‹Back to Legal and privacy

Qovex Earn Terms

Staking and Lending Services are not available in the US, UK, Canada and Singapore.

Qovex Earn is a part of the Qovex platform that enables you to earn cryptocurrency rewards in exchange for holding or lending assets for a certain amount of time. These rewards can be earned in many different ways including but not limited to staking, inflation, governance and lending as Qovex:

  1. participates in different blockchain protocols that allow participants to earn additional cryptocurrency by contributing to the network; and

  2. cooperates with providers of crypto lending services,

and passes on the particular participating protocol’s rewards and/or lending rewards to eligible Qovex clients who have opted into those features (or have not opted out for some protocols).

Acceptance of Qovex Earn Terms

Services provided under Qovex Earn (“Earn Services”) are governed by the terms and conditions stated below (“Earn Terms”). You agree and understand that these Earn Terms are part of the terms and conditions set forth in the Qovex Terms of Use. You should read the entire Earn Terms, together with the Qovex Terms of Use, carefully before accessing and using the Earn Services. In case of discrepancies between Qovex Terms of Use and these Earn Terms, these Earn Terms shall prevail.

Qovex Earn Services include four separate and distinct products:

  • Staking (as defined below)

  • Inflation (as defined below)

  • Governance (as defined below)

  • Lending (as defined below).

Not all products are available to all Qovex users. Products are made available based on a number of considerations, including depending on the jurisdiction where you reside, Qovex entity where you have a Qovex Account and / or customer type.

As used in these Earn Terms, “Qovex” may refer to each of the following entities, its owners, directors, investors and employees:

  • Qovex Europe S.A., a payment institution authorized and regulated by the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier, registered with the Luxembourg Trade and Companies Register under the number B0196856, VAT number LU 27823117, with its registered address at 21-25, 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg,

  • Qovex Ltd, registered with Companies House in the with registration number 08157033 and with registered office at 1300 E 9TH ST STE 1205 CLEVELAND OH 44114, , .

  • Qovex Global Ltd, registered with the Registrar of Corporate Affairs in the British Virgin Islands with the registration number 2086429 and with registered office at Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands.

“Qovex” in each case refers to the entity of which you are the customer. Depending upon the context, “Qovex” may also refer to the services, products, website, content or other materials (collectively “Qovex Services”) provided by each respective entity listed above to you as its customer.

Depending on your place of residence and/or the Qovex entity of which you are the customer, you may not be able to use Earn Services, or your use may be limited. It is your responsibility to follow the rules and regulations applicable in your place of residence and/or place from which you access Earn Services. As long as you agree to and comply with the present Earn Terms as well as the Qovex Terms of Use, Qovex grants you a personal, non-exclusive, non-transferable, non-sub licensable and limited right to enter the Qovex platform and use Earn Services. If the Qovex entity that you are a customer of does not offer specific Earn Services, you will have limited or no access to these services.

Qovex may modify these Earn Terms by providing notice of such changes, such as by sending you an email, providing notice through the Services, or updating the “Last Updated” date at the top of these Earn Terms at any time and at its sole discretion. It is your responsibility to review the amended Earn Terms. Your continued usage of Earn Services following the posting of a notice of changes to the Earn Terms signifies that you accept and agree to the changes, and that all subsequent actions by you will be subject to the amended Earn Terms. If you do not agree to any modification to these Earn Terms, you must stop using the Earn Services. Qovex encourages you to frequently review the Terms to ensure you understand the terms and conditions that apply to your access to, and use of, the Earn Services. If you have any question regarding the use of the Earn Services, please contact our Support Team by email to .

All capitalized terms in these Earn Terms shall have the same meaning as ascribed to them in the relevant Qovex Terms of Use.

1. Qovex Earn Products

1.1. Using earn products

Qovex Earn offers customers four separate and distinct products, which are described below: (1) Staking, (2) Inflation, (3) Governance and (4) Lending (collectively “Earn Products”, whereby (1) Staking, (2) Inflation and (3) Governance together “Protocol Products”). The type of Earn Products applicable to the Virtual Assets or Digital Assets held will depend on the specific asset. All Earn Products produce a reward for either contributing in some way to the underlying protocol or lending your Virtual Assets (collectively “Earn Rewards”).

Earn Products are provided on On-Demand Approach or Default Approach basis, which depends on the Earn Product and the individual assets available for Earn Rewards (“Earn Assets”) held in your Qovex Account. Some assets exist on protocols which require that a certain amount of Earn Assets be locked for a certain period of time and some lending arrangements may require locking your Earn Assets as well. Descriptions of Earn Products specifics and related specific terms for each Earn Asset are available within the Qovex platform and/or on our FAQ page.

1.1.1. On-Demand participation

Qovex Earn Products include Earn Assets with the On-Demand participation approach (“On-demand Approach”). For On-Demand Approach-based Earn Assets, in order to participate in the Earn Product and to collect Earn Rewards, you must request participation by selecting the Earn Assets from your Qovex Account you wish to include in the program. By requesting participation, your Earn Assets may remain in its respective protocol or lending arrangement. Qovex may credit you the applicable percentage of Earn Rewards earned in the time period and attributable to your Earn Assets, as detailed in your Qovex Account.

1.1.2. Default participation

Protocol Products also include Earn Assets with the Default participation approach (“Default Approach”). For Default Approach-based Earn Assets, you do not need to do anything in order to participate in the Protocol Product and to collect Protocol Rewards. Earn Assets in your Qovex Account that are based on Default Approach are included in the applicable Protocol Product by default. There may be some limitations to the time frame and amount you will receive Protocol Rewards on, depending on the Earn Asset. For more information, please see the specific Earn Asset FAQ.

1.1.3. Opting out from Earn Products and the effects of opting out

You are not required to use Earn Services when you have an account with Qovex. If you decide to not use Earn Services, you must opt-out by selecting the Earn Assets from your Qovex Account which you wish to exclude from the applicable Earn Product.

Some protocols that hold Earn Assets or lending arrangements may stipulate a certain amount of time that needs to pass after you opt-out from an Earn Product, before your opt-out request becomes effective and your Earn Assets can be removed and usable (“Lockup Period”). 

If you opt-out of Earn Services, you can opt back in at any time with immediate effect. When you opt-out of the Earn Services for a particular Earn Asset, there may be a delay between the time you opt out and the time you receive access to your participating Earn Assets again (“Opt-out Period”). The Opt-out Period ends when you have access to your Earn Assets. You stop receiving Earn Rewards for the said Earn Products at the end of your Opt-out Period.

The effects of your opt-out depend on Earn Asset’s participation approach:

  • Earn Assets based on On-Demand Approach: Qovex will cease engaging your Earn Assets in the applicable Earn Product.

  • Earn Assets based on Default Approach: Qovex may continue to engage your Earn Assets in the Earn Product (for example, delegating your Earn Assets with a third-party PoS network for staking) and continue to receive the associated Earn Rewards as a fee for enabling opt-out or apportioned as Earn Rewards to other participating users, thus discontinuing the distribution of relevant Earn Rewards to you. You acknowledge and agree that these Earn Rewards will not be paid to you, and you have no right to them whatsoever.

1.2. Earn Product: Staking

Staking is based on proof of stake (“PoS”), an algorithm used by some blockchains to reach consensus on the one true history of transactions. If you stake your Virtual Assets or Digital Assets on a PoS blockchain, the blockchain’s algorithm may give you the right to generate a new block and reward you with a predetermined amount of Virtual Assets or Digital Assets (“Staking Rewards”). Staking allows you to earn more cryptocurrency by using the cryptocurrency you already own and staking it for a set period of time.

When you hold Virtual Assets or Digital Assets on your Qovex Account, you may be given the option to stake these assets in a third-party PoS network via the services provided by Qovex (“Staking Products”).

For Virtual Assets or Digital Assets where staking functionality is available on the Qovex platform (“Stakeable Assets”), Qovex will make Staking Products available to you by default. If you elect to stake your available Stakeable Assets through the Qovex platform, thus creating customer “Staked Assets,” you agree to appoint Qovex as your agent and delegate to stake your Staked Assets with the third-party PoS network. Qovex works with a third-party staking provider to operate staking node services. Qovex customers’ Staked Assets are staked on the appropriate asset’s network by Qovex through this third-party staking provider.

You remain the lawful and beneficial owner of “Staked Assets” and the beneficial owner of additional assets resulting from any applicable Staking Reward which is effectively being generated in the staking nodes owned, maintained, and operated at the location of a third-party staking provider. Qovex does not own any Staked Assets that it holds for you or stakes on your behalf. You do not transfer ownership of the Staked Assets to Qovex or to the third-party staking provider during the staking process.

1.3. Earn Product: Inflation

Some Blockchain protocols add new tokens to the network at a rate determined by the protocol, and those tokens are then distributed to holders as inflation rewards (“Inflation Rewards”). This process is called Inflation. Qovex supports some assets that receive Inflation Rewards (“Inflation Products”). Inflation Products allow you to add more Virtual Assets or Digital Assets to your Qovex Account by holding the Earn Assets you already own and receiving rewards via Inflation Rewards, or community rewards.

If you are holding Earn Assets in your Qovex Account that is supported by Qovex for Inflation (“Inflation Assets”), you are eligible to receive Inflation Rewards. You will automatically be opted into the Inflation Products. You can always opt out from receiving Inflation Rewards within your Account. You remain the lawful and beneficial owner of Inflation Assets and the beneficial owner of additional assets resulting from any applicable Inflation Rewards. You do not transfer ownership of your Inflation Asset or Inflation Rewards to Qovex at any time.

Descriptions of the Inflation Products specifics and related specific inflation terms for each Inflation Asset are available within the Qovex platform and/or on our FAQ page. Availability of the Inflation Products, Inflation Assets, and Inflation Rewards may be limited by the jurisdiction where you reside. Please refer to our FAQ page for more information.

1.4. Earn Product: Governance

Some Blockchain protocols have adopted a governance rewards model that is designed to value and reward leaders and participants in the ecosystem and their voting participation in the ecosystem (“Governance Products”). Participants receive rewards for participating in governance of the protocol (“Governance Rewards”).

If you are holding Earn Assets in your Qovex Account that is supported by Qovex for Governance (“Governance Assets”), you are eligible for these Rewards, and you will automatically be opted into Governance Products. You can always opt out from receiving Governance Rewards within your Account. You remain the lawful and beneficial owner of Governance Assets and the beneficial owner of additional assets resulting from any applicable Governance Rewards. You do not transfer ownership of your Governance Asset or Governance Rewards to Qovex at any time.

Descriptions of Governance Products and Governance Rewards specifics and related specific terms for Governance Assets are available within the Qovex platform and/or on our FAQ page. Availability of the Governance Products, Governance Assets, and Governance Rewards may be limited by the jurisdiction where you reside. Please refer to our FAQ page for more information.

1.5. Earn Product: Lending

Lending is a product that allows you to lend certain Virtual Assets that you hold on your Qovex Account to third party lending providers (the “Lending Provider(s)”) and receive reward in return (the “Lending Reward”). This product is hereinafter referred as “Lending Product”.

In order to participate in the Lending Product, you must agree (besides these Earn Terms) also with the Terms and Conditions of the Lending Provider. You will be presented with the terms of the loan via Qovex interface, and you will be required to acknowledge the terms of loan before your Virtual Assets will be transferred to a Lending Provider. Minimum deposit amount may be required for your participation in the Lending Product. Please check our FAQ page for further information.

When Lending Provider receives any Virtual Assets from Qovex on your behalf, such Virtual Assets shall be considered lent by you to Lending Provider, and full ownership of such cryptocurrencies is transferred to Lending Provider on a title transfer basis. Lending Provider will deploy Virtual Assets deposited via deployment channels determined by you (e.g., lending, staking, decentralized finance protocols etc.) (the “Deployment Channels”). Lending Provider will not comingle Virtual Assets transferred to Lending Partner specified for one Deployment Channel with Virtual Assets transferred to Lending Partner for another Deployment Channel.

In order to lend your Virtual Assets and pay Lending Reward to you, Lending Partner may require certain identifying information about you. You authorize Qovex to share with Lending Provider some of your personally identifying information hereunder solely for the purposes of providing the Lending Product to you and distributing the Lending Reward. This information may include, but is not limited to, your name, date of birth, and state and country of residence. If you do not wish to share personally identifying information with Lending Provider, you cannot participate in Lending Product.

By accepting Lending Provider’s Terms and Conditions via Qovex platform a direct relationship between you and Lending Provider is established. You acknowledge and agree that we are acting as a fully disclosed agent and not as principal in connection with the lending of your Virtual Assets through Lending Product, and that Qovex as your agent is authorized to transfer to Lending Provider on your behalf Virtual Assets held at your Qovex account that you designated for the Lending Product.

2. Rewards

All four Earn Products (e.g., Staking Products, Inflation Products, Governance Products, and Lending Products) results in eligible participants accumulating Earn Rewards. For the purpose of these Earn Terms, Staking Reward, Inflation Reward and Governance Reward are altogether referred at to “Protocol Rewards”.

2.1. Protocol rewards

Protocol rewards are determined by the particular protocol or network that operates an Earn Asset (“Protocol”), based on individual Earn Asset. Qovex is not responsible for the amount or frequency of Protocol Rewards that are earned or issued by a particular Protocol.

For Staking Products, if a block of transactions in your Staked Assets is successfully validated, you may earn Staking Rewards calculated and granted by that Stakeable Asset’s Protocol, not Qovex. Your Staking Rewards is determined by the Protocol.

For Inflation Products, if you are holding an Inflation Asset on your Account, you may earn an Inflation Reward calculated and granted by that Inflation Asset’s Protocol. Your Inflation Reward is determined by the Protocol. If you do not wish to participate in Inflation Rewards, you may affirmatively opt out of the program. Otherwise, customers with Earn Assets in eligible jurisdictions are automatically participants by holding the Inflation Asset.

For Governance Products, if you are holding the Governance Asset on your Account, you may earn a Governance Reward calculated and granted by that Governance Assets’ Protocol. Your reward is determined by the Protocol. If you do not wish to participate in Governance Rewards, you may affirmatively opt out of the program. Otherwise, you are automatically a participant by holding the Governance Asset.

Collection of Rewards Payments. For Protocol Products, Qovex collects the Protocol Rewards from the Protocol operating the applicable Earn Asset. Protocol Rewards are determined by the Protocol. Qovex does not determine the amount of Protocol Rewards earned under any of the Protocol Products.

Timing and Distribution of Rewards Payments. While Qovex does not determine the amount of Protocol Reward earned on a Protocol, Qovex does aggregate and distribute Protocol Rewards to its participants at regular intervals, which varies based on the Earn Asset held, type of Protocol Reward, amount of Earn Asset participating, and time participating in the Earn Services. Qovex distributes Protocol Rewards payments in to participating accounts at regular intervals. Protocol Rewards are shown as credit in your Qovex Account. The percentage and timing of payments of Protocol Rewards will be: (i) determined by Qovex at its sole discretion, depending on the type of Earn Asset and Protocol Reward issued by the Protocol; (ii) subject to Qovex fees, as described and available in our Fee Schedule (the “Qovex Fee”); (iii) varied by the Protocol; and (iv) further detailed in your Qovex Account.

For certain Earn Assets, Qovex may offer you an option to choose the specific assets in which you want to receive Protocol Rewards. Depending on the Protocol and other factors outlined in the FAQ, Rewards may be automatically contributed the Earn Services, whereupon they will be eligible to accumulate Protocol Rewards. However, some Protocols do not allow Earn Assets to be automatically contributed to Earn Services. In some instances, these assets cannot participate in Protocol Rewards.

Inflation Rewards and Governance Rewards are automatically added to Earn Services process, whereupon they will be eligible to earn applicable Protocol Rewards. If your balance of Earn Assets on your Account drops below the minimum balance required for participation in process, you may not receive Protocol Rewards.

2.2. Lending Reward

Lending Provider will deploy Virtual Assets deposited via Deployment Channels, therefrom generating yield (the “Yield”). Yield rates may be variable and will be made available to you on Qovex platform. As a result, your Lending Reward may increase or decrease, leading to a higher or lower rate of return on your Virtual Assets deployed for Lending Product. Changes to yield rates will be posted on the Qovex platform or notified to you before changes are made.

Collection of Rewards Payments. Qovex collects the Lending Rewards from the Lending Provider.

Timing and Distribution of Lending Reward. Qovex aggregates and distributes Lending Rewards to its participants at regular intervals, which varies based on the Earn Asset loaned, type of loan, amount of Earn Asset participating, and time participating in the Lending Product. Lending Rewards are shown as credit in your Qovex Account. The Lending Reward and timing of its distribution will be: (i) determined by Qovex at its sole discretion, depending on the type of Earn Asset and Lending Reward; (ii) subject to the Qovex Fee; (iii) further detailed in your Qovex Account. Lending Reward will be paid in cryptocurrency you funded to your account with Lending Provider. The Lending Reward will be calculated and paid to the one hundred millionth of the relevant unit of Virtual Asset.

3. No Guarantee, Representation or Warranty

Qovex employs measures to ensure that Earn Services are accessible at all times without interruption. Notwithstanding this, Qovex cannot guarantee uninterrupted or error-free operation of Earn Services or general Qovex Services, or that Qovex will correct all defects or prevent third-party disruptions or unauthorized third-party access. In the event of such disruptions, any Earn Assets may not be generating Earn Rewards.

Qovex makes no representations and warranties, and makes no guarantees that any particular Virtual Assets or Digital Assets will be available for Earn Services on a continuous basis. Qovex has the right to initiate or terminate Earn Services for any Virtual Assets or Digital Assets or modify the terms and conditions of Earn Services at its sole discretion.

Qovex may in its sole discretion discontinue to offer any of the Earn Products subject to prior notification.

BITSTAMP MAKES NO REPRESENTATION OR WARRANTY THAT BITSTAMP EARN AND RELATED SERVICES AS SUCH ARE APPROPRIATE FOR USE IN ALL LOCATIONS, OR THAT THE TRANSACTIONS AND EARN 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 BITSTAMP EARN AND RELATED SERVICES WITHIN ALL JURISDICTIONS APPLICABLE TO YOU. BITSTAMP IS NOT RESPONSIBLE FOR TAX CONSEQUENCES TO YOU THAT ARISE BECAUSE OF USING EARN SERVICES AND RELATED BITSTAMP SERVICES.

Protocol Products

You agree and understand that Protocol Rewards are based on the individual Earn Assets’ Protocols. Qovex has no control or discretion over the amount of Protocol Rewards earned in a particular Protocol Rewards period. You further agree and understand that Qovex does not guarantee that you will receive Protocol Rewards and that the applicable percentage of Protocol Rewards (i) is an estimate only and does not constitute a guarantee, warranty or representation of any sort, (ii) may change at any time for reasons within or outside of Qovex control, and (iii) may be more or less than the actual rewards received from the Protocols. You have no right to a Protocol Reward. If and when Protocol Rewards are accumulated, the portion of a Protocol Reward that your Earn Assets have accumulated will be distributed to your Qovex Account. Timing for Protocol Rewards distributions will vary by the type of Earn Asset. Please refer to the Qovex Earn FAQ for updated information about timing of Protocol Rewards distributions and any fees related to Earn Services.

Lending Product

You agree and understand that Lending Rewards are based on the yield rates. Qovex does not guarantee that you will receive Lending Rewards and that the applicable percentage of Lending Rewards (i) is an estimate only and does not constitute a guarantee, warranty or representation of any sort, (ii) may change at any time for reasons within or outside of Qovex control, and (iii) may be more or less than the actual rewards received from the Lending Provider. You have no right to a Lending Reward.

You agree and understand that depositing your assets with Lending Provider means that your Virtual Asserts will leave our custody and that Virtual Assets are transferred to Lending Provider on a full title basis, meaning the ownership of such Virtual Assets shall be deemed to be passed to the Lending Provider from the moment you deposit your Virtual Assets to the Lending Provider via Qovex platform. The Virtual Assets will be again your property upon a completed withdrawal from the Lending Provider. There is no guarantee that a return will be made, no security regarding the loaned Virtual Assets is given and the loan will be non-recourse. We are not a principal to any lending arrangement, and we have no obligation or ability to return the Virtual Assets from Lending Provider in the event of a Lending Provider default.

All lending by you through our Lending Product will be on an unsecured basis. We will not collect or hold collateral from Lending Provider, nor maintain any collateral account for your benefit. You understand that loans are not insured by us or any governmental program or institution and that we do not assume any market or investment risk of loss associated with your participation in our Lending Product.

We do not guarantee that a Lending Provider will seek a loan for your available Virtual Assets on terms you find acceptable, or at all. If at any time the Virtual Assets available for Lending Product exceed demand from Lending Provider, we may, but are not required to, maintain a waitlist if Lending Provider’s capacity is oversubscribed. A waitlist is, however, not a guarantee that your Virtual Assets will be loaned to a Lending Provider.

4. Lockup periods & liquidity

If you choose to participate in Earn Services, your Earn Assets may be subject to a specific Lockup Period, meaning you may be required to pledge your Earn Assets to the applicable process, and your Earn Assets will become locked on the applicable Protocol and/or with Lending Provider for a period of time. Qovex has no control over the duration or end date of the Lockup period, which will ultimately be determined by the applicable Protocol and/or arrangement between you and Lending Provider. For some Earn Assets, you might be unable to opt out of Earn Services participation. Qovex will not refund or replace your locked Earn Assets you wish to withdraw from the Earn Services. You might not be able to trade, transfer, or otherwise access your Earn Assets during the Lockup period. Accessing your locked Earn Assets may result in a loss of any Earn Rewards accrued until that point. Qovex is not responsible for any decrease in the value of your Earn Assets or any Earn Rewards associated with allowing you the ability to exchange or sell your locked Earn Assets.

For more information about Earn Assets subject to Lockup provisions, please review the individual Earn Asset’s FAQs.

5. Risks

In addition to the Risk section and Risk disclosure in the Qovex Terms of Use, Earn Services involve some specific risks, which are addressed below. With the acceptance of these Earn Terms, you acknowledge that you are aware that Earn Services, Earn Assets, Protocols, and related technologies are new and untested. In addition to the risks set forth here, there are risks that Qovex cannot foresee, and it is unreasonable to believe that such risks could be foreseeable. Unanticipated risks may arise. With the acceptance of these Earn Terms, you acknowledge and confirm that Earn Services, Earn Assets, Protocols and Lending Product carry significant inherent risks and you accept those risks. Qovex disclaims all liability for losses resulting from the below risks.

5.1. Slashing Penalty

Some Protocols may determine penalties for certain events associated with the participation in Protocols processes (e.g., unavailability, slow, incorrect or malicious performance) (“Slashing Penalty”) This may occur if an Earn Service has been erroneously operated, the transaction validator incorrectly validated a transaction and/or in any other case determined by the Protocols, that may result in a Slashing Penalty, non-payment of the Protocol Reward and/or partial or complete loss of Earn Assets.

5.2. Node Downtime

Downtime occurs when a validator is unavailable to sign transactions on a blockchain for a certain period of time (“Node Downtime”). Expectations for the uptime of a validator are dependent upon the Protocols. If a node remains unavailable for long enough, Protocol Rewards may not be received in part or in full and/or a node may be subject to penalties, including downtime slashing. Earn Assets are not at risk in case of Node Downtime. Node Downtime often occurs if a node’s cloud infrastructure goes offline, or a node is out of sync with the chain. Not all Protocols consider Node Downtime a slashing offense.

5.3. Critical Bugs

Earn Services are based on various Protocol. As such, any malfunction, unintended function or unexpected functioning of the Protocol and/or their networks may consequently cause Earn Services to malfunction or function in an unexpected or unintended manner.

Hackers and other groups or organizations may attempt to interfere with Protocol, Earn Services, and Earn Assets in any number of ways, including, without limitation, denial of service attacks, Sybil attacks, spoofing, smurfing, malware attacks or consensus-based attacks.

Critical bugs including, but not limited to, the ones described above may result in a loss of part or all Earn Assets.

5.4. Third-party default risk

Loans made by Lending Provider to their counterparts may not be secured. Your Virtual Assets may have exposure to third party credit risk. In the event of a third-party default, Lending Provider does not have an obligation or the ability to return affected virtual assets back to you. Qovex does not insure, indemnify, or otherwise guarantee the return of your Virtual Assets that have been loaned to a Lending Provider, nor assume any market, credit, investment risk of loss associated with Lending Product. You alone bear the risk of loss of loaned Virtual Assets should Lending Provider or their borrower default. Lending Providers are not required to post collateral to you or to us, however, they may require collateral to secure loans that they themselves make.

5.5. Transactions risks

Depositing your assets with Lending Provider may put your Virtual Assets at risk. Your Virtual Assets will leave our custody and will be outside Qovex control and responsibility. Consequently, insurance coverage provided by Qovex and/or its custodian(s) or sub-custodian(s) does not apply. Lending Provider will deploy those through Deployment Channels, which may include transferring Virtual Assets to third parties, and such Virtual Assets will be exposed to various risk as result of such transactions and you accept the risk of loss associated with loan transactions, up to, and including, total loss of your available digital assets.

6. Limitation of Liability

TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW: (A) BITSTAMP WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY OR PUNITIVE DAMAGES OF ANY KIND, UNDER ANY CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHER THEORY, INCLUDING DAMAGES FOR LOSS OF PROFITS, LOSS OF REVENUE, LOSS OF BUSINESS, LOSS OF OPPORTUNITY, LOSS OF USE OR DATA, LOSS OF OTHER INTANGIBLES, LOSS OF SECURITY OF SUBMISSIONS (INCLUDING UNAUTHORIZED INTERCEPTION BY THIRD PARTIES OF ANY SUBMISSIONS), LOSS EARN ASSETS, AND/ OR EARN REWARDS, EVEN IF ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES OR LOSSES; (B) WITHOUT LIMITING THE FOREGOING, BITSTAMP WILL NOT BE LIABLE FOR DAMAGES OR LOSSES OF ANY KIND RESULTING FROM (i) YOUR USE OF OR INABILITY TO USE THE SITE OR THE SERVICES OR THIRD PARTY MATERIALS, INCLUDING FROM ANY VIRUS THAT MAY BE TRANSMITTED IN CONNECTION THEREWITH, (ii) YOUR ACTS OR OMISSIONS, (iii) SCHEDULED NETWORK MAINTENANCE, (iv) ACTS BY A HACKER OR OTHER MALICIOUS ACTOR, (v) FORCE MAJEURE EVENTS, (vi) SLASHING PENALTIES AS DESCRIBED IN THESE TERMS, (vii) CRITICAL BUGS AS DESCRIBED IN THESE TERMS, (viii) ANY OTHER ACTS OR OMISSIONS OUTSIDE OF Qovex CONTROL, UNLESS THE LOSS SUFFERED AROSE FROM GROSS NEGLIGENCE, WILLFUL DECEIT OR FRAUD ON THE SIDE OF BITSTAMP; (C) YOUR SOLE AND EXCLUSIVE REMEDY FOR DISSATISFACTION WITH THE SITE OR ANY SERVICES OR THIRD PARTY MATERIALS IS TO STOP USING THE SITE AND THE SERVICES; AND (D) Qovex AGGREGATE LIABILITY FOR CLAIMS BASED ON EVENTS ARISING OUT OF OR IN CONNECTION WITH ANY SINGLE USER’S USE OF THE SITE AND/OR SERVICE, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, SHALL IN NO CIRCUMSTANCES EXCEED THE FEES PAID BY YOU TO BITSTAMP DURING THE 12 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY.

Nothing in these Earn Terms excludes or limits the liability of either party for fraud, death or personal injury caused by its gross negligence, breach of terms implied by operation of law or any other liability which may not be limited or excluded by law. We may change or update the Site or the Earn Services at any time without notice, and you should accordingly verify with independent sources all information before relying on it to take decisions or actions.

Notwithstanding the above, Qovex agrees to compensate you for any Node Downtime for the Protocol Products from point 5.b of these Terms to the extent such Node Downtime is not caused by (i) your acts or omissions, (ii) scheduled network maintenance, (iii) acts by a hacker or other malicious actor, or (iv) Force Majeure events.

You remain entirely responsible for your decisions and actions. Subject to the above, you also agree and acknowledge that, except as outlined in these Earn Terms, Qovex has no liability, responsibility or guarantee with respect to using Earn Products.

7. Protocol participation

Some Protocols include governance and voting mechanisms. In this type of governance, rules for instituting changes are encoded into the blockchain protocol. Changes are proposed through code updates, and each node operator votes on the proposed changes.

In case of the Protocol Products, Qovex and/or its third-party provider(s) that may assist with providing Earn Services are solely responsible for all Earn Assets’ governance decisions regarding the Protocol Products. Qovex or its third-party provider(s) will assign a representative to handle such processes and communications for all applicable Earn Asset decisions associated with the Earn Services. You acknowledge and agree that Qovex may exercise any such governance decision and/or voting right on your behalf, and you have no rights whatsoever with regard to the governance decisions derived from your Earn Assets. Qovex governance decisions made on your behalf will be made in accordance with Qovex Policies.

You acknowledge that you will not be entitled to participate in any staking functionality, delegation, voting, or other governance functions with respect to Virtual Assets that have been designated by you for the Lending Product.

8. Forks and Airdrops

A Fork or Airdrop (as defined in the applicable Qovex Terms of Use) may occur during the time you designate your Virtual Assets for Earn Service. Qovex may or may not support specific Fork or Airdrop and you also acknowledge that Qovex has no control over policies of Lending Providers, crypto custodians, staking providers or other relevant partners for offering of the Earn Service (all together the “Partners”) regarding whether they will support Fork or Airdrop or not. It is your responsibility to make yourself aware of and consider how to deal with upcoming Fork or Airdrop. Qovex shall therefore not bear any liabilities or obligations towards you in respect of Qovex and/or Partners not supporting specific Fork or Airdrop, and it is your obligation to make informed decision on how to approach the upcoming Fork or Airdrop, including whether to give us instructions, for example, to recall the loaned Virtual Assets from the Lending Provider or similar.

If both us and relevant Partner or Partners support upcoming Fork or Airdrop, and the conditions for the distribution are met, you acknowledge that Virtual Assets generated as a result of a Fork or an Airdrop will be received directly by Qovex, that will then distribute to your Qovex Account the incremental tokens generated as a result of a Fork or an Airdrop.

You acknowledge that you are solely responsible for calculating any resulting tax liabilities related to receiving the incremental tokens generated as a result of a Fork or an Airdrop.

9. Our intervention

In case actions on your assets and/or accounts at Qovex are required (e.g., freezing of funds, blocking of the account) due to internal or external investigations, law enforcement or other request from competent authority, Qovex is entitled to (i) request closure or freeze of your account for Earn Products, (ii) recall your assets from Earn Products and/or (iii) take or request providers of Earn Products to take any other actions in respect of your Virtual Assets, in each case as requested by competent authority, required under applicable laws and regulations or in accordance with Qovex internal policies and procedures.

We may terminate your arrangement for Earn Products if we determine to delist a Virtual Asset you deployed for Earn Products.

We may terminate your participation in the Lending Product and unwind your positions if we determine that you are not eligible to participate (anymore) in the Lending Product.