THE BELOW TERMS APPLY TO YOU ONLY IF YOU ARE USING OUR SERVICES TO STAKE ETH VIA LIDO, OR OTHERWISE IN RELATION TO STAKING SUPPORTED CRYPTOASSETS OTHER THAN ETH.
DIFFERENT TERMS APPLY IF USING OUR SERVICES TO STAKE ETH OTHER THAN VIA LIDO.
GENERAL NOTICE TO ALL PARTICIPANTS
BY STAKING SUPPORTED CRYPTOASSETS WITH US OR OTHERWISE USING OUR SERVICES YOU CONFIRM THAT YOU HAVE READ THESE TERMS CAREFULLY, UNDERSTOOD THEM, AND ACCEPT AND AGREE TO COMPLY WITH THEM. IF YOU DO NOT AGREE TO THESE TERMS, YOU MUST NOT USE OUR SERVICES. IN AGREEING TO THESE TERMS, YOU THEREFORE ACCEPT THAT YOU HAVE OBTAINED SUFFICIENT INFORMATION ABOUT OUR SERVICES TO MAKE AN INFORMED DECISION TO USE THEM.
YOU SHOULD CAREFULLY CONSIDER WHETHER STAKING SUPPORTED CRYPTOASSETS IS SUITABLE AND APPROPRIATE FOR YOU IN LIGHT OF YOUR OWN FINANCIAL SITUATION AND ATTITUDE TO RISK, AS EVALUATED BY YOU CAREFULLY. WE DO NOT MAKE ANY REPRESENTATIONS OR RECOMMENDATIONS REGARDING THE ADVISABILITY OF STAKING SUPPORTED CRYPTOASSETS OR OTHERWISE USING OUR SERVICES. OUR SERVICES ARE NOT CURRENTLY REGULATED BY ANY REGULATOR, AND ARE NOT COVERED BY ANY STATUTORY COMPENSATION SCHEME.
YOU SHOULD ONLY STAKE CRYPTOASSETS IF YOU CAN AFFORD TO LOSE ALL THE VALUE YOU USE TO DEAL IN STAKING, AS STAKING CRYPTOASSETS INVOLVES A HIGH DEGREE OF RISK.
NOTICE TO PARTICIPANTS IN THE UNITED KINGDOM
IN THE UNITED KINGDOM, OUR SERVICES ARE NEITHER DIRECTED AT, NOR MADE AVAILABLE TO, RETAIL CLIENTS. THEY ARE DIRECTED ONLY AT PERSONS WHO FALL WITHIN AN EXEMPTION TO THE RESTRICTION ON FINANCIAL PROMOTIONS AS SET OUT IN THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, SUCH AS INVESTMENT PROFESSIONALS (ARTICLE 19); HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC (ARTICLE 49); AND SOPHISTICATED INVESTORS (ARTICLE 50).
We provide staking, delegated staking and re-staking services (all together “Stake”, “Staking”) to users, to enable them to earn a yield on their Supported Cryptoassets. These terms and conditions, together with any documents and policies referred to in them (these “Terms”), set out the agreement between users of our Services (“you”, “your”) and Attestant (BVI) Limited (“we”, “us”, “our”) in relation to your use of our Services, and thereby your access to Rewards.
1.1 The definitions and rules of interpretation in this clause apply in these Terms.
| “Business Day” | means any day other than Saturday or Sunday or a public or bank holiday in the United Kingdom; |
| “Data Protection Laws” | means all applicable law relating to data protection, the processing of personal data and privacy; |
| “Information” | has the meaning set out in clause 11.1; |
| “Protocol” | refers to the underlying protocol on which each Supported Cryptoasset is run, and in relation to which we provide our Services; |
| “Required Amount” | refers to the minimum requirement in order to Stake a particular Supported Cryptoasset, as determined by us and the relevant Protocol; |
| “Rewards” | refers to the transaction fees, rewards and any other Supported Cryptoasset generated by a validator; |
| “Services” | has the meaning set out in clause 2; |
| “Slashing” | refers to the process by which the Staked Supported Cryptoassets are partly or wholly burned in response to supposed misconduct attributed to a validator; |
| “Supported Cryptoassets” | refers to those cryptoassets which are supported by the Services, as listed in Schedule 2. Where a new cryptoasset is created, for example because of a fork in a Protocol, we reserve the right at our sole discretion to declare whether the new cryptoasset is a Supported Cryptoasset (or whether the previous Supported Cryptoasset is no longer a Supported Cryptoasset); |
| “Termination Date” | means the date on which termination takes effect and the Services are no longer provided in accordance with clause 10; |
| “Virus” | refers to any viruses, bugs, vulnerabilities, glitches, weaknesses, spyware, malware, adware or other harmful or deleterious programs, material, code and / or software; and |
| “Website” | https://www.attestant.io/bvi |
1.2 References to clauses and Schedules are to the clauses of and Schedules to these Terms. The Schedules form part of these Terms and shall have effect as if set out in full in the body of these Terms and any reference to these Terms includes the Schedules. Clause and Schedule paragraph headings shall not affect the interpretation of these Terms.
1.3 A reference to these Terms is a reference to these Terms as amended or varied in accordance with its terms from time to time. A reference to a “party” shall include that party's personal representatives, successors and permitted assigns. A reference to “writing” or “written” includes email but not faxes. A “person” includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person's personal representatives, successors and permitted assigns.
1.4 Unless the context otherwise requires, words in the singular shall include the plural and the plural shall include the singular, and a reference to one gender shall include a reference to the other genders.
1.5 Any words following the terms “including”, “include”, “in particular”, “for example”, “such as” or any similar expression shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms.
1.6 References to “dealing in” or “deal in” are references to any participation in cryptoassets including buying, acquiring, accepting, holding, selling, staking, disposing of and / or otherwise making use of cryptoassets.
1.7 Any obligation on a party not to do something includes an obligation not to allow that thing to be done.
2.1 We act as a validator in respect of the Protocols of Supported Cryptoassets. Where you Stake using our Service Supported Cryptoassets of at least the Required Amount, we will (i) use reasonable skill, care and diligence to give you the ability to receive Rewards from the relevant Protocol using our infrastructure and validation software, and (ii) ensure that this infrastructure and validation software is kept up to date and maintained (the “Services”). The specific nature of how we generate Rewards in relation to each Protocol we support shall be specific to the relevant Protocol. If you have any questions regarding how Rewards are generated, please contact us.
2.2 We do not provide the following services under these Terms:
2.2.1 custody of cryptoassets.
2.2.2 investment advice, and the fact that we provide the Services in no way indicates an endorsement of any particular Supported Cryptoasset as an investment.
2.2.3 any form of suitability assessment of a Supported Cryptoasset as a potential investment.
2.2.4 brokerage, crypto exchange services or management of cryptoassets.
3.1 In agreeing to these Terms and / or using the Services, you at all times represent that you:
3.1.1 (if you are a body corporate) are duly organised and validly existing under the laws of your jurisdiction and you have full power, authority and right to bind yourself to these Terms and to receive the Services.
3.1.2 (if you are an individual) are at least 18 years old and eligible to agree to these Terms and all related obligations, including as regards any age, residency, legal capacity, competency and all other requirements.
3.1.3 are legally permitted under all applicable laws and requirements to receive and make use of the Services, and there is no other reason to prevent you from entering into these Terms.
3.1.4 are in compliance with all applicable laws and regulations.
3.1.5 understand the inherent risks associated with cryptographic systems and their usage, and have an understanding of public/private key cryptography, native cryptographic tokens, blockchain-based software systems, as well as cryptocurrencies and digital assets generally. A non-exhaustive illustrative list of potential risks is set out at Schedule 1.
3.1.6 have sufficient access to computers, internet and software as may be required to use the Services.
3.1.7 can afford to lose everything you use to participate in our Services, as Staking involves a high degree of risk.
3.2 You must only use the Services where you have independently (or with the assistance of an independent advisor) determined that the Services are compatible with your requirements or otherwise appropriate for you in light of your individual financial situation.
3.3 In the event that you for any reason cease to be eligible for the Services, you must immediately stop using our Services.
4.1 You will at all times before and whilst using the Services:
4.1.1 provide us with any information we may request for the purposes of verifying your identity (including if relevant that of any of your beneficial owners) and carrying out checks required in relation to the prevention of money laundering, terrorist financing, fraud, or any other financial crime and you permit us to keep a record of such information. This includes completing any verification procedures and customer identity checks that we may require in relation to the Services.
4.1.2 authorise us to make any inquiries, whether directly or through third parties, that we consider necessary to verify your identity or to protect you and/or us against fraud or other financial crime, and to take any action we reasonably deem necessary based on the results of such inquiries.
4.2 You acknowledge that your access to the Services may be altered, on an ongoing basis, as a result of the information provided under this clause 4.
4.3 You acknowledge that in carrying out inquiries, your personal information may be disclosed by us to identity verification, credit reference and fraud prevention or financial crime agencies and that these agencies may respond to inquiries in full. This is an identity check only and should have no adverse effect on your credit rating.
5.1 You acknowledge and agree that you are solely responsible for all use you make of any of the Services.
5.2 You agree that you will:
5.2.1 be fully responsible for all custody and safekeeping of your cryptoassets (including as regards the custody and safekeeping of your private keys), and we shall not be liable for any loss in relation to any issue with or loss of these.
5.2.2 not provide access to your private keys to any person who is not authorised by you to hold them.
5.2.3 allow us to maintain the Services and any related software as required.
5.2.4 not use the Services to send, request, or receive cryptoassets and / or digital currencies other than Supported Cryptoassets.
5.2.5 not interfere with or disrupt the provision of any of the Services or use any of the Services in a way that interferes with anyone else’s use of any of the Services.
5.2.6 not further any criminal or fraudulent activity or impersonate another person.
5.2.7 not breach the rights of any person (including, but not limited to rights of privacy and intellectual property rights).
5.2.8 not republish, redistribute or re-transmit the dashboard, any software or information provided in relation to the Services, or otherwise copy or store such software or information, other than for your use of the Services as permitted by these Terms and as may occur incidentally in the normal course of such use.
5.2.9 not attempt to circumvent the security of or interfere with the proper working of the Services or any server on which they are hosted, or otherwise introduce, or permit the introduction of, any Virus into any software used in relation to the Services.
5.2.10 not use the Services in a way that might damage our name or reputation or that of any of our affiliates.
5.2.11 ensure that neither you nor any person acting on your behalf in connection with these Terms shall, by any act or omission commit, cause, facilitate or contribute to the commission by any person of a tax evasion offence or facilitation of a tax evasion offence (for these purposes, a tax evasion offence includes cheating a public revenue authority or being knowingly concerned in, or in taking steps with a view to, the fraudulent evasion of tax, and tax includes duties and social security contributions).
5.2.12 comply with all applicable laws with respect to your activities under these Terms, and only use the Services as permitted by these Terms.
6.1 In using our Services, you authorise us to deduct our fees from any Rewards you would otherwise receive. Our fees are as set out in the relevant smart contract(s) you send your Supported Cryptoassets to, or as otherwise disclosed by us to you.
6.2 Please note that there may be taxes, fees and costs other than those imposed by or via us, and you are responsible for paying these.
7.1 You will provide us with all information required for us to provide the Services in accordance with these Terms. If you do not provide us with the information we request, then we may be unable to provide you with all or any of the Services.
7.2 We may share information concerning you, including personal information: (i) with our professional service providers (including, but not limited to, auditors, attorneys and advisors) to the extent necessary to conduct ordinary business operations; (ii) with appropriate regulatory, government authorities, and / or (iii) as otherwise required by law, rule, regulation, legal process or a court of competent jurisdiction.
7.3 Further information on how we process personal data and comply with Data Protection Laws is available at https://www.attestant.io/privacy.
8.1 Nothing in this clause 8 or any other term of these Terms shall limit or exclude our liability for (i) death or personal injury caused by negligence; (ii) fraud and / or fraudulent misrepresentation; and / or (iii) any other liability that, by law, may not be limited or excluded.
8.2 We are not liable for any loss (regardless of whether that loss is foreseeable and / or consequential) as a result of:
8.2.1 one or more of the risks set out at Schedule 1 materialising;
8.2.2 you Staking less than the Required Amount, or otherwise using the Services in relation to any asset or thing other than Supported Cryptoassets;
8.2.3 changes to a Protocol, including where loss is a consequence of a decision we make (at our sole discretion) in relation to whether we support a change to a Protocol;
8.2.4 any issue you have with your storage of Supported Cryptoassets (as you are responsible for your storage of Supported Cryptoassets);
8.2.5 any issue with the operation of the Protocol, or otherwise in relation to any code that is not created and implemented by us;
8.2.6 you breaching these Terms;
8.2.7 cryptoassets being lost as a result of a determination of the Protocol, so long as we have taken commercially reasonable steps to prevent this loss;
8.2.8 you using the Services in any way which either causes us to perform a regulated activity for which we are not authorised, or which otherwise results in a breach of applicable law and / or regulation;
8.2.9 exercising any of our rights under these Terms, including any right to suspend or terminate the provision of any of the Services; and / or
8.2.10 events outside our reasonable control.
8.3 Although we will take all reasonable care to ensure all electronic communications and attachments we send to you are free from any known Virus, we are not responsible for any loss or damage resulting from any attack by a third party on our systems, any Virus or any other malicious or technologically harmful material that may infect your computer equipment, computer programs, data or other material due to your use of the Services. You also acknowledge and accept the risks inherent in communicating by email, particularly of its unauthorised interception and of its not reaching the intended recipient.
8.4 To the extent that we may be deemed by any applicable law to owe you any fiduciary duties or to be in a fiduciary relationship, we explicitly exclude and reject any such duties or relationship to the extent permitted by applicable law. We also do not provide, nor accept responsibility for, legal, tax or accounting advice.
8.5 We are in no event liable for any losses other than where such loss is caused directly and reasonably foreseeably by our negligence (and in no event shall we be liable to you for any indirect or consequential losses, or for any loss of profit, revenue, contracts, data, goodwill or other similar losses). We shall be under no obligation to inquire into, and shall not be liable for, any losses incurred by you or any other person as a result of the maintenance, transfer, receipt or delivery of fraudulent, defective or otherwise impaired Supported Cryptoassets.
8.6 Our total liability for losses under these Terms shall not exceed the fees payable by you to us for the relevant Services you received during the 6 months preceding the relevant loss, and this is strictly limited to losses that were reasonably foreseeable. Losses are foreseeable where they could be contemplated by both parties at the time that they enter into these Terms.
9.1 Nothing in this clause 9 or any other term of these Terms shall limit or exclude your liability for (i) death or personal injury caused by negligence; (ii) fraud and / or fraudulent misrepresentation; and / or (iii) any other liability that, by law, may not be limited or excluded.
9.2 You agree to indemnify us for:
9.2.1 actual, reasonable legal costs and expenses directly related to any regulatory inquiry, legal action, litigation, dispute or investigation, whether such situations occur or are anticipated, that relate to you.
9.2.2 any loss directly resulting from a breach of any of the terms of these Terms by you.
10.1 These Terms shall apply from the date on which you start using the Services.
10.2 You may terminate your agreement with us under these Terms with immediate effect at any time by ceasing to use our Services. We may terminate our agreement with you under these Terms in relation to all or certain Supported Cryptoassets for convenience at any time by giving notice to you in accordance with clause 13.
10.3 On the Termination Date, you will no longer be able to use or have any right to use the Services. In addition, you must pay all outstanding amounts owed to us and you will not receive a refund for any fees paid in relation to Services received up to the Termination Date.
11.1 We license, but do not sell, the Services and any related software or provided information (including the dashboard, documents, text, graphics, photographs and other images, videos, sound, trademarks and logos (all together, “Information”)) to you for your own personal use.
11.2 We and our licensors (if any), are at all times the owner of all intellectual property relating to the Services and any related software or provided Information. Nothing in these Terms gives you any rights in respect of any intellectual property owned by us or our licensors (if any) and you do not acquire any ownership rights by using or receiving any software or any provided Information in relation to the Services.
11.3 You shall not, except as may be allowed by applicable law which is incapable of exclusion by agreement between you and us:
11.3.1 attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of any software and / or Information used and / or provided in relation to the Services in any form or media or by any means;
11.3.2 attempt to reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of any software and / or Information used and / or provided in relation to the Services;
11.3.3 access all or any part of the Services, including any software and / or Information used and / provided in relation to the Services, in order to build a product or service which competes with the Services;
11.3.4 (except and solely to the extent specifically permitted by us in writing) license, sell, rent, lease, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, or otherwise make the Services, and any software and / or Information provided in relation to the Services, available to any third party; and / or
11.3.5 attempt to obtain, or assist third parties in obtaining, access to the Services (including any software and / or Information provided in relation to the Services) other than as permitted by these Terms.
11.4 Software may contain code, commonly referred to as open source software, which is distributed under any of the many known variations of open source licence terms, including terms which allow the free distribution and modification of the relevant software’s source code and/or which require all distributors to make such source code freely available upon request, including any contributions or modifications made by such distributor (collectively, “Open Source Software”). To the extent that the Services or related software use or contain any Open Source Software, that element only is licensed to you under the relevant licence terms of the applicable third party licensor (“Open Source Licence Terms”) and not under these Terms, and you accept and agree to be bound by such Open Source Licence Terms. A reference to the source code for any Open Source Software contained in any software used to deliver the Services and the relevant Open Source Licence Terms will be made available to you upon request.
12.1 We may revise these Terms at any time by amending this page. We will give you reasonable advance notice of any changes, or we may make changes with immediate effect if they are in your favour. We will notify you of changes by putting an alert on our Website.
12.2 You will be treated as accepting any change that we make to these Terms unless you tell us that you do not agree to the change, in which case you have the right to terminate these Terms and stop using our Services in accordance with clause 10.
13.1 Communications to us may be made by email to bvi-contact@attestant.io.
13.2 Communications to you may be made either by using the latest contact details that you provided to us, or by making a notification on our Website.
13.3 Communications:
13.3.1 by email will be deemed received on the earlier of the time at which it is accessed or 2 Business Days after receipt (except as regards emails sent to us, if there is a bounce-back stating the communication has not been delivered, the communication shall be deemed not sent); and
13.3.2 via notification on our Website will be deemed delivered when the notification is visible on our Website.
13.4 Communications between the parties shall be in English. Should we receive a communication which purports to be you, we are entitled, but not obliged, to rely on and conclusively presume that such communication or instruction has been given by you.
14.1 You may not assign, transfer, charge or create third party interests over any of your rights or responsibilities in relation to these Terms, nor may you agree to do any of the same, without our prior written consent (which may by withheld at our sole discretion).
14.2 We may delegate the provision of any aspects of the Services, so long as we take due skill and care in selecting and overseeing our delegee.
14.3 Each of the provisions of these Terms are separate, severable and enforceable. If any provision of these Terms is found by any court or body or authority of competent jurisdiction to be illegal, unlawful, void or unenforceable, such term will be deemed to be severed from these Terms and this will not affect the remainder of these Terms which will continue in full force and effect.
14.4 No waiver or variation of any part of these Terms shall be effective unless in writing. No failure or delay by us to exercise any right, power or remedy under these Terms shall operate as a waiver or variation of that right, or any other right, nor shall any single or partial exercise of any right, power or remedy preclude any further exercise of that right or any other right, power or remedy.
14.5 We shall be entitled to set off any amount owed to us by you for any reason whatsoever from time to time against any sum which we owe to you, and payment of the net amount shall discharge both sums due.
14.6 These Terms constitute the entire agreement between you and us as the parties to them and supersedes any prior agreement or arrangement in respect of their subject matter. Neither party has entered into these Terms in reliance upon, and will have no remedy in respect of, any misrepresentation, representation or statement which is not expressly set out in these Terms, and the only remedies available for any misrepresentation or breach of any representation or statement which was made prior to entry into these Terms and which is expressly set out in these terms will be for breach of contract.
14.7 Except as set out in these Terms, we do not make or give any representation or warranty as to the accuracy, completeness, currency, correctness, reliability, integrity, quality, fitness for purpose or originality of any information provided regarding the Services and, to the fullest extent permitted by law, all implied warranties, conditions or other terms of any kind are excluded and we accept no liability for any loss or damage of any kind incurred as a result of you or anyone else relying on such information.
14.8 The parties do not intend that the provisions of these Terms shall be enforceable by any person not a party to them.
14.9 Nothing in these Terms is intended to or shall operate to create a partnership between the parties to them, nor authorises either party to act as agent for the other. Neither party shall have the authority to act in the name of or on behalf of or otherwise to bind the other in any way (including the making of any representation or warranty, the assumption of any obligation or liability and the exercise of any right or power).
14.10 We will always endeavour to act in your best interests as our client. However, circumstances can arise where we or one of our other clients may have some form of interest in business being transacted for you. If this happens or if we become aware that it could happen, we will take appropriate steps to manage the conflict of interests fairly.
14.11 The terms of these Terms, its subject matter and their formation, and any non-contractual obligations arising out of or in connection with them are governed by the laws of England and Wales, subject to any mandatory provisions of the applicable law of your place of residence. The courts of England and Wales have exclusive jurisdiction to determine any dispute arising out of or in connection with these Terms, including in relation to any non-contractual obligations.
14.12 These Terms shall not prevent us from entering into similar agreements with third parties, or from independently developing, using, selling or licensing documentation, products and/or services which are similar to those provided under these Terms.
14.13 These Terms take effect and bind the parties to them with effect from the date on which you start using the Services.
STAKING INVOLVES A HIGH DEGREE OF RISK. SET OUT BELOW IS AN OVERVIEW OF SOME OF THESE RISKS, HOWEVER THIS LIST IS NOT EXHAUSTIVE AND YOU MUST ONLY USE THE SERVICES AFTER TAKING AN INDEPENDENT ASSESSMENT OF THE POTENTIAL RISKS INVOLVED. IN USING THE SERVICES, YOU CONFIRM THAT YOU UNDERSTAND AND ACCEPT THE RISKS INVOLVED.
We neither own nor control the underlying software Protocols which govern the operation of Supported Cryptoassets. We are not responsible for the operation of the underlying Protocols and cannot guarantee their functionality, security, or ongoing availability. The nascent nature of Protocols means that there may be risks in terms of robustness or potential for a Virus, for example, which are outside of our control.
As Protocols and related software may still be being developed, there could be unforeseen Viruses in them that might result in events which lead to you losing Supported Cryptoassets. In addition, there may be further changes to Protocols and related software which we may, at our sole discretion, choose not to support through the Services (for example, if there is a fork of a Protocol leading to the creation of a new digital asset, we reserve the right at our sole discretion to determine whether we will provide Services in relation to the new digital asset, and shall not be liable for loss as a result of such decision).
Hackers or other malicious groups or organizations may attempt to interfere with a Protocol and related software in a variety of ways, including malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing and spoofing, as well as attacks which overpower the mechanisms on which Protocols are built and attacks which interfere with or otherwise cause Protocols to malfunction. These attacks are outside of our control.
We will not to our knowledge provide you with any Virus, however you accept that the nature of the Services provided means that there is a risk of software containing Viruses. As such, by using the Services you agree to act reasonably in performing your own checks for potential Viruses and to provide us with reasonable assistance in identifying and remedying any Virus which you become aware of. To the extent that you interact with software provided by or on behalf of a third party, you accept that we cannot check such software for Viruses and as such we cannot take responsibility for any Viruses contained in such software.
Certain Protocols may have restrictions, which could for example restrict the amount that can be Staked, change the Required Amount to be able to Stake, or change the ability to deal in Supported Cryptoassets (such as the ability to make transfers). Such restrictions may be temporary or permanent, and are outside of our reasonable control.
Where you interact with other software providers you accept that there may be additional risks in relation to such other software, and that it is your responsibility to assess the suitability and appropriateness of any such software and any loss caused by such use is not our responsibility.
Investing in cryptoassets is a high-risk investment. Risks include but are not limited to: hacking, fraud, glitches, malfunctions, breakdown, abandonment, volatility, information asymmetry, illiquidity, general economic risks, and unanticipated changes. The value and liquidity of Supported Cryptoassets may be subject to large fluctuations, and is affected, for example, by the willingness of persons to invest.
The value of Supported Cryptoassets is reliant on the success of the relevant project. As such, Supported Cryptoassets generally have all of the risks and uncertainties normally associated with an early-stage business. Financial and operational risks are significant and Supported Cryptoassets are generally not immune to these. The start-up market in which the Supported Cryptoassets compete is highly competitive, and the percentage of cryptoassets that survive and prosper is small. The lack of an operating history may make it difficult for you to evaluate the operating prospects in connection with Supported Cryptoassets. Generally, there is a chance that a Supported Cryptoasset might be unsuccessful or otherwise become valueless.
A private key (or combination of private keys), is generally necessary to control and dispose Supported Cryptoassets. Accordingly, your loss of requisite private key(s) associated with your digital wallet or vault storing Supported Cryptoassets will result in loss of such. Moreover, any third party that gains access to such private key(s), including by gaining access to the login credentials of a hosted wallet service you use, may be able to misappropriate your Supported Cryptoassets. Any errors or malfunctions caused by or otherwise related to the wallet you chose to receive and store your Supported Cryptoassets in, including your own failure to properly maintain or use such wallet, may also result in the loss of your Supported Cryptoassets.
Advances in cryptography, or technical advances such as the development of quantum computing, could present risks to Supported Cryptoassets by rendering ineffective the cryptographic consensus mechanism that underpins them.
Regulation of Supported Cryptoassets such as the Tokens and the offering thereof, as well as blockchain technologies, is likely to rapidly evolve. Regulation varies significantly between different jurisdictions and is subject to significant uncertainty. Regulators may in the future adopt laws, regulations, guidance or other actions that may severely impact the development, operations and growth of the Supported Cryptoassets.
The tax treatment of dealing in Supported Cryptoassets is evolving and uncertain in many jurisdictions and it is possible that the legislators or tax authorities in the jurisdiction in which you are resident may introduce legislation or guidance which may adversely impact the tax treatment of Supported Cryptoassets or be inconsistent with the tax position which you decide to adopt.
There may not be an established trading market for Supported Cryptoassets. There may be no assurance that an exchange will accept any attempted listing of Supported Cryptoassets or maintain the listing if accepted, or that any trading market will be successfully developed or launched. Moreover, even if such a market in Supported Cryptoassets is established, any such trading market may not be widely adopted, may have limited users, and could be subject to significant competition. As a result, there may be no assurance as to the liquidity of Supported Cryptoassets on any market, and the value of Supported Cryptoassets over time may experience extreme volatility or depreciate in full.
Other persons, including competitors, may hold or obtain proprietary rights, including intellectual property rights, that could prevent, limit, or interfere with the value of Supported Cryptoassets. There is also a risk that the means a project uses to protect its rights may not be adequate, and weaknesses or failures in this could adversely affect the reputation and value of Supported Cryptoassets.
Supported Cryptoassets may also be subject to significant price volatility. The prices of cryptoassets have historically been subject to dramatic fluctuations and are highly volatile, and the market price of the Supported Cryptoassets may also be highly volatile. A range of factors may influence the market price, if any, of Supported Cryptoassets, including, but not limited to: (i) the ability (if any) of Supported Cryptoassets to trade on a secondary market; (ii) global digital asset supply and demand; (iii) general expectations with respect to the rate of inflation, interest rates and exchange rates; (iv) changes in the software, software requirements or hardware requirements underlying Supported Cryptoassets; (v) changes in the rights, obligations, incentives, or rewards for the various holders of Supported Cryptoassets; (vi) interruptions in service from or failures of major exchanges on which cryptoassets are traded; (vii) investment and trading activities of large purchasers that may directly or indirectly invest in Supported Cryptoassets or other digital assets; (viii) monetary policies of governments, trade restrictions, currency devaluations and revaluations; (ix) regulatory measures, if any, that affect the use of cryptoassets and changes in applicable law; (x) global or regional political, economic or financial events and situations; and (xi) expectations among digital assets participants that the value of Supported Cryptoassets or digital assets generally will soon change. A decrease in the price of a single digital asset may cause volatility in the entire digital asset and token industry and may affect other types of digital assets including Supported Cryptoassets. Volatility may result in significant loss over a short period of time.
Please be aware that the value of the Supported Cryptoassets can fall as well as rise. If you deal in Supported Cryptoassets, you may not get back the full amount you spend, or anything at all. The value of Supported Cryptoassets may depend on fluctuations in the financial markets, or other economic factors, which are outside our control. The past performance of other cryptoassets is not necessarily a guide to the future performance of Supported Cryptoassets.
The size of any Reward is variable and dependent upon a number of factors, depending on the relevant Protocol.
There may be specific requirements you need to comply with when Staking in relation to a particular Supported Cryptoasset, for example there may be a requirement to Stake a minimum Required Amount, and if you do not do so you may not receive any Rewards.
It is possible to lose Supported Cryptoassets as a result of Staking. If you Stake Supported Cryptoassets and the Staking software goes offline, or if the Staking software vouches for an invalid transaction, you may lose Supported Cryptoassets.
As the development of certain Protocols is happening in stages, you may have a delay in being able to exercise some functionality in relation to Supported Cryptoassets, and it may be uncertain when, if ever, that functionality will become available.
Regulation of Staking is likely to rapidly evolve. Regulators may in the future adopt laws, regulations, guidance or other actions that may severely impact our ability to provide the Services, in certain or all jurisdictions. Generally, there is a chance that we cease providing our Services in relation to all or certain jurisdictions if we deem it no longer commercially sensible to provide them. If in the future we are required to obtain a licence, there is a risk that that we may not be able to obtain it, either within a reasonable time period or at all, and the consequence of this will accordingly be to restrict our business and ability provide the Services.
Generally, there is a risk of loss due to fraud or simple human error beyond our control. For example, if you input incorrect information when sending an instruction, there is a risk that the relevant Supported Cryptoassets will be lost and not be recoverable. It is your responsibility to ensure that all information supplied by you in connection with the Services is correct and complete.
Whilst we have set out above the general risks relevant to the Services, there may be specific additional risks in relation to a specific Supported Cryptoasset. In using our Services, you confirm that you have performed your own due diligence in relation to the relevant Supported Cryptoassets, and accept that we are not responsible if the risks relevant to a particular Supported Cryptoasset, rather than our Services, materialises.
Please note that there may be other risks in addition to those outlined above in relation to dealing in Supported Cryptoassets and participating in the Services, that a combination of the above described risks may materialise, and that there may be further new types of risks that arise in the future.