Wallet and Custodial Services Clause Samples
The "Wallet and Custodial Services" clause defines the terms under which digital wallets and custodial services are provided to users, typically for holding, transferring, or managing digital assets such as cryptocurrencies. It outlines the responsibilities of the service provider regarding the security, access, and management of users' assets, and may specify procedures for deposits, withdrawals, and loss or theft scenarios. This clause is essential for clarifying the rights and obligations of both parties, ensuring asset security, and allocating risk in the management of digital assets.
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Wallet and Custodial Services. Wallet As part of your Account, we will provide qualifying users access to a hosted wallet (“Wallet”) for holding the token, digital currency, or “Coyni”. Your wallet ID is unique to you and will be located in your Account profile. Your Wallet allows you to store, track, transfer, and manage your all your transactions and Account balance. Coyni. At this time your Account is intended solely for proper use of Coyni, a digital currency fully collateralized by the US Dollar, which is issued by GreenBox and continuously audited by a third-party. GreenBox is the issuer of Coyni, holds U.S. Dollars on reserve for Coyni holders, and has an obligation to repurchase your Coyni for USD. You can redeem your Coyni with GreenBox or GreenBox may elect to repurchase your Coyni in exchange for USD. The Coyni tokens are custodial assets held for your benefit, as described in further detail below. Title to Coyni shall at all times remain with you and shall not transfer to GreenBox. The Coyni in your Wallet are not the property of GreenBox. Except as required by a facially valid court order, or except as provided herein, GreenBox will not sell, transfer, loan, dispose of or transfer the Coyni in your Wallet unless instructed by you. Subject to the terms contained herein, outages, downtime, and other applicable policies, you control the Coyni held in your Wallet. Account Services, Transactions, Fees, & Review
Wallet and Custodial Services