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zerohash Transfer Services Terms

  • Updated

If you are electronically agreeing to these zerohash Transfer Services Terms (these “Terms”), whether through some form of clickwrap, clickthrough, or check of a button, then you agree to be bound by these Terms in their entirety when using the Transfer Services (defined below) provided by zerohash llc and its applicable affiliates (together, “zerohash”). For more information about zerohash, please visit our website here.

  1. Transfer Services. By agreeing to these Terms through a third-party application, website, platform, or other method made available to you (the “Third-Party Application”), you are agreeing to engage in one or more of the following services provided by zerohash (collectively, the “Transfer Services”), as applicable to you and made available to you through the Third-Party Application:

     

    • Payout Services. You may receive a specific amount of “Stablecoins” (digital assets whose value is pegged to the value of a fiat currency, such as U.S. Dollars) or other cryptocurrency supported by zerohash  (together, “Digital Assets”) (a “Payout”) from zerohash to the blockchain address (“Address”) indicated by you within the Third-Party Application as satisfaction of a payment for a good or service, donation, or other payment obligation owed to you (a “Payout Obligation”) by the Third-Party Application or other third-party utilizing the Third-Party Application (in each case, a “Payor”) (collectively, the “Payout Services”). As used in these Terms, a “Payout Transaction” refers to each time a Payout is sent by zerohash to you (as instructed by a Payor).

      When using the Payout Services, you acknowledge, understand, and agree that: (i) when zerohash sends you a Payout, the Payout is the property of the Payor up until the point at which the Payout is delivered to your Address; (ii) at no point during your use of the Payout Services and zerohash’s processing of Payout Transactions is zerohash custodying or otherwise holding property belonging to you on your behalf; (iii) zerohash is not responsible, and shall not be liable to you in any way, for (a) calculating Payout Obligations or anything related to the good, service, or other event giving rise to the Payout Obligation, (b) handling claims and disputes between you, Payors, and/or the Third-Party Application regarding Payouts, Payout Obligations, Payout Transactions, or the particular good, service, or other event rising rise to a Payout Obligation, including, but not limited to, claims regarding erroneous Payout Transactions, timely Payouts, the quality of a good or service, etc., or (c) processing Payout Transaction refunds or otherwise reversing a Payout Transaction unless expressly instructed otherwise by the Third-Party Application or Payor or zerohash deems it necessary to reverse a Payout Transaction in its sole discretion, and you must contact the Third-Party Application and/or Payor for any concerns or questions relating to Payout Transactions and refunds; (iv) you shall immediately return all Digital Assets you received as a Payout if zerohash or the Third-Party Application notifies you that a Payout Transaction is being refunded or reversed and you shall send such Digital Assets to the same Address that you received the initial Payout from unless instructed otherwise by zerohash in writing; and (v) you are responsible for ensuring that your designated Address in the Third-Party Application for receiving Payouts is correct and up to date at all times.

       

    • Pay Services: You send a specific amount of Digital Assets (a “Payment”) to zerohash via the method available to you within the Third-Party Application as satisfaction of a payment for a good or service, donation, or other payment obligation owed by you (a “Payment Obligation”) to the Third-Party Application or other third-party utilizing the Third-Party Application (in each case, a “Merchant”) (collectively, the “Pay Services”). As used in these Terms, a “Pay Transaction” refers to each time a Payment is sent by you to zerohash for the purpose of zerohash sending the Payment to a Merchant as satisfaction of a Payment Obligation.

      When using the Pay Services, you acknowledge, understand, and agree that: (i) when zerohash receives a Payment from you, the Payment will immediately be delivered to, and be the sole property of, the Merchant whom the Payment Obligation is owed; (ii) at no point during your use of the Pay Services and zerohash’s processing of Pay Transactions is zerohash custodying or otherwise holding property belonging to you on your behalf; (iii) zerohash is not responsible, and shall not be liable to you in any way, for (a) calculating Payment Obligations or anything related to the good, service, or other event giving rise to the Payment Obligation, (b) handling claims and disputes between you, Merchants, and/or the Third-Party Application regarding Payments, Payment Obligations, Pay Transactions, or the particular good, service, or other event rising rise to a Payment Obligation, including, but not limited to, claims regarding erroneous Pay Transactions, timely Payments, the quality of a good or service, etc., or (c) processing Pay Transaction refunds or otherwise reversing a Pay Transaction unless expressly instructed otherwise by the Third-Party Application or Merchant or zerohash deems it necessary to reverse a Pay Transaction in its sole discretion, and you must contact the Third-Party Application and/or Merchant for any concerns or questions relating to Pay Transactions and refunds; (iv) all Digital Assets from refunds or reversed Pay Transactions processed by zerohash will either be sent back to the same Address that zerohash received the initial Payment from or to another Address as determined by zerohash in its good faith discretion; (v) you are responsible for reviewing and confirming the Pay Transaction details for the selected Digital Asset for on-chain delivery and reviewing the Address presented to you when prompted to making a Payment in the Third-Party Application to ensure that it is correct; (vi) all Payment Obligations displayed to you in the Third-Party Application will be based on a Fixed Rate Exchange Rate (defined below) that will remain fixed during the time window displayed to you in the Third-Party Application (a “Quote Window”); (vii) failure to deposit the Digital Assets required to satisfy the Payment Obligation in the Address provided to you in the Third-Party Application before the Quote Window expires may result in the price and Exchange Rate of the Payment Obligation changing to a Floating Rate Exchange Rate (defined below) which may result in you owing more Digital Assets to the Merchant to satisfy the Payment Obligation; and (viii) upon receipt of a Payment Obligation, whether above or below a set limit or provided after a Quote Window expires, zerohash may exercise its rights to either return or convert the Digital Assets to fiat currency as described in more detail below.

      Further, when using the Pay Services you acknowledge and agree to the following:

       

      • Right to Immediately Convert. zerohash reserves the right to immediately convert the Digital Assets deposited as Payment by you into the Address presented to you in the Third-Party Application to fiat currency when using the Pay Services. zerohash is not required to wait for further instruction from you, Merchants, or the Third-Party Application upon receipt of the Payment to make such conversion.

         

      • Right to Return or Convert if Above / Below Limits or Payment Obligations or Received Outside the Quote Window. If zerohash receives a Payment from you when using the Pay Services, and such Payment is:

         

        • above the maximum limit set by zerohash, the Third-Party Application, or the Payment Obligation presented to you, then zerohash reserves the right, at its sole discretion and without further instruction from you, Merchants, or the Third-Party Application, to either:

           

          • return the excess Digital Assets to the Address that sent the Digital Assets to zerohash or to another Address as determined by zerohash in its good faith discretion; or

          • immediately transfer such Digital Assets (or convert the excess Digital Assets to fiat currency and immediately transfer such fiat currency) to the Merchant’s or Third-Party Application’s (A) external Address or bank account, or (B) zerohash account (or an error account managed by zerohash), and in each case you must contact the Merchant and/or Third-Party Application in order to retrieve your Digital Assets or fiat currency.

             

        • below the minimum limit set by zerohash, the Third-Party Application, or the Payment Obligation presented to you, zerohash reserves the right, at its sole discretion and without further instruction from you, Merchants, or the Third-Party Application, to either:

           

          • return the Digital Assets either to the Address that sent the Digital Assets to zerohash or to another Address determined by zerohash in its good faith discretion; or

          • immediately transfer the Digital Assets received (or convert the Digital Assets received to fiat currency and transfer such fiat currency) to the Merchant’s or Third-Party Application’s (A) external Address or bank account, or (B) zerohash account (or an error account managed by zerohash), in which case you will, as determined by the Third-Party Application, either (i) remain liable for the remaining outside Payment Obligation, or (ii) need to contact the Merchant and/or Third-Party Application in order to retrieve your Digital Assets or fiat currency as a result of the transaction being cancelled for insufficient Payment.

             

        • received by zerohash outside of the Quote Window presented to you (i.e., after the Quote Window has expired), zerohash reserves the right, at its sole discretion and without further instruction from you, Merchants, or the Third-Party Application, to either:

           

          • return the Digital Assets either to the Address that sent the Digital Assets to zerohash or to another Address determined by zerohash in its good faith discretion; or

          • immediately transfer the Digital Assets received (or convert the Digital Assets received to fiat currency and transfer such fiat currency) in accordance with Sections 1(b)(ii)(1)-(2) above depending on whether the Payment is above or below the maximum or minimum limit set by zerohash or the Third-Party Application.

             

      • Value of Refunds. The value of any Digital Asset that is returned or refunded pursuant to these Terms may have significantly changed in value since the time it was originally deposited with zerohash by you in connection with a Pay Transaction, and therefore may be worth less than what you originally owned. All refunds will be calculated in Fiat Currency-denominated value (for example,  if you buy a product for $100 USD and pay with Bitcoin, but a couple days later are eligible for a refund, you will receive $100 USD worth of Bitcoin on the day of the refund, which may be more or less Bitcoin that you originally used to pay for the product on the day of payment).

         

  1. Transaction Limits. zerohash reserves the right to set minimum and/or maximum transaction limits during the Transfer Services which will be communicated to you via the Third-Party Application.

     

  1. De Minimus Amounts. If a Merchant or Third-Party Application request certain Digital Assets to be returned to you (or to convert fiat currency to Digital Assets and send to you on-chain) but that are too small a value (i.e., are de minimus) to cover the network fees to process the on-chain transaction, then zerohash may take any action it deems necessary to process the return request, which may include, but is not limited to, waiting until there are sufficient Digital Asset or fiat currency amounts necessary to cover any network fees in order to process the on-chain transaction.

     

  1. Receipts. Unless required by law, zerohash will not provide you with a receipt for any transaction you engage in during the Transfer Services. All receipts for transactions arising out of your use of the Transfer Services may be provided to you by the applicable Payor, Merchant, and/or Third-Party Application (as applicable) and you must contact those parties for any receipts.

     

  2. Risks of Digital Assets. You acknowledge, understand, and agree that: (i) engaging in Digital Asset transactions, including those involved in the Transfer Services, involves risks that are unique to Digital Assets, and you accept and assume such risks, including, but not limited, the risks listed here, which are incorporated herein by reference and which may be updated from time to time without prior notice to you; (ii) Transfer Service transactions are processed on-chain and may not be canceled or reversed once the Digital Assets are transferred outside the control of zerohash (in other words, once a Payment has been sent on-chain to the Merchant’s external Address or converted to fiat currency, or when a Payout is sent on-chain to an external Address);  and (iii) fraudulent transactions may result in the loss of assets with no recourse. 

    You further acknowledge, understand, and agree that your use of the Transfer Services involves the following risks: 

     

    • Settlement timing risks and reliance on third-parties. Transacting with a third party during the Pay Services (such as a Merchant or Third-Party Application) generally requires the conversion of Digital Assets to fiat currency (or vice versa) prior to sending fiat currency to the applicable third party. Digital Assets may be delivered to third parties, including a Merchant, the Third-Party Application, an exchange, liquidity provider (“LP”), the issuer of a Stablecoin (e.g., Circle Internet Financial, LLC as the issuer of USDC), or other applicable third party for conversion to fiat currency, including U.S. Dollars, prior to zerohash processing any instruction to direct fiat currency or Digital Assets to an approved bank account or Address held away from zerohash. Stablecoin issuers, LPs, and other third parties, including banking and financial institutions, may take an extended amount of time to settle Digital Asset-to-fiat currency conversions and deliver the resulting fiat funds to the applicable third party. Such timelines and delays may impact zerohash’s ability to deliver assets to any designated recipient as instructed. Stablecoin issuers, LPs, and other third parties may also impose transaction fees, which may be passed to you, and transaction limits that may impact the timing of a transaction or zerohash’s ability to fulfill and process transactions. Additionally, Stablecoin issuers, LPs, and other third parties may be subject to legal and regulatory changes that may impact their ability to continue supporting any issued Stablecoin or other Digital Asset or that may impact their ability to issue, redeem, trade, swap, or liquidate certain Stablecoins or Digital Assets. The assets, algorithms, proofs or reserves backing Stablecoins or other Digital Assets are solely determined by the Stablecoin or Digital Assets issuers or developers, and not by zerohash.

       

    • Risk of a Stablecoin de-peg event. Fiat-backed Stablecoins may “de-peg” substantially from their intended pricing of 1:1 to the underlying fiat currency, such as U.S. Dollars or any other applicable fiat currency, at any time, including after a transaction has been received by zerohash and final settlement of a Stablecoin to fiat currency or fiat currency to Stablecoin transaction. A “de-peg” may result from, among other things, market instability, an exploitation of the Stablecoin’s network or networks, technical issues with the token issuer, including a breach of the issuer’s information systems, issuer insolvency, failures of third parties or financial institutions involved in the issuance, stability, and operation of the Stablecoin and/or its network, or any other force majeure event.

       

    • No Guarantee by zerohash. Unless otherwise disclosed to you by zerohash, zerohash is not the issuer of any Stablecoin or other Digital Asset, does not hold proprietary reserves of Stablecoins or Digital Assets, and has no obligation to repurchase Stablecoins or Digital Assets for U.S. Dollars or any other fiat currency or to ensure sufficient backing or liquidity of any Stablecoin or Digital Asset. zerohash does not guarantee the timing of the delivery of funds (whether Stablecoins, other Digital Assets, fiat currency, or any other applicable currency) to any designated recipient. zerohash further does not guarantee pricing of Stablecoins or Digital Assets during transaction processing periods. zerohash must follow your instructions (or those of the Payor, Merchant, or Third-Party Application, as applicable) when processing a transaction and cannot guarantee access to any Stablecoins, other Digital Assets, or fiat funds that are transferred away from zerohash for any reason, including for Misdirected Assets (defined below). Upon receipt and processing of any instructions, zerohash may not be able to recover any part of the assets subject to the transaction, but may be able to assist with recovery for a fee (see Risk of Losing Assets below). zerohash may pass third party imposed fees, including issuer fees, on to you. zerohash shall not be liable in any way for any delays caused by Stablecoin or other Digital Asset issuers, LPs, or other third parties, including any real or hypothetical losses that may result from a delay in processing any transactions to a designated recipient away from zerohash or from a de-peg that may occur during Stablecoin transaction processing. zerohash may, in its sole discretion, refuse any transaction or return any Stablecoins, other Digital Assets, or fiat funds, in whole or in part, to you, including to accounts held away from zerohash, if zerohash reasonably determines that processing of a requested transaction presents undue risk to zerohash or any zerohash’s customers or partners.

       

    • Risk of Losing Assets. Any Stablecoins or other Digital Assets sent to an Address not provided or controlled by zerohash may result in the loss of your assets. In addition, if you send to zerohash, whether intentionally or unintentionally, an unsupported Stablecoin or Digital Asset or a supported Stablecoin or Digital Asset to the wrong Address or otherwise on the wrong network or blockchain (each a “Misdirected Asset”), then you must submit an asset recovery request to the Third-Party Application (each an “Asset Recovery Request”) who will then communicate the Asset Recovery Request to zerohash. zerohash will use commercially reasonable efforts to locate and recover a Misdirected Asset, but makes no guarantee as to the recoverability of any Misdirected Asset. If zerohash locates and determines, in its sole discretion, that a Misdirected Asset is recoverable, then zerohash will communicate to you and/or the Third-Party Application the steps required to recover the Misdirected Asset. Either the Third-Party Application’s or your failure to cooperate with zerohash in the recovery process provided by zerohash may result in a delayed recovery of the Misdirected Asset or no recovery at all, and zerohash will in no event be liable to you or the Third-Party Application for any loss, damage or claim arising out of or in connection with the unrecovered Misdirected Asset. YOU ACKNOWLEDGE AND AGREE THAT: (I) ZEROHASH MAY CHARGE YOU A FEE FOR EACH ASSET RECOVERY REQUEST FOR RECOVERING A MISDIRECTED ASSET; AND (II) YOU HAVE REVIEWED AND ACCEPTED THE ASSET RECOVERY REQUEST FEES LISTED HERE (IF ANY), WHICH IS INCORPORATED HEREIN BY REFERENCE AND WHICH MAY BE UPDATED FROM TIME TO TIME WITHOUT PRIOR NOTICE TO YOU.

       

    • Exchange Rate Risk. When you are prompted in the Third-Party Application to deposit your Digital Assets in the Address provided by zerohash, you will also be quoted an exchange rate that zerohash will use to convert your Digital Assets into the selected fiat currency (the “Exchange Rate”). zerohash uses two methods for quoting the Exchange Rate, only one of which will be displayed to you in the Third-Party Application: (1) “Fixed Rate”, which is an Exchange Rate that is does not change until the quote expires at the time indicated in the transaction details; and (ii) “Floating Rate”, which is an Exchange Rate displayed at the current prevailing market price (as determined by zerohash in its sole discretion) which may change by the time you deposit the Digital Asset with zerohash if the market price for the particular Digital Assets shifts between the time the quote is displayed to you and the time you complete the deposit or withdrawal.

       

  3. Privacy Notice. You may be required to provide certain information (including, but not limited to, your name, address, date of birth, phone number, and email) to zerohash (either directly or through the Third-Party Application) in order to use the Transfer Services, and you hereby (a) consent to zerohash sharing your data or information arising from the Transfer Services with the Third-Party Application, and (b) that you have read and agree to the zerohash Privacy Notice, which is available here and incorporated herein by reference, and that you may contact zerohash at privacy@zerohash.com if you have any questions related to the Privacy Notice or wish to revoke your consent.

     

  4. Dispute Resolution. Unless specified otherwise herein, any dispute between you and zerohash relating to these Terms, whether arising from or related to the Terms itself or in any way related to the Transfer Services, shall be resolved through binding arbitration conducted in the English language by New Era ADR, Inc. (https://neweraadr.com/) (“New Era”) through their platform  (the “New Era Platform”) in accordance with its rules and procedures for “Virtual Expedited Arbitrations” (the “Rules”) by one (1) professional neutral with substantial experience in resolving commercial disputes (the “Neutral”). The Neutral shall be chosen in accordance with the Rules of the New Era Platform.  If New Era is unable or unwilling to administer the arbitration consistent with this Arbitration Agreement, the parties agree that JAMS will administer the arbitration subject to the JAMS Rules and Procedures then in effect, including any Mass Arbitration Procedures and Guidelines applicable to the Dispute, except as modified by this Arbitration Agreement. The JAMS rules are available at https://www.jamsadr.com/adr-rules-procedures/. A party who intends to pursue a claim must first send to the other a letter describing the claim and containing the information described below (a “Notice of Dispute”). Any notice sent pursuant to these dispute resolution provisions shall be sent pursuant to Section 9 (Notice). YOU AND ZEROHASH EACH HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, CLAIM, SUIT, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THESE TERMS OR THE TRANSFER SERVICES OR THE ACTIONS OF SUCH PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

     

  1. Governing Law & Venue. You hereby agree that these Terms and your access to and use of the Transfer Services will be governed by and construed and enforced in accordance with the laws of the state of Illinois, U.S.A. without regard to conflict of law rules or principles (whether of the state of Illinois or any other jurisdiction) that would cause the application of the laws of any other jurisdiction. Any dispute between the parties arising out or relating to these Terms that is not subject to arbitration or cannot be heard in small claims court will be resolved in the state or federal courts sitting in Chicago, Illinois, U.S.A.

     

  1. Notice. Notices, consents, approvals, requests, or other communications required to be delivered hereunder, may be mailed, emailed, sent or delivered to the respective parties hereunder at or to their respective addresses stated below. Notice shall be deemed given or made when personally delivered, when received via electronic mail, or seven (7) days after being sent by prepaid certified or registered mail to the address set forth below. Any notice sent to a party hereunder shall be sent to the one of the following points of contact:

     

    • If to zerohash: to the address specified here with a copy to legal@zerohash.com.

       

    • If to you: notice will be sent to the email address or address on file with your zerohash account or profile as provided by or updated by you from time to time.

       

  2. Electronic Acceptance. By electronically agreeing to these Terms, which may be completed by all methods of “clickwrap” or “click through” including by accepting, clicking a button, or checking a box, you acknowledge and agree that such electronic signature is valid evidence of your consent and agreement to these Terms. Please print or save a copy of these Terms for your records. Alternatively, you may contact zerohash at support@zerohash.com to learn how you can obtain a copy.

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