Important notice: We reserve our right to change, cancel, suspend, or modify any aspect of the Earn Module Terms at any time and at our sole and absolute discretion, taking into account the User’s benefits and rewards earned. You agree it is your responsibility to follow and review any such changes. We will notify you of any changes via our webpage or Earn Module interface becoming effective on the day of their publication. It shall be considered that you agree with the changed Terms if you continue to use the Earn Module after the changes become effective.
Earn module enables our clients to put their virtual currencies into practical use (for example but not limited to staking, network contribution, transaction confirmations, lending, and blockchain protocols (“Earn Protocols”), and in exchange earn cryptocurrency rewards as a form of passive income. Kriptomat has selected different cryptocurrency rewards service providers (“Earn Protocol Service Providers”), to which our Users put their cryptocurrency assets for use for different Earn Protocols through our Platform.
Kriptomat Earn Program is only available to Kriptomat Platform Users, and these Terms are interpreted and understood as part of and subject to Kriptomat’s Terms of Service, governing the use of the Earn Module. In the event that the provisions of general Terms of Service and these Terms differ, the provisions of these Terms shall prevail within the framework of Earn Module; and in the case of Special Earn Promotions, the order of validity is as follows: Special Earn Promotions, these Terms, Kriptomat Terms of Service. Use of the term (these) Terms includes Special Earn Promotions, insofar as they are current.
When you confirm these Terms and initiate Kriptomat Earn Services you authorize us to enter into an agreement with Earn Protocol Service Provider in your name and on your behalf. By initiating different options within the Earn Module, you initiate different transactions with the Earn Protocol Service Provider, namely the transactions being initiated in your name and on your behalf, via API connection embedded in the Earn Module.
By initiating a transfer of your virtual currencies to Earn Protocol Service Providers you are enabling your Earn Deposit to be used by Earn Protocol Service Provider, in accordance with the Terms hereof and Earn Protocol Service Provider Terms. All virtual currencies transferred to the Earn Protocol Service Provider by you as part of the Earn Services are sent to use and held by the Earn Protocol Service Provider for its own account.
By virtue of agreeing to these Terms and depositing any Qualified Virtual Currencies to Earn Module, you agree you authorize us to transfer such virtual currencies via API to Earn Protocol Service Providers in accordance with the terms hereof. This means that Earn Balance will reflect the amount Qualified Virtual Currencies put in use with Earn Protocol Service Providers, whereby the Qualified Virtual Currencies will no longer be held within Kriptomat system but will be held by Earn Protocol Service Provider.
UNDER NO CIRCUMSTANCES DOES KRIPTOMAT HOLD VIRTUAL CURRENCIES IN CUSTODY ON YOUR BEHALF AS PART OF THE EARN SERVICES GOVERNED BY THESE TERMS. INITIATING EARN SERVICES WITHIN THE EARN MODULE ON THE KRIPTOMAT PLATFORM SOLELY AUTHORIZES KRIPTOMAT TO PROVIDE CERTAIN TRANSACTIONS AS INSTRUCTED BY YOU BY ACTIVATING DIFFERENT ACTIONS WITHIN THE EARN MODULE, WHEREBY KRIPTOMAT UNDER NO CIRCUMSTANCES CAN NOT BE CONSIDERED AS A PARTY OF THE EARN SERVICE AGREEMENT. EARN SERVICE REPRESENTS AN AGREEMENT BETWEEN YOU AND THE EARN SERVICE PROTOCOL PROVIDER.
The use of terms such as “Account”, “Account balance”, “Deposit”, “Withdraw” and similar does not imply or establish any form of custody relationship. Any such terms are used solely for convenience in referring to User’s using the Earn Services and to reflect the transactions between them and the Earn Protocol Service Provider(s), executed by authorizing us to initiate the transactions in the User’s name and on their behalf using integrated API connections with Earn Protocol Service Provider(s) within Earn Module.
UNDER NO CIRCUMSTANCES OUR EARN SERVICES APPLY TO, INCORPORATE, AND/OR INCLUDE FIAT MONEY. EARN SERVICES APPLY SOLELY TO VIRTUAL CURRENCIES, SUBJECT TO QUALIFIED VIRTUAL CURRENCIES.
Your Earn Account is not a bank account, deposit account, savings account, checking account, or any other type of asset account and should not be characterized, understood, considered, or interpreted as a banking product or service.
Capitalized terms shall have the meanings assigned to them in these Terms.
“Affiliate” means an entity that owns or controls, is owned or controlled by, or is or under common control or ownership with a party, where control is defined as the direct or indirect power to direct or cause the direction of the management and policies of such party, whether through ownership of voting securities, by contract, or otherwise.
“(User) Earn Account” or “(Kriptomat) Earn Account” means a User’s sub-account within their Kriptomat account on the Kriptomat Platform, allowing a User to access and use the Earn Services. The Earn account is generated when the User activates Earn Module within their Kriptomat Account.
“Earn Balance” means a balance on the User’s Earn Account, which represents a balance of its Kriptomat Account balance, for which User instructed to be deducted and deposited in its Earn Account to be further used for Earn Protocols, and earnings User receives in return for enabling its virtual currencies to be used for different Earn Protocols.
“Earn Deposit” means the balance of Qualified Virtual Currencies that the User deposits in its Earn Sub-Wallet Account transferred from their Kriptomat wallet to be further used for Earn Protocols, and that is put to use with Earn Protocol Service Providers.
“Earn Deposit Period” means the time period during which the Earn Deposit is available in User’s Earn Account to be put to use using Earn Protocols. Earn Deposit Period starts with the deposition of Qualified Virtual Currency in your Earn Account, and terminates with your withdrawal to your Kriptomat account (opting out from Earn Service).
“Earn Protocols” means different ways of putting virtual currencies to work with the aim to earn cryptocurrency rewards (for example but not limited to staking, network contribution, transaction confirmations and other blockchain protocols).
“Earn Protocol Service Provider” means a service provider that offers different earn protocols as their service to earn cryptocurrency rewards.
“Earn Module” is a section within User’s Kriptomat Account through which Users can access Earn Services.
“Kriptomat Account” means the User’s account on the Kriptomat Platform through which it is using Platform services. Within the Kriptomat Account, the User can see its balance and use its Kriptomat virtual wallet in which virtual currencies can be held and transferred.
“KriptoEarn” is a trademark name under which Kriptomat provides the Earn Services under these Terms.
“Kriptomat Earn Balance” means a sum of Earn Deposit and cryptocurrency assets received as a reward for using the Earn Deposit for Earn Protocols. Kriptomat Earn Balance is a virtual balance as the Earn Balance assets are held at Earn Protocol Service Provider.
“KriptoEarn” means a service which enables Users to put their virtual currencies into practical use, such as staking, network contribution, transaction confirmations, and blockchain protocols, and in exchange earn cryptocurrency rewards as a form of passive income subject to these Terms.
“Kriptomat Platform (Platform)” means https://kriptomat.io, and applicable mobile applications.
“Qualified Virtual Currencies” means the types of virtual currencies we may choose to designate for inclusion under one or more of the Earn Services from time to time, which are subject to change and/or limitation at our sole discretion.
Special Earn Promotion(s) means special terms applicable to Kriptomat Earn Service as published from time to time by Kriptomat.
Eligibility of Services
Only Kriptomat Platform users are eligible to use the Earn Services subject to their consent to these Terms.
The Earn Services are not available where prohibited by law or by Kriptomat policy subject to Terms of Service.
Be advised that in some jurisdictions, due to regulatory considerations, Kriptomat may not provide part or all of the Earn Services.
Due to changing regulatory requirements and interpretations in the cryptocurrency markets, Kriptomat will use its sole and absolute discretion to limit or disable the Earn Services if determined that regulatory or policy reasons prevent Kriptomat from being able to offer Earn Services in whole or for individual markets.
Kriptomat Earn Account
Your Earn Account allows you to view your Earn Balance in connection with the Earn Services and access the Earn Services. Importantly, you are solely responsible for the activities under your Kriptomat Earn Account, and we will in no case be liable for following any instructions (authorizations) we receive through your Kriptomat Earn Account. You will be required to actively confirm each transaction or action (eg. withdrawal, depositing virtual currency on your Earn Balance, and similar). By confirming certain actions within your Earn Account you authorize us to initiate a required transaction with the Earn Protocol Service Provider.
Importantly, your Kriptomat Earn Account is not a deposit or checking account, and Kriptomat does not hold any virtual currencies on your behalf. All Qualified Virtual Currency balances on your Earn Account represent virtual currencies that are put to use by you to Earn Protocol Service Provider(s), and therefore, owned, held, and controlled by Earn Protocol Service Provider, and subject to their obligation to deliver such virtual currencies back to you upon the termination of the Earn Service, which we will deliver to you as an authorizee together with the Earn Service Reward.
The balance of Qualified Virtual Currencies (Earn Deposit) that you put to use via Earn Module, and any Rewards gained thereon are visible via your Kriptomat Earn Account. You may discontinue the use of Earn Deposit at any time either in full or partially, and request that Earn Deposit is transferred to you, together with any Rewards accrued from the Earn Service, in each case by transferring such Qualified Virtual Currency and Rewards to your Kriptomat Wallet. However, we may offer you different KriptoEarn options, including locked periods, in which case the withdrawal option is disabled for the defined locked term. In such case your withdrawal is limited for the pre-defined period.
Important Notice: We may offer different options and conditions within the Earn Module, including locked periods, minimum or maximum Qualified Virtual Currency requirements, and similar. All such conditions and terms may change at any time and form an integral part of Kriptomat Earn Module Terms. Before participating in the Kriptomat Earn Module make sure you understand all the terms and conditions, and check the terms regularly for any changes. You take full responsibility for acquainting yourself with the KriptoEarn applicable terms and conditions.
Earn Module, Earn Service, and Earn Service Reward do not represent and cannot be interpreted as an investment program, nor a speculative tool. Rather, you are earning on the basis of putting your Qualified Virtual Currencies to work with Earn Protocol Service Providers in accordance with the example reward rates published by Kriptomat from time to time, in accordance with these Terms.
Earn Service Reward
Our Earn Services allows you to earn an in-kind reward as payment for putting your virtual currencies into use, referred to as “Rewards”, and they are distributed to you by us once received from Earn Protocol Service Provider, in the in-kind form (in virtual currencies as put into use).
Your Kriptomat Earn Account balance visible in your Earn Account shall indicate the Earn Deposit, which represents the amounts of Qualified Virtual Currencies put to use for Earn Protocols. You can put to use additional Qualified Virtual Currency by putting the amount and choosing the type of virtual currencies within the Earn Module section. Any Virtual Currency received through the Earn Module will be treated by us as being put to use on the next day from confirming Qualified Virtual Currency to be dedicated to Earn Account (“Earn Start Date”).
You may start accruing Rewards from the Earn Start Date, calculated and granted by Earn Protocol Service Provider based on the applicable Earn Protocol, and the corresponding amount of Qualified Virtual Currency shall be reflected in your Kriptomat Earn Account balance.
Importantly, Kriptomat does not guarantee nor promise any Rewards as they are determined by the Earn Protocols and Earn Protocol Service Providers. The Rewards may vary due to the technical parameters of the protocols for which your virtual currencies are used. The Rewards are provided in the Earn Account interface.
Important notice: The Rewards as provided in the Earn Module interface may change at any time subject to our unilateral decision. Kriptomat does not guarantee nor promise any Rewards as they are determined by the Earn Protocols and Earn Protocol Service Providers. The Rewards may vary due to the technical parameters of the protocols for which your Qualified Virtual Currencies are used. The Rewards provided in the Earn Account interface are provided solely as an example of possible Rewards and may change at any time as determined by the protocols of the applicable network and similar.
Rewards will be payable in arrears and added to the principal Earn Deposit, and reflected in your Kriptomat Earn Account balance weekly, namely each Monday. All generated rewards on your Earn Deposit will be distributed to you. We may offer you certain reward generation options within the Earn Modul menu (eg. defined term for Earn Deposit).
We will record the Rewards earned for the previous week on or around the first business day of each week, within Earn Account. Your Kriptomat Earn Account must be active on the date the Rewards are payable for you to receive the applicable Rewards. All Rewards will be added to your Account Earn balance in-kind.
If, at any time, for legal or other reasons, Kriptomat Earn Account is suspended or frozen by Kriptomat, Qualified Virtual Currencies connected to such Kriptomat Earn Account shall not be eligible to earn Rewards.
Special Earn Promotions
Special Earn Promotions campaigns may apply from time to time which may define different rewards and/or conditions as valid for the campaign (eg. the maximum value of the Deposit Balance eligible to conditions of the Special Earn Promotions campaigns, the type of Qualified Virtual Currencies, time restrictions, etc.). In such cases and under the conditions and for the period as defined in such Special Earn Promotions, the terms of such special promotion apply.
It is important that you carefully read such Special Earn Promotions in conjunction with these Terms prior to participating in the Special Earn Promotion.
This Risk Disclosure complements risk disclosure in the Terms of Service. You should carefully read and make sure you understand Risk disclosure in the Risk Section of the Terms of Service.
These Terms and your use of Earn Services do not create a fiduciary relationship between us and you; your Kriptomat Earn Account is not a checking or savings account, and it is not covered by insurance against losses. You are exposed to the possibility of Earn Protocol Service Provider becoming unable to repay its obligations in part or in full, in which case your Earn Deposit repayment may be at risk.
KRIPTOMAT IS NOT A BANK OR DEPOSITORY INSTITUTION, AND YOUR KRIPTOMAT EARN ACCOUNT IS NOT A DEPOSIT ACCOUNT. QUALIFIED VIRTUAL CURRENCIES (EARN DEPOSIT) REPRESENTED IN YOUR KRIPTOMAT EARN ACCOUNT ARE NOT HELD BY KRIPTOMAT AS A CUSTODIAN OR FIDUCIARY, ARE NOT INSURED BY ANY PRIVATE OR GOVERNMENTAL INSURANCE PLAN, AND ARE NOT COVERED BY ANY COMPENSATION SCHEME. YOUR KRIPTOMAT EARN ACCOUNT DOES NOT CONSTITUTE AN INVESTMENT CONTRACT OR A SECURITY, IS NOT TRANSFERABLE, AND MAY NOT BE TRADED, EXCHANGED, OR SOLD TO ANY THIRD PARTY UNDER ANY CIRCUMSTANCES.
In the event that Earn Protocol Service Provider becomes bankrupt, enters liquidation, or is otherwise unable to repay its obligations (including in case of cyber attack, or an other technical and/or security breach, malfunction, error resulting in virtual currency loss), you may not be able to recover or regain ownership of such virtual currencies, and other than your rights as a creditor of Earn Protocol Service Provider under any applicable laws, you may not have any legal remedies or rights in connection with Earn Protocol Service Provider’s obligations to you. You also shall not have any legal remedies or rights in connection with Earn Services towards us.
In no case Kriptomat shall be considered liable either independently or in conjunction with Earn Protocol Service Provider for any loss, direct or indirect, or inability to return the Earn Deposit or pay the Earn Rewards by the Earn Protocol Service Provider.
Subject to these Terms, you have a termination option on all Earn Deposits and demand immediate complete or partial repayment of any Earn Deposit at any time through a complete or partial withdrawal of Qualified Digital Currencies from your Kriptomat Earn Account balance at any time. Such repayment request will immediately result in cessation of use of Earn Deposit in whole or in part, and you shall no longer accrue Rewards on the amount of withdrawn Earn Deposit as of the time of your exercise of the Earn Deposit termination. Kriptomat initiates the withdrawal process immediately following a withdrawal request when possible; however, we may require up to three (3) business days after you submit your withdrawal request to process the withdrawal. You shall receive the repayment on your Kriptomat account balance.
For the avoidance of doubt, any repayment shall be in-kind (i.e. in the same type of Qualified Virtual Currency, but not the actual same Virtual Currency originally transferred by you.
Consent to Authorize Kriptomat to act on your behalf
In accordance with the provisions of these Terms, you expressly authorize us to carry out transactions of your Earn Deposit to the Earn Protocol Service Providers. As an authorized person, we will perform solely transactions for which you authorize us through the selection of appropriate actions in the Earn Modul, and distribute the Rewards we receive from the Earn Protocol Service Provider commencing from your Earn Deposit. Importantly, by depositing Qualified Virtual Currency on your Earn Account, you authorize us to send such Qualified Virtual Currency to Earn Protocol Service Provider, to which you grant for the duration of the Earn Deposit Period, all right and title to such virtual currency, including ownership rights, and the right, without further notice to you, to hold such virtual currency in their own digital virtual wallet or elsewhere, and to use them at its sole discretion (loan based transfer). Earn Services for Qualified Virtual Currencies may be offered by different Earn Protocol Service Providers, which is subject to our discretion and right to replace any time and without any notification obligation.
You acknowledge that with respect to Earn Deposit during the term of such Earn Deposit Period you will not be able to exercise the right of ownership on the virtual currencies that are subject of Earn Deposit.
Kriptomat may receive compensation in connection with the Earn Services.
Qualified Virtual Currencies
We may, from time to time and in our sole discretion, add and/or remove certain Virtual Currencies from our list of Qualified Virtual Currencies, or limit certain Virtual Currencies to specific Earn Protocol purposes. If a Virtual Currency is removed, it will no longer be available to be used in connection with our Earn Services. We will notify our Users of our intention to add and/or remove Qualified Virtual Currency as soon as commercially reasonable. However, under certain circumstances (e.g. for legal reasons) such changes may be required to be made immediately and without prior notice. In the event any virtual currency ceases to be a Qualified Virtual Currency, you will no longer be entitled to receive any Earnings in connection therewith, or make any other use of it via our Earn Services. We may choose to disallow the use of any Qualified Virtual Currency for certain Earn Services at our sole discretion.
Disclaimer of Warranty
KRIPTOMAT EARN SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTY UNDER THESE TERMS AND TO THE EXTENT ALLOWED BY APPLICABLE LAW ALL EXPRESS OR IMPLIED CONDITIONS, REPRESENTATIONS, AND WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SATISFACTORY QUALITY, OR ARISING FROM A COURSE OF DEALING, USAGE, OR TRADE PRACTICE, OR WARRANTY OF NON-INFRINGEMENT ARE DISCLAIMED. IN NO EVENT SHALL KRIPTOMAT, ITS AFFILIATES AND SERVICE PROVIDERS, EARN PROTOCOL SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE FOR ANY AMOUNT GREATER THAN THE VALUE OF THE BALANCE OF YOUR KRIPTOMAT EARN ACCOUNT; AND IN NO EVENT THEY SHALL BE LIABLE FOR ANY LOST PROFITS, DIMINUTION IN VALUE OR BUSINESS OPPORTUNITY, ANY LOSS, DAMAGE, CORRUPTION OR BREACH OF DATA OR ANY OTHER INTANGIBLE PROPERTY OR ANY SPECIAL, INCIDENTAL, INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE KRIPTOMAT EARN SERVICES OR THE KRIPTOMAT EARN ACCOUNT, OR THESE TERMS, EVEN IF AN AUTHORIZED REPRESENTATIVE OF KRIPTOMAT HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES (COMPLETE EXCLUSION OF LIABILITY).
KRIPTOMAT WILL MAKE REASONABLE EFFORTS TO ENSURE THAT REQUESTS FOR TRANSACTIONS ARE PROCESSED IN A TIMELY MANNER BUT KRIPTOMAT MAKES NO REPRESENTATIONS OR WARRANTIES REGARDING THE AMOUNT OF TIME NEEDED TO COMPLETE PROCESSING (WHICH IS DEPENDENT UPON MANY FACTORS, INCLUDING THOSE OUTSIDE OF OUR CONTROL), AND KRIPTOMAT SHALL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES WHICH YOU MAY INCUR AS A RESULT OF ANY DELAY IN THE PROVISION OF THE SERVICES.
8 November 2022