Terms and conditions
Coin staking T&C
The terms and conditions as seen in this link: https://www.naijacrypto.com/terms still applies but for the sake of clarity and the Naijacrypto policy of always making information available to its users, the coin staking addendum will be posted here:
ADDENDUM B: Staking Addendum
19. Staking Services
19.1. General. The Staking Services may be made available by CI to users that fulfill the eligibility criteria in the Terms of Service. By using the Staking Services, you agree that you have read, understood, and accepted all of the terms in this Staking Addendum. You further agree and understand that this Staking Addendum is subject to the terms and conditions set forth in the Terms of Service.
19.2. Staking Services. When you buy or hold one of the Digital Assets eligible for staking (the “Supported Coins”), you are consenting to such Supported Coins being staked in part or in entirety by CI, or a third party on behalf of CI, in CI’s sole discretion (the “Staking Services”). Please refer to your Naijacrypto Account for further information regarding the Staking Services.
19.3. Opting into Staking Services & Staking Reward Terms. In order to use the Staking Services, you must opt-in by selecting the Supported Coins to stake from your Naijacrypto Account. By opting-in a portion or your entire balance of Supported Coins, we shall remit to you the applicable percentage of staking rewards attributable to your staked Supported Coins (“Staking Rewards”) as detailed in your Naijacrypto Account. The percentage and timing of such remittances will: (i) be determined by CI in its sole discretion; (ii) be subject to CI’s staking fee as applied on the Naijacrypto Platform;
(iii) vary by the Supported Protocol, and (iv) be further detailed in your Naijacrypto Account. You agree and understand that CI does not guarantee that you will receive Staking Rewards and that the applicable percentage of Staking Rewards (i) is an estimate only and not guaranteed, (ii) may change at any time at CI’s sole discretion, and (iii) may be more or less than the actual Staking Rewards CI receives from the Supported Protocol.
19.4. Slashing Penalty. A determination by the Supported Protocol that the Staking Service has been erroneously operated may result in a “slashing penalty” and non-payment of the specified Staking Rewards. CI agrees to compensate you for any slashing penalties to the extent such penalties are not a result of (i) your acts or omissions, (ii) Supported Protocol maintenance, bugs, or errors, (iii) acts by a hacker or other malicious actor, or (iv) Force Majeure Events.
19.5. No Guarantee of Staking Services. While CI employs measures to ensure that the Staking Services are accessible 24 hours a day and 7 days a week, CI cannot guarantee uninterrupted or error-free operation of the Staking Services or that CI will correct all defects or prevent third-party disruptions or unauthorized third party access. In the event of such disruptions, any staked Supported Coins may not be generating the Staking Rewards.
20. Off-chain Staking Services
“CI,” will provide you the option to contribute and earn rewards on eligible, available, and idle account balances you otherwise maintain in your Naijacrypto Account (the “Off-chain Staking Program”) subject to the terms and conditions of this Addendum
This Addendum incorporates by reference and supplements the Terms of Service (the “Terms”). Capitalized terms used but not defined herein shall have the meanings given to them in the Terms. In the event of a conflict between the Terms and this Addendum with respect to the Off-chain Staking Program, the terms of this Addendum will control.
NO CI ENTITY IS A BANK OR OTHER DEPOSITORY INSTITUTION. YOUR NAIJACRYPTO ACCOUNT IS NOT A DEPOSIT ACCOUNT OR A BANK ACCOUNT. THE OFF-CHAIN STAKING PROGRAM IS NOT A DEPOSITORY OR BANK PROGRAM. NEITHER YOUR NAIJACRYPTO ACCOUNT NOR STAKED ASSETS (AS DEFINED HEREIN) ARE COVERED BY INSURANCE AGAINST LOSSES OR SUBJECT TO NATIONAL DEPOSIT INSURANCE CORPORATION (“NDIC”) OR THE PROTECTIONS OF ANY COMPARABLE ORGANIZATION ANYWHERE IN THE WORLD INCLUDING SECURITIES PROTECTION ENTITIES (eg. “SIPC”)
(a) The Off-chain Staking Program is a separate service from the Staking Services described in Section 19 to the Terms. The Staking Services allow (i) CI or a third party acting on CI’s behalf to use Supported Coins as collateral in connection with validating transactions on applicable Proof-of-Stake networks and (ii) eligible CI clients to opt-in to receive a portion of the rewards generated by these transaction validation activities. The Off-chain Staking Program allows you to contribute Available Assets (as defined herein) to us in exchange for the opportunity to earn Rewards (as defined herein).
(b) Eligible Assets. A list of assets that are currently eligible for use in the Off-chain Staking Program is available on the Naijacrypto Platforms under the “Coin Staking” Section (each an “Eligible Asset” and collectively, “Eligible Assets”). We may decide to add or remove assets from the list of Eligible Assets at any time in our sole discretion.
(c) Eligible participants. The Off-chain Staking Program may be made available by CI to Naijacrypto users who fulfill the eligibility criteria of the Terms; provided, however, that you may not use the Off-chain Staking Program if you are located in or a national or resident of (i) any Restricted Location; (ii) any jurisdiction in which CI is not authorized to provide the Off-chain Staking Program; or (iii) any jurisdiction where your use of the Off-chain Staking Program would be illegal or otherwise violate any applicable law or regulation of that jurisdiction (each of the above locations, a “Restricted Jurisdiction”).
CI MAKES NO REPRESENTATION OR WARRANTY THAT THE OFF-CHAIN STAKING PROGRAM IS APPROPRIATE FOR USE IN ALL LOCATIONS, OR THAT THE TRANSACTIONS AND SERVICES DESCRIBED HEREIN ARE AVAILABLE OR APPROPRIATE FOR ENTRY INTO OR USE IN ALL JURISDICTIONS OR BY ALL PARTIES. YOU SHOULD INFORM YOURSELF AS TO THE LEGAL REQUIREMENTS AND TAX CONSEQUENCES OF USING THE OFF-CHAIN STAKING PROGRAM WITHIN ALL JURISDICTIONS APPLICABLE TO YOU. CI IS NOT RESPONSIBLE FOR TAX CONSEQUENCES TO YOU OF PARTICIPATING IN THE OFF-CHAIN STAKING PROGRAM.
(a) You may contribute Available Assets to the Off-chain Staking Program by selecting the amount and type of Available Assets you wish to “stake” from your Naijacrypto Account. (Note that, an Asset being off-chain or on-chain is stated in the staking policy)
(b) You agree to only contribute Eligible Assets to the Off-chain Staking Program that comprise available and idle account balances that you initially deposited into your Naijacrypto Account for the purpose of trading Legal Tender and Digital Assets on the Naijacrypto exchange and not for participation in the Off-chain Staking Program (such Eligible Assets, “Available Assets”).
(c) Assets you contribute to the Off-chain Staking Program (“Staked Assets”) will be treated as received when displayed as such on the Naijacrypto website, app or any other Naijacrypto accessibility mechanisms; provided, that we reserve the right to: (i) reject or remove any contribution from the program; (ii) establish minimum or maximum contribution amounts; or (iii) return any Staked Assets, at any time and in our sole discretion. In the event we elect to return Staked Assets to you pursuant to this Section 2(c), you agree to promptly Un-stake (as defined herein) the assets and to undertake any other actions we reasonably request in order to facilitate that return. You may not transfer Staked Assets or any interest in Staked Assets prior to Un-staking those assets.
(d) You remain the lawful and beneficial owner of Staked Assets and the beneficial owner of additional assets resulting from any applicable (i) network fork that is supported by Naijacrypto and (ii) airdrop or similar distribution of Digital Assets that is supported by Naijacrypto; provided, that CI retains sole discretion and has no obligation to support any particular forks, airdrops or similar distribution and such support remains in all instances subject to the Terms.
(a) You may earn rewards on Staked Assets (“Rewards”). Rewards are not guaranteed and the rates and timing of Rewards may vary.
(b) Rewards, if any, will be credited directly to your Naijacrypto Staking Wallet, and users have the burden of reporting rewards for tax purposes or any applicable law if required to.
(c) Reward rates will be determined in our sole discretion based on the type of Staked Asset, market conditions and risk factors. Such rates have no relationship to and may not be competitive with benchmark interest rates observed in the market for bank deposit accounts.
(d) We may make available anticipated Reward rates and payment schedules from time to time on or through the Services (“Anticipated Rates”). Anticipated Rates are forward-looking statements that reflect current expectations regarding future events, involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such performance or results will be achieved. Forward-looking statements are in no way a form of advice, solicitation or offering of or for the Off-chain Staking Program and should not be interpreted as such.
(e) All Rewards will be (i) paid to your Naijacrypto Staking Wallet and can be withdrawn by user or restaked.
23. Stake Cancellation.
(a) You may cancel a stake (“Un-stake”) at any time if the staking contract allows such. Upon receipt of your request, we will initiate the Un-staking process instantly when practicable; provided that we may require up to seven days after you submit your request to Un-stake to process the transaction. Un-staking limits based on frequency or volume may apply from time to time and will be described on or through the Services. Fees or penalties are also applicable during the Un-stake.
(b) You must Un-stake Staked Assets before you will be able to push those Funds to an External Account.
24. Our use of Staked Assets.
You grant us the right, to the fullest extent that we may effectively do so under applicable law and without further notice to you, to utilize Staked Assets in our discretion; provided, that the quantity and type of your Staked Assets will be returned to you when you Un-stake in accordance with the terms of this Addendum.
The Off-chain Staking Program is risky. Before participating in the Off-chain Staking Program, it is important to understand its specific and unique risks. The Staking Program is not for everyone. You should examine your objectives, financial resources and risk tolerance to determine whether contributing Funds to the Off-chain Staking Program is appropriate for you. Some, but not all, of the risks and uncertainties associated with the Off-chain Staking Program are:
(a) No CI entity is or is regulated as a bank or other depository institution. Your Naijacrypto Account is not a deposit account or a bank account. The Off-chain Staking Program is not a depository or bank program. Staked Assets are not covered by insurance against losses or subject to NDIC protections or the protections of any comparable organization anywhere in the world.
(b) CI does not offer securities services, is not registered under the securities laws of any jurisdiction and the provision of the Off-chain Staking Program has not been and will not be registered under the securities laws of any jurisdiction or otherwise approved by securities regulators in any jurisdiction.
(c) Legislative and regulatory changes or actions at the state, federal or international level may adversely affect (i) the use, transfer, and value of Staked Assets; (ii) the operations and profitability of the Off-chain Staking Program; (iii) the tax treatment of the Off-chain Staking Program; and (iv) your ability to Un-stake Staked Assets in a timely manner or at all.
(d) Rewards for Staked Assets are not guaranteed and we reserve the right to adjust Reward rates at our sole discretion.
We reserve the right to charge you fees in connection with your participation in the Off-chain Staking Program. A schedule of these fees, if any, will be made available on or through the Services (“Fees”). Fees are subject to change, at our sole discretion, and you are solely responsible for accessing the fee schedule prior to participating in the Off-chain Staking Program.
27. Representations and Warranties.
You represent and warrant that, as of the Effective Date and as of any date thereafter that you contribute Funds to the Off-chain Staking Program:
(a) You have full power and authority to agree to this Addendum and, in doing so, will not violate any other agreement to which you are a party;
(b) The provisions of this Addendum constitute legal, valid and binding obligations enforceable against you in accordance with its terms;
(c) You are eligible to participate in the Off-chain Staking Program as provided in Section 20(c);
(d) You do not reside in and are not a citizen of a Restricted Jurisdiction;
(e) You were not, in any manner or form, solicited to participate in the Off-chain Staking Program prior to (i) your creation of a Naijacrypto Account or (ii) your election to participate in the Off-chain Staking Program;
(f) All assets you will contribute to the Off-chain Staking Program are Available Assets;
(g) You: (i) have read and understand this Addendum in its entirety; (ii) acknowledge and accept the risks associated with participating in the Off-chain Staking Program, including those risks described in Section 6; and (iii) were given the opportunity to ask questions of and receive answers from us concerning the terms and conditions of the Off-chain Staking Program prior to participating or agreeing to participate; and
(h) All representations and warranties you made upon your acceptance of the Terms were and remain true and complete.
28. No advice; Independent relationship.
(a) Without limiting anything in the Terms, CI makes no representation or warranty, express or implied, to the full extent not prohibited by applicable law, regarding the advisability of your participation in the Off-chain Staking Program. Neither CI, nor any of its respective officers, directors, employees and affiliates is providing advice, including legal, financial, investment or tax advice, in connection with the Off-chain Staking Program or your determination to participate in it.
(b) Nothing in this Addendum shall be deemed or is intended to be deemed, nor shall it cause you and CI to be treated as partners, joint venturers, or otherwise as joint associates for profit. CI in no way acts in any fiduciary capacity or advisory capacity to you and nothing in this Addendum shall be deemed or is intended to be deemed, nor shall it cause, any fiduciary or advisory relationship between you and us to exist.