burden to me. Maybe it can be a bit intimidating the first time, but you get used to it rather quickly.

Conclusion

This is Part 1 of how US citizens can buy the $SCRT token in the US. I discussed how to onboard the Osmosis DEX. Either by on-ramping with fiat or by sending $ATOM or $OSMO from a CEX to Osmosis. In Part 2 I will look into sending USDC with Noble to Osmosis.

The current $SCRT price is $0.65. It has a market cap of $176 million. There’s an infinite max supply and a total supply of 291 million tokens. The circulating supply is 271 million $SCRT tokens. Over the last 30 days, $SCRT is up by 30.9%.

Coins

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.

We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence. This article has been sponsored by Secret Network.

Copyright Altcoin Buzz Pte Ltd.

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