Users who have completed Know-Your-Customer and Anti-Money Laundering checks, as well as other onboarding procedures, and are whitelisted with Bondhive Limited ("referred to as the "Company", and "Bondhive", "we", or "us") and related products and services (the "Services") on the Company platform (the "Platform" or "Company") are referred to herein as a "Mint User". To the extent you have not completed the aforementioned checks or been whitelisted but hold spdBTC, these Terms and Conditions still apply to your holding and use of spdBTC (hereinafter referred as "Holding User"). For the avoidance of doubt, Holding Users are not customers or clients of Bondhive and have not entered into Mint User Agreements with Bondhive.
The Services includes an app or other front-end interface to the contracts that facilitate the minting or staking of digital assets (the “Protocol”).
By minting or obtaining and using spdBTC, you understand and expressly agree to these and any other applicable Terms, regardless of whether or not you are a customer of Bondhive, and you acknowledge that you have reviewed and understand each of the disclosures made in this section. Any provisions of these Terms that only apply to Mint Users or Holding Users will be specifically noted herein. Unless so noted, each Section of these Terms apply to both Mint Users and Holding Users, and any use of “you” or “your” refers to both Mint Users and Holding Users. The terms herein applicable to Mint Users are supplemental to the terms in the spdBTC Mint User Agreement.
By holding or using spdBTC, or using any of the Services, you agree that you have read, understood and accept all of the terms and conditions contained in these Terms and Risk Disclosures, as well as our Privacy Policy and Cookie Policy, and you acknowledge and agree that you will be bound by these terms and policies.
Section 22 of these Terms governs how these Terms may be changed over time; the date of the last update is set forth at the top of these Terms.
spdBTC is a digital token issued by Bondhive. spdBTC is issued by Bondhive via the Protocol. spdBTC does not represent a claim, participation interest, economic right, voting right, or other similar right associated with Bondhive, any Bondhive affiliate, or any other entity.
The spdBTC token is backed by an amount of spot crypto assets, such as BTC, ETH, SOL, JLP, certain stablecoins (such as USDC, USDT, and USDtb) (“spdBTC Reserves”). spdBTC is not designed to intrinsically create returns for holders, increase in value, or otherwise accrue financial benefit to the spdBTC holder. However, the price of spdBTC may increase or decrease based upon the value of the underlying spdBTC Reserves. To the extent redemption is enabled and allowed, spdBTC Mint Users are entitled redeem spdBTC for the pro-rata value of all of the economic value, risk, and rewards of the spdBTC Reserves.
Bondhive cannot and does not offer or guarantee the receipt of yield or other rewards in connection with your use of the Services, Platform, Protocol, or your use of spdBTC in conjunction with third-party products.
The following only applies to Mint Users: As you have agreed to, and are subject to, the spdBTC Mint User Agreement, Bondhive makes available the following spdBTC-related Services (as defined in the spdBTC Mint User Agreement: (i) issue spdBTC for accepted tokens from Bondhive, and (ii) where applicable, redeem spdBTC for supported assets from Bondhive, Your use of the Services is subject to these Terms. Any of these Services can be discontinued at any time in accordance with Section 14 of these spdBTC Terms.
You understand and agree that, at this time, you may only tokenize accepted assets for spdBTC and redeem spdBTC directly with Bondhive to the extent that you are an approved Mint User.
The following only applies to Holding Users: You may not redeem spdBTC with Bondhive unless and until you are a Mint User who has cleared KYC/AML and other checks and have onboarded as a whitelisted customer with Bondhive. Eligibility for and requirements related to such process are set forth in the spdBTC Mint User Agreement.
The following applies to both Mint Users and Holding Users: Your use of spdBTC and spdBTC Services (as applicable), is subject to these Terms and Bondhive’s obligations hereunder are conditional on you complying with its provisions. You understand that any violation of these Terms may result in potential consequences, including the possible loss or forfeiture of spdBTC and related Digital Assets.
You understand and agree that sending spdBTC to another address automatically transfers and assigns to the owner of that address , and any subsequent owner all rights and obligations of a Holding User to redeem spdBTC for approved assets so long as the Holder is or becomes a Mint User. For the avoidance of doubt, if a Holder is not a Mint User, not eligible to become a Mint User, or fails to do so, such Holding User is not entitled to redeem spdBTC with Bondhive.
Bondhive (or an affiliate designated by Bondhive) commits to redeem one (1) spdBTC for the actual current market value of User’s pro rata portion of the spdBTC Reserves, which may be more or less than the original mint value depending on the performance of the underlying strategy, smart-contract and network fees and costs, and fees and costs associated with unwinding the strategies including slippage or other delays, subject to these Terms, applicable law, and any fees where applicable. While Bondhive may hold the spdBTC Reserves in interest-bearing accounts or other yield-generating instruments, you acknowledge that you are not entitled to any interest or other returns earned on such funds. spdBTC does not itself generate any interest or return for holders of spdBTC and only represents your right to redeem spdBTC as a Mint User, if you are one. If you are a Holding User, you do not have a right to redeem spdBTC with Bondhive.
Your holding and use of spdBTC, and any use of the spdBTC Services, is subject to the laws, regulations, and rules of any applicable governmental or regulatory authority, including, without limitation, all applicable tax, anti-money laundering (“AML”) and counter-terrorist financing (“CTF”) provisions and sanctions. You agree to act in compliance with and be legally bound by these Terms and all applicable laws and regulations. These Terms are conditional on your continued compliance at all times with these Terms and all applicable laws and regulations.
Bondhive is committed to complying with all applicable AML and CTF laws and regulations. These standards are designed to prevent the use of the spdBTC Services for money laundering, terrorist financing, fraudulent transactions, and any other illegal activities. Bondhive takes compliance very seriously and actively engages in measures to:
The following applies to both Mint Users and Holding Users: spdBTC Services and support for spdBTC are currently only available to individuals and institutions (as applicable) located in supported jurisdictions.
By holding or using spdBTC, or accessing or using the spdBTC Services, you further represent and warrant that:
Additionally, users in the United States are not eligible to become a Mint User. This restriction may be revisited from time to time taking into account relevant changes in law.
You also understand that there are additional representations and warranties made by you elsewhere in (or by reference in) these Terms and that any misrepresentation by you is a violation of these Terms.
If Bondhive suspects or determines that you or any of your authorized users or customers, as applicable, have violated these Terms, including, but not limited to, attempting to transact or transacting with Blocked Addresses (as defined in Section 11) or attempting to engage or engaging in Restricted Activities (as defined in Section 16) or Prohibited Transactions (as defined in Section 17), then Bondhive may be forced to terminate your status as a Mint User and you may forfeit any assets otherwise eligible for redemption.
Notwithstanding the foregoing, Bondhive may determine not to make spdBTC or the spdBTC Services, in whole or in part, available in every market, either in its sole discretion or due to legal or regulatory requirements, depending on your location. We may also, without liability to you or any third party, refuse to let you register as a Mint User.
The following only applies to Mint Users: Use of certain spdBTC Services may have further eligibility requirements that will need to be verified prior to you using such spdBTC Services, or from time to time in order to continue your use of the spdBTC Services, and may be subject to additional terms and conditions.
Please contact Support at [email protected] to report any violations of these Terms or to ask any questions regarding these Terms or the spdBTC Services, as applicable.
The following applies to both Mint Users and Holding Users: As a result of the current or eventual decentralized and open source nature of spdBTC it is possible that a party unaffiliated with Bondhive could create an alternative, equivalent version of spdBTC either on one of the spdBTC supported blockchains or on an unsupported blockchain (a “copy”) that operate independently from spdBTC. Similarly, it is possible that a party unaffiliated with Bondhive may create an asset and purport that such asset is collateralized by or otherwise incorporates spdBTC into its design (a “wrapper”). Bondhive supports only spdBTC and is under no obligation to support any copies of spdBTC or wrappers and assumes no responsibility for any value that might be lost as a result of this lack of support of copies of spdBTC. No such copy or wrapper should be considered approved, sold, distributed, or promoted by Bondhive unless explicitly stated.
As a result of the decentralized and open source nature of the blockchains on which spdBTC is supported, it is possible that a party unaffiliated with Bondhive could create an alternative version of the blockchain (a “fork”). Note that in the event of a fork of one of the spdBTC supported blockchains, Bondhive may be forced to suspend all activities relating to spdBTC (including tokenizing assets for spdBTC, redeeming spdBTC for supported assets, or sending and receiving spdBTC) for an extended period of time until Bondhive has determined in its sole discretion that such functionality can be restored (“Downtime”). This Downtime will likely occur immediately upon a “fork”, potentially with little to no warning, and during this period of Downtime you will not be able to conduct various activities involving spdBTC. In the event of a fork of one of the spdBTC supported blockchains, Bondhive shall, in its sole discretion, determine which fork it will support, if any.
spdBTC operates on spdBTC supported blockchains. Bondhive does not have any ability or obligation to prevent or mitigate attacks or resolve any other issues that might arise with any spdBTC supported blockchain. Any such attacks or delays on any spdBTC supported blockchain might materially delay or prevent you from sending or receiving spdBTC, and Bondhive shall bear no responsibility for any losses that result from such issues.
Note that in certain circumstances, including, but not limited to, a copy or fork of a spdBTC supported blockchain or the identification of a security issue with a spdBTC supported blockchain, Bondhive may be forced to suspend all activities relating to spdBTC (including tokenizing assets for spdBTC, redeeming spdBTC for assets, or sending and receiving spdBTC) for an extended period of time until such Downtime is over and spdBTC Services can be restored. This Downtime will likely occur immediately upon a copy or fork of any spdBTC supported blockchain, potentially with little to no warning, and during this period of Downtime you will not be able to conduct various activities involving spdBTC.
Bondhive reserves the right to migrate spdBTC to another blockchain or protocol in the future in its reasonable discretion. Upon Bondhive’s request, you agree to take any and all actions reasonably necessary to effectuate the migration of your spdBTC to another blockchain or protocol identified by Bondhive. Bondhive will not be responsible or liable for any damages, losses, costs, fines, penalties or expenses of whatever nature, whether or not reasonably foreseeable by the parties, which you may suffer, sustain or incur, arising out of or relating to your failure to effectuate such migration of your spdBTC to another blockchain or protocol identified by Bondhive.
We are committed to protecting your personal information and helping you understand exactly how your personal information is being used. You should carefully read the Privacy Notice, as it provides details on how your personal information is collected, stored, protected, and used.
By entering into these Terms, you agree to receive electronic communications and notifications.
These Terms are provided to you and communicated in English. We will also communicate with you in English for all matters related to spdBTC and your use of spdBTC Services. Where we have provided you with a translation of the English language version of these Terms, you agree that such translation is provided for your convenience only and that the English language version of these Terms govern your holding and use of spdBTC, and the spdBTC Services, as applicable.
The following only applies to Mint Users: We grant you a limited, non-exclusive, non-sublicensable, and non-transferable license, subject to the terms and conditions of these Terms, to access and use the spdBTC Services solely for approved purposes as determined by Bondhive. Any other use of the spdBTC Services is expressly prohibited. Bondhive and its licensors reserve all rights in the spdBTC Services and you agree that these Terms does not grant you any rights in or licenses to the spdBTC Services except for the limited license set forth above. Except as expressly authorized by Bondhive, you agree not to modify, reverse engineer, copy, frame, scrape, rent, lease, loan, sell, distribute, or create derivative works based on the spdBTC Services, in whole or in part. If you violate any portion of these Terms, your permission to access and use the spdBTC Services may be terminated pursuant to these Terms.
"The Company", Bondhive, spdBTC, any applicable websites, apps, dapps, or protocols, “front-ends,”and all logos related to the spdBTC Services are either copyrights, trademarks, or registered marks of Bondhive or its licensors. Whether or not you are a Mint User, you may not copy, imitate, or use them without Bondhive's prior written consent. All right, title, and interest in and to the Bondhive website, any content thereon, the spdBTC Services, and all technology and any content created or derived from any of the foregoing is the exclusive property of Bondhive and its licensors.
The following list of risks associated with spdBTC and the spdBTC Services is not exhaustive.
Important Disclaimers:
The following only applies to Mint Users: Except as disclosed to you prior to completing a transaction as a Mint User, Bondhive will not charge you any fees for tokenizing assets for spdBTC, or receiving spdBTC. Any cost of executing a mint or redemption transaction is a cost reimbursement to cover friction such as blockchain gas fees or execution fees paid by Bondhive.
The following only applies to Mint Users: All tokenizations of assets will be credited in spdBTC to your whitelisted wallet(s) based on a rate of one (1) spdBTC per (1) BTC of notional value, as the case may be, depending on the asset exchanged to mint spdBTC, less applicable fees and transaction costs associated with the transaction, including, for the avoidance of doubt, fees paid associated with the applicable blockchain consensus mechanism. Such value shall be calculated by Bondhive based on the asset in its sole discretion, with any transaction fees associated with the blockchain consensus mechanism determined by requirements of the underlying blockchain at the time the transaction is submitted by the Mint User.
For the avoidance of doubt, as the price of spdBTC may increase or decrease based upon the value of the underlying spdBTC Reserves and to the extent redemption is enabled and allowed, redemption of spdBTC by spdBTC Mint Users may not result in a value equivalent to the notional value of one (1) BTC or the minting value of the spdBTC.
The following only applies to Mint Users: We reserve the right to (i) change, suspend, or discontinue any aspect of the spdBTC Services at any time, including hours of operation or availability of any feature, without notice and without liability and (ii) decline to process any issuance or redemption without prior notice and may limit or suspend your use of one or more spdBTC Services at any time, in our sole discretion. Our rights under this paragraph are subject to our obligations under applicable law and licenses, including but not limited to our reasonable suspicion of inappropriate or illegal conduct. Suspension of your use of any of the spdBTC Services will not affect your rights and obligations pursuant to these Terms. We may, in our sole discretion, delay issuances or redemptions if we reasonably believe the transaction is suspicious, may involve fraud or misconduct, violates applicable laws, or violates the terms of these Terms.
The following only applies to Mint Users: Once a transaction has been initiated, it cannot be reversed, as further described in Section 11 above and pursuant to the underlying blockchain consensus mechanism. Except as set forth in these Terms, all transactions processed through the spdBTC Services are nonrefundable.
In connection with your holding or use of spdBTC, or the spdBTC Services (as applicable), you hereby agree that you will not:
Using spdBTC or the spdBTC Services for transactions related to the following is prohibited, and Bondhive reserves the right to monitor and, if appropriate, block or otherwise prevent transactions that relate to:
In the event that Bondhive learns you are making any such Prohibited Transactions, Bondhive will consider you to be a violation of these Terms and may also suspend or terminate your status as a Mint User.
The following only applies to Mint Users: Bondhive will maintain a record of your transaction history pursuant to the terms of the spdBTC Mint User Agreement. This transaction history will include all transactions you complete with Bondhive including tokenizing assets for spdBTC and redeeming spdBTC for assets.
The following only applies to Mint Users: Section 17 of the spdBTC Mint User Agreement is hereby incorporated into these Terms by reference and shall apply in all respects to these Terms and your use of spdBTC Services and our products and services as contemplated herein.
The following only applies to Holding Users: You agree to indemnify and hold Bondhive, its affiliates, and service providers, and each of their officers, directors, agents, joint venturers, employees, and representatives harmless from any claim or demand (including attorneys’ fees and any losses, fines, fees or penalties imposed by any regulatory authority) arising out of your breach of these Terms, your violation of any law or regulation or your holding or use of spdBTC.
For the purpose of this Section 19, the term “losses” means all net costs reasonably incurred by us or the other persons referred to in this Section which are the result of the matters set out in this Section 19 and which may relate to any claims, demands, causes of action, debt, cost, expense or other liability, including reasonable legal fees (without duplication).
If you have a dispute with one or more Mint Users, Holding Users or third parties, you release Bondhive (and its affiliates and service providers, and each of their officers, directors, agents, joint ventures, employees and representatives) from all claims, demands, and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes.
The following only applies to Mint Users: Section 18 of the spdBTC Mint User Agreement is hereby incorporated into these Terms by reference and shall apply in all respects to these Terms and your use of spdBTC Services and our products and services as contemplated herein.
The following only applies to Holding Users: YOU EXPRESSLY UNDERSTAND AND AGREE THAT Bondhive AND OUR AFFILIATES AND SERVICE PROVIDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND REPRESENTATIVES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF Bondhive HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO HOLD OR USE spdBTC; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO INVOLVING spdBTC; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; OR (IV) ANY OTHER MATTER INVOLVING spdBTC.
SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH spdBTC, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE HOLDING AND USE OF spdBTC.
spdBTC IS PROVIDED "AS IS" AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. Bondhive, OUR AFFILIATES, AND OUR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. Bondhive MAKES NO WARRANTY THAT (I) spdBTCWILL MEET YOUR REQUIREMENTS, (II) spdBTC WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR (III) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU WILL MEET YOUR EXPECTATIONS.
Bondhive shall have no liability for any failure or delay resulting from any condition beyond our reasonable control, including but not limited to governmental action or acts of terrorism, earthquake, fire, flood, or other acts of God, labor conditions, power failures, equipment failures, and Internet disturbances.
Bondhive may amend any portion of these Terms at any time by posting the revised version of these Terms with an updated revision date. The changes will become effective, and shall be deemed accepted by you, the first time you access or use spdBTC or the spdBTC Services after the initial posting of the revised Terms and shall apply on a going-forward basis with respect to transactions initiated after the posting date. In the event that you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the spdBTC Services and terminate your status as a Mint User (if any). You agree that we shall not be liable to you or any third party as a result of any losses suffered by any modification or amendment of these Terms.
If the revised Terms include a material change, we will provide you with prior notice via our website and/or email before the material change becomes effective. For this purpose a “material change” means a significant change other than changes that (i) are to your benefit, (ii) are required to be made to comply with applicable laws and/or regulations or as otherwise required by one of our regulators, (iii) relates to a new product or service made available to you, or (iv) otherwise clarifies an existing term.
You may not transfer or assign these Terms or any rights or obligations hereunder, by operation of law or otherwise and any such attempted assignment shall be void, subject to the following exception. Sending spdBTC to an address will automatically transfer and assign to that Holder, and any subsequent Holder, the right to redeem spdBTC so long as the Holder is eligible to, and does, register as a Mint User.
Each Holding User is subject to all terms of these Terms as if a user including, but not limited to, the requirements to not transact with Blocked Addresses and not engage in Restricted Activities or Prohibited Transactions.
We reserve the right to freely assign these Terms and the rights and obligations of these Terms to any third party at any time without notice or consent. If you object to such transfer or assignment, you may stop holding and using spdBTC; further if you are a Mint User, you may also stop using our spdBTC Services, and terminate these Terms by contacting Support and asking us to terminate your status as a Mint User.
Upon termination of these Terms (and termination of your status as a Mint User, if you are a Mint User), all rights and obligations of the parties that by their nature are continuing will survive such termination.
Bondhive strives to provide accurate and reliable information and content on the Bondhive website, but such information may not always be correct, complete, or up to date. Bondhive will update the information on the Bondhive website as necessary to provide you with the most up to date information, but you should always independently verify such information. The Bondhive website may also contain links to third-party websites, applications, events or other materials (“Third Party Content”). Such information is provided for your convenience and links or references to Third Party Content do not constitute an endorsement by Bondhive of any products or services. Bondhive shall have no liability for any losses incurred as a result of actions taken in reliance on the information contained on the Bondhive website or in any Third Party Content.
The laws of the British Virgin Islands shall govern these Terms. The courts of the British Virgin Islands shall have exclusive jurisdiction to settle any dispute arising out of, or connected with, these Terms.
The following applies to both Mint Users and Holding Users: The failure of Bondhive to exercise or enforce any right or provision of these Terms shall not constitute a waiver of such right or provision. If any provision of these Terms shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary so that these Terms shall otherwise remain in full force and effect and remain enforceable between the parties, except as specified in Section 27. Furthermore, if any portion of these Terms, whether in whole, or in part, shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid against certain persons or categories of persons that are purportedly bound by these Terms, such portion of these Terms shall otherwise remain in full force and effect and remain enforceable as to any other persons bound by these terms. The headings and explanatory text are for reference purposes only and in no way define, limit, construe, or describe the scope or extent of such section. These Terms, the spdBTC Mint User Agreement, the General Terms of Service, and Bondhive’s policies governing the holding or use of spdBTC, the use of the spdBTC Services referenced herein, and the Privacy Policy t constitute the entire agreement between you and Bondhive with respect to the holding or use of spdBTC, and the use of the spdBTC Services. These Terms are not intended and shall not be construed to create any rights or remedies in any parties other than you and Bondhive and other Bondhive affiliates which each shall be a third-party beneficiary of these Terms, and no other person shall assert any rights as a third-party beneficiary hereunder.
The following only applies to Mint Users: Notwithstanding anything to the contrary set forth in these Terms or otherwise, in the event of a conflict between any term set forth herein and any term set forth in the spdBTC Mint User Agreement (i) in connection with any spdBTC transaction, the terms of these Terms shall control, and (ii) in respect of any other Digital Currency transaction, the terms of the spdBTC Mint User Agreement shall control.
Please be aware that your consent to the electronic delivery of disclosures is required to use any of the Services (as defined in the spdBTC Mint User Agreement). If you are unable or unwilling to provide such consent, you will not be able to become a Mint User. Once you are a Mint User you can rescind your consent to electronic delivery of disclosures at any time and receive paper communications as set forth below.
This E-Sign Consent applies to any and all communications and/or disclosures that Bondhive is legally required to provide to you in writing in connection with your status as a Mint User and any related products and services (“Communications”). This E-Sign Consent supplements and is to be construed in accordance with the terms and conditions contained in the spdBTC Mint User Agreement.
When you use the Services, you agree that we may provide you with any Communications in electronic format, and that we may discontinue sending paper Communications to you, unless and until you withdraw your consent as described below. Your consent to receive electronic communications and transactions includes, but is not limited to:
Methods of Communication
Updating your Information
Withdrawing Consent
Communications in Writing
General