CUSD Issuance Policy
Last Updated on 1 September 2022.
This CUSD Issuance Policy (“Policy) governs your access and use of the Coin98 Software while interacting with the CUSD Smart Contract (as defined below).
This Policy is a supplement to Coin98’s Terms of Service and incorporated thereto by the reference. By using Coin98 Software and/or by accepting Coin98’s Terms of Service, you agree to be legally bound by and to comply with this Policy.
All the definitions used in this Policy shall have the same meaning as in Coin98’s Terms of Service unless this Policy sets a different meaning.
1. CUSD Smart Contract
- 1.We may provide you with the graphic user interface and functionality to technically interact with the smart contract that issues, sells and redeems the cryptographic assets named CUSD (“CUSD Smart Contract”).
- 2.While we have technically developed the CUSD Smart Contract, the CUSD Smart Contract runs in a fully decentralised and autonomous manner at relevant blockchain networks. We are neither involved nor in any way responsible for the operation, running or functioning of the CUSD Smart Contract, issuance of CUSD, any of your interactions or factual relationships with the CUSD Smart Contract and/or any of your purchase, sale or redemption of CUSD. We have neither access to nor any other possibility to control and/or influence your instructions, transactions between you and the CUSD Smart Contract or related pools.
- 3.You hereby acknowledge and agree that you interact directly with the CUSD Smart Contract, we do not control your interaction with such smart contract, do not process or transmit any information, data or transactions entered by you, and do not issue (mint), sell to you or purchase from you any CUSD. You hereby acknowledge and agree that we have no liability to any claims or damages that may arise as a result of any actions or transactions that you make or engage in while interacting with the CUSD Smart Contract through the Coin98 Software and/or purchasing or selling CUSD.
- 4.You hereby acknowledge and agree that the CUSD Smart Contract was designed to issue (mint) CUSD in return for a payment of a nominal price of CUSD and to redeem CUSD in return for payment of a nominal price of CUSD in crypto assets available to it. When you instruct the CUSD Smart Contract to issue (mint) CUSD, the CUSD Smart Contract will issue CUSD and send it to your blockchain wallet as instructed by you.
- 5.You hereby acknowledge and agree that we have no liability to you for any claims or damages that may arise as a result of any actions or transactions that you engage in while interacting with the CUSD Smart Contract, instructing it to issue (mint) CUSD, and/or instruct it selling or redemption CUSD, either directly or through the Coin98 Software.
- 6.You are responsible for complying with applicable law when interacting with the Coin98 Software or the CUSD Smart Contract. You agree that we are not responsible for determining whether or which laws may apply to your transactions, including tax laws.
- 7.We reserve the right to discontinue the functionality of technical interaction with the CUSD Smart Contract through Coin98 Software, provided that it shall not affect the accessibility of the smart contract itself directly.
2. Transaction Fees
- 1.The CUSD Smart Contract performs minting of CUSD via relevant blockchain networks. The corresponding blockchain may require you to pay a fee, commonly known as the gas fee or transaction fee, for the computational resources required to perform a transaction on the blockchain such as issuing (minting) the crypto asset. We are not and shall never be responsible for commissions of any blockchains, ledgers or networks or any third parties even supported by the Coin98 Software.
- 2.You acknowledge and agree that we have no control over: (a) any transactions via blockchains, including the Ethereum blockchain and the Binance Smart Chain blockchain; (b) the method of payment of the gas fee or transaction fee; or (c) any of your actual payments of gas fees. Accordingly, while interacting with Protocols you shall ensure that you have a sufficient balance of ETH (native core token of the Ethereum blockchain network), BNB (native core token of the Binance Smart Chain blockchain network) or any other native core token of a supported blockchain network kept at your wallet to complete any transaction on the respective blockchain network.
3. Disclaimers and Risks
In addition to risks specified in the Coin98 Terms of Service, this Policy describes further additional risks:
- 1.We or anyone else do not guarantee that the value of CUSD will be always equal to its nominal price. CUSD may be available on third-party platforms such as cryptocurrency exchange platforms or through decentralised applications and its value could fluctuate above or below its nominal price. Nobody can control how third parties quote or value CUSD, and we are not and shall not be responsible for any losses or other issues that may result from fluctuations in the value of CUSD.
- 2.CUSD transactions are not reversible. Once you send CUSD to an address, you accept the risk that you may lose access to, and any claim on, that CUSD indefinitely or permanently.
- 3.You hereby acknowledge and agree that redemption of CUSD is not guaranteed. The CUSD Smart Contract may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to its operations and may experience operational issues that may lead to delays or unavailability of the CUSD Smart Contract. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree not to hold us accountable for any related losses. Cyber-attacks may result in the theft of any crypto assets that are in the possession of the CUSD Smart Contract or fraudulent issuance of CUSD assets. In addition, high trading or speculating pressure may lead to the significant decrease in value of CUSD and/or of any crypto assets that are in the possession of the CUSD Smart Contract.
- 1.You agree to defend, indemnify and hold us harmless, our affiliates and Representatives from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorney’s fees) arising out of or related to: (i) your use and access to the Coin98 Software, including your interactions with the CUSD Smart Contract or related pools, any data or content transmitted or received by you; (ii) your violation of any provision of this Policy, including without limitation your breach of any of the representations and warranties above; (iii) your violation of any applicable law, rule or regulation; (iv) any actual or alleged breach of your representations, warranties, or obligations set forth in this Policy; (v) negligent or wilful misconduct; or (vi) any other party’s access and use of other appropriate security code. The foregoing shall include the actions of any third party who wrongfully commits these actions under your account or utilises your password and/or private keys.
- 2.Section headings in this Policy are for convenience only, and shall not govern the meaning or interpretation of any provision of this Policy.
- 3.If any provision of this Policy is determined to be invalid or unenforceable under any applicable law, this will not affect the validity of any other provision.
- 4.We may modify this Policy by providing notice of such changes, such as by sending you an email, providing notice through the Coin98 Software or its newsfeed, or updating the “Last Updated” date at the head of this Policy. By continuing to access or use of the Coin98 Software and related services, you confirm your agreement to the modified Policy. If you do not agree to any modification to this Policy, you must immediately stop using the Coin98 Software and our related services.