- Additional Eligibility Criteria: In addition to the Eligibility Criteria, You represent and warrant that You are not domiciled in or operating the Platform out of a jurisdiction where availing benefits under or Your participation in the Program is currently prohibited under applicable laws.
- Nature of the Program:
- The Program is made available to You by Us in our capacity as an intermediary between You and the TPVs who are offering their validation services under the Program.
- Choice of TPV: Under the Program, You (i.e. an eligible user) will be given an option to select / earmark a certain quantity of the Supported Cryptos (“Locked Cryptos”) that You hold in Your User’s LLP Account (also referred to as “Account”) , to be locked for validation (“Locking”) by the TPV until unlocked by You (“Unlocking”). Such TPV will be selected by You based on Your assessment and analysis of their past performance data displayed to You on the Platform out of the options provided by Us to You. You acknowledge and agree that We may modify the list of available TPVs at our sole discretion without any prior notice to You.
- List of Supported Cryptos: Under the Program, currently, You can Lock the following Cryptos:
- MATIC (Polygon);
- NEAR (Near Protocol);
- SOL (Solana); and
- ADA (Cardano).
You acknowledge and agree that the list of Supported Cryptos may be modified by Us at our sole discretion without prior notice to You.
- Removal of Crypto from List of Supported Cryptos: In case of deletion of any Crypto (“Deleted Crypto”) from the list of Supported Cryptos, CoinSwitch will intimate the date of removal (“Delisting Date”) of the Deleted Crypto from the Program as soon as reasonably practicable. If the Locked Cryptos in Your Account include such Deleted Crypto, you will have the option to request Unlocking any time before the Delisting Date, failing which CoinSwitch will automatically effect Unlocking of the Deleted Crypto on the Delisting Date. Your Locked Cryptos will be Unlocked and You will receive the accumulated Reward as per the terms of this Appendix as in case of an Unlocking request under sub-clauses (F) and (G).
- Locking: In order to participate in the Program, You must opt-in by selecting the Supported Crypto of Your choice to Lock from Your Account. By opting-in a portion or Your entire balance of the Supported Crypto chosen by You in Your Account, You acknowledge and agree that:
- You are restricted from selling the Locked Cryptos until Unlocking of your Locked Cryptos, which will further be subject to the Cool-off Period (defined hereinafter);
- The Locked Cryptos will remain Locked until You elect to Unlock them, subject to the Cool-off Period ;
- You are entitled to an annual rate (“Reward Rate”) of Cryptos as reward (“Reward”) to be received in Your Account for the period of Locking from the relevant underlying and issuing blockchain of the Supported Crypto (“Supported Blockchain”) subject to the factors enumerated in Clause (G) of this Appendix; and
- Your Locked Cryptos may be burned as a penalty assessed by a Blockchain network protocol for unavailability or slow, incorrect or malicious performance (“Slashed” or “Slashing”) as per the rules of the relevant Supported Blockchain. However, CoinSwitch will use commercially reasonable efforts to retrieve such Slashed Cryptos as detailed in sub-clause (H) of this Appendix.
You acknowledge and agree that CoinSwitch retains the right to unilaterally Unlock the Locked Cryptos at its sole discretion with a notice of 7 (Seven) days to You for reasons including but not limited to compliance with any applicable law or order from any regulatory/ statutory/ judicial authority.
For the avoidance of doubt, it is clarified that You retain beneficial ownership of the Supported Cryptos and such Supported Cryptos shall remain property of You when Locked for validation under the terms of this Appendix.
- Unlocking: When You elect to participate in the Program, You acknowledge and agree to be bound by the cool-off period, as displayed to You on the Platform, (“Cool-off Period”) prescribed by the relevant Supported Blockchain of the Locked Cryptos and that You will not be able to trade or otherwise dispose of Your Cryptos during such cool-off period after You elect to Unlock Your Cryptos.
You acknowledge and agree that the receipt of Reward in Your Account: (i) is determined by the Supported Blockchain in its sole discretion; (ii) varies by the Supported Blockchain; and (iii) will be subject to the TPV’s successful validation as per the rules prescribed by the Supported Blockchain (Solana, Near Protocol, Polygon, Cardano).
You acknowledge and agree that You have no right to receive the Reward until it is received by CoinSwitch from the Supported Blockchain. You agree and understand that CoinSwitch does not guarantee that You will receive Reward and that the Reward Rate displayed to You before such Locking (i) is an estimate only and not guaranteed, (ii) may change at any time in CoinSwitch’s sole discretion, and (iii) may be more or less than the actual Reward CoinSwitch receives from the Supported Blockchain. You further acknowledge and agree that by electing to Unlock the Locked Cryptos before 7 (Seven) days from the date of Locking, You agree to paying a higher Service Fee to CoinSwitch equivalent to 100 (One Hundred) percent of the Reward, inclusive of applicable GST. The higher Service Fee for unlocking before is aimed to encourage long-term Locking and infrequent Locking and Unlocking, enabling users to get optimum Reward on their Locked Cryptos.
- Slashing Penalty: You acknowledge and agree that a determination by the Supported Blockchain that the validation by the TPV has been erroneously operated or any other reason deemed fit by the Supported Blockchain may result in a “Slashing penalty” and non-payment of the applicable Reward by the Supported Blockchain. You agree and acknowledge CoinSwitch will have no liability in the event of such Slashing. However, CoinSwitch will use commercially reasonable efforts to retrieve incorrectly Slashed Cryptos from the third-party insurance provider of the TPV or the TPV as the case may be. The aforestated, however, does not create any legal obligation on CoinSwitch to indemnify or make whole any loss caused to You on account of such Slashing.
- No Guarantee of Program Availability. While CoinSwitch employs measures to ensure that the Program is accessible 24 hours a day and 7 days a week, CoinSwitch cannot guarantee uninterrupted or error-free operation of the Program or that CoinSwitch will correct all defects or prevent third-party disruptions or unauthorized third party access. In the event of such disruptions, any Locked Supported Cryptos may not be generating the Reward.
- Acknowledgement of Risks and Liabilities:
- You understand the technical complexities and possess the technical and mathematical skills to select the TPV, decide the number of Cryptos and period of Locking to participate in the Program. You hereby accept and undertake the risks involved in the services availed by You under the Program;
- You understand that the services offered under the Program are not currently regulated in India and there might be changes in applicable law that prohibit You from availing the benefits and services under the Program;
- You understand the blockchains are inherently risky and you may lose all or part of the Locked Cryptos and/or the rewards if the Supported Blockchain shuts down, or is technically compromised, or suffers any regulatory or legal restrictions or prohibitions in the relevant jurisdictions;
- You acknowledge and agree that the Program is not in the nature of an investment, or lending scheme; and
- You are solely responsible for any tax obligations and liabilities arising out of Your receipt of Reward under the Program.
- In no event will CoinSwitch be held liable to You for any loss, liability or damage (including loss or diminution of value of the Locked Cryptos under the Program) that may cause or arise to You from Your participation under the Program.
- CoinSwitch without any obligation or liability shall have a right to terminate or suspend the Program including but not limited to withhold or cancel any Reward in order to comply with any applicable law or order from any regulatory, administrative, statutory, enforcement, or judicial authority.
Note: For more information on the Earn Program, please refer to the FAQs – About CoinSwitch Earn, How to lock / unlock your crypto, Manage your locked in crypto.