EARN PROGRAM – Terms & Conditions

COINSWITCH KUBER

  • The Earn Program (“Program”) is a rewards program made available by CoinSwitch Kuber to You on an ‘opt-in’ basis, wherein after opting in You hereby consent to participate in the Program. This Program is made available to certain eligible users which shall be selected by CoinSwitch Kuber at its sole discretion. Your selection as an eligible User may be withdrawn by CoinSwitch Kuber at any point of time.
  • Nature of the Program: Under the Program, You (i.e. an eligible user) will be given an option to select / earmark certain quantity of the eligible virtual digital assets (VDAs) that You hold in Your CoinSwitch Crypto Custody Wallet, to be not sold during a specified period of time as decided by You from the options provided by CoinSwitch Kuber. Upon such selection, You will be restricted to sell the selected / earmarked VDAs during the specified time, and CoinSwitch Kuber will implement technical parameters to restrict You from any such sale.  
  • The Program is not an investment, lending or an actual staking program1. The Program does not involve any blockchain-based staking and is designed to merely familiarise users with the user experience of blockchain-based staking. 
  • Under the Program, when You earmark a certain quantity of eligible VDAs held by You on CoinSwitch Kuber platform for a selected period of time for the purpose of participating in the Program, CoinSwitch Kuber will give promotional rewards to You in the form of the same VDA (as You have earmarked) proportionate to the quantity of the VDA earmarked and the selected time period. VDA promotional rewards are credited  to Your CoinSwitch Kuber account free of cost and without any consideration. For the avoidance of doubt, the rewards shall not be given in INR or any other fiat currency. Your VDAs held on Coinswitch Kuber remain in your CoinSwitch Crypto Custody Wallet and shall not be subject to any blockchain-based staking. CoinSwitch does not use or invest the earmarked VDAs in any manner in order to generate the rewards, which are bona fide and free-of-cost rewards to users. You agree that your participation in the Program is not in the nature of lending or investment. 
  • You are solely responsible for any tax obligations and liabilities arising out of your receipt of promotional rewards under the Program. 
  • The Program, like all other features of Coinswitch Kuber, is additionally subject to the Terms of Use and other terms and policies as available at https://coinswitch.co/kuber-terms/.
  • The VDAs eligible under the Program shall be decided by CoinSwitch Kuber at its sole discretion and may be removed or altered by CoinSwitch Kuber at any time. 
  • You hereby understand that by participating in the Program the quantity of the VDA as selected by You will be restricted to be sold for a certain tenure as selected by You from the options offered, as indicated by CoinSwitch Kuber and modification of the tenure selected may not always be an option. 
  • You may remove Your VDAs placed under the Program at any time subject to loss / forfeiture of promotional rewards if the agreed tenure is not completed.
  • You hereby acknowledge that CoinSwitch Kuber may take additional time as indicated to You before opting in to honour any removal request of Yours, irrespective of the time when You made such request, which might be before or after completion of the tenure as agreed by You under the Program. 
  • However, under exceptional circumstances (to be decided by CoinSwitch Kuber at its sole discretion) such additional time required to honour any of Your removal request  (subject to any delays in relevant third party required to process such request, and/or other legal impediments) may be reduced or be made available immediately at CoinSwitch Kuber’s sole discretion. 
  • In no event shall CoinSwitch Kuber be held liable to You for any loss, liability or damage (including loss or diminution of value of the selected VDAs for the Program) that may cause or arise to You from Your participation under the Program.
  • CoinSwitch Kuber without any obligation or liability shall have a right to terminate or suspend the Program including but not limited to withhold or cancel any rewards promised to You in order to comply with any applicable law or order from any regulatory/ statutory/ judicial authority.

1 Staking, as commonly understood in the crypto industry, is a fundamental concept of proof of stake (POS) blockchains where validators (analogous to miners in proof of work blockchains like bitcoin) as the name suggests, need to have a certain amount of stake (in form of blockchain crypto / VDA) to be able to validate transactions. Influence of the validator in the blockchain network increases with the number of transactions it validates. The validators need to have highly skilled technical expertise to build such nodes and systems which work correctly in order to successfully validate any transaction on the blockchain network.