# Welcome to BIMA
## Our Mission
Institutions hold large digital asset balances that sit idle. Selling them means giving up the position and triggering a taxable event. Borrowing against them usually means an interest rate that compounds against you, a margin call schedule, and collateral you can no longer see.
Bima takes a different route. It arranges **structured financing against digital asset holdings** BTC, ETH, BNB and other major assets so that the holder keeps the position, receives capital today, and pays **no interest rate** on that capital.
The cost is real, but it is not paid in cash. Before anything moves, you agree to a level above which future appreciation is shared. That share of upside is what funds the financing. If the asset never reaches that level, the capital cost is nothing at all.
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Deposits are made into a dedicated vault operated by **Accountable**, and placed with **FalconX**, the institutional prime broker that provides the capital. Both counterparties are named in writing before you deposit, and both are regulated entities you can diligence yourself.
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### Tri-Party Foundation
| Party | Role |
| --------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Accountable** | Vault infrastructure. Operates the vault your deposit is made into, with the controls, verification and reporting institutions require. |
| **FalconX** | Prime broker and capital. Holds the deposited assets and provides the capital released against them. A CFTC-registered swap dealer and MFSA-licensed crypto-asset service provider. |
| **Bima** | Arranger and administrator. Structures the terms, runs the derivative leg that makes 0% possible, and administers the programme end to end. |
Read more on [Counterparty Framework](/introduction/counterparty-framework).
Assets are deposited into an Accountable vault, placed with FalconX, and capital is released to you.
## How it works
The five stages of a Bima programme, from deposit to settlement.
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### Deposit
Assets are deposited into a dedicated **Accountable** vault, then placed with FalconX.
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### Terms fixed
The amount, term, protection level, and upside-sharing level are agreed and documented before capital moves.
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### Capital released
FalconX releases capital against the deposit. Deploy it, lend it onward, or hold it as needed.
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### Term runs
There are no monthly payments, rate resets, or additional collateral calls. Terms remain fixed throughout the program.
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### Settlement
At maturity, the position settles according to the original terms. Start a new term or close the program and release the position.
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For the mechanics behind each step, see [Collar Structure](broken://pages/c5af5f773592ba5a6ee5d275b433eeeb5e06815c)
## What it gives you
* **Liquidity without selling.** Access capital against your holdings while keeping the position and avoiding a disposal.
* **Named counterparties.** Assets sit with an institutional prime broker under purpose-built vault infrastructure not with Bima, and not in an arrangement you cannot inspect.
* **Fixed outcomes.** Every term is agreed upon and documented before capital moves. No revisions partway through, no surprise collateral calls.
* **A lending business, not just liquidity.** The released capital can fund a lending desk of your own set your rate, keep the spread. Yen programs supported for Japan-based books.
## What Bima is not
Being clear about the boundaries is part of the product:
* This is **not a free loan**. You are exchanging some future upside for capital today. If the asset runs far past the agreed level, you would have done better simply holding it. See [The Trade-Off](broken://pages/e455d62c10c2abde1b80d4241aaa7f9d5ad0aee5)
* The protection level **is not a guarantee**. Falls below it remain your exposure.
# Digital Assets as Collateral
## Bitcoin as Collateral
Bitcoin has quietly become one of the best-behaved forms of collateral in existence. Not because of what it might be worth, but because of how it behaves operationally.
**It is liquid, continuously.** Bitcoin prices around the clock across dozens of venues. A lender does not have to guess what the collateral is worth on a Sunday night. There is no appraisal, no mark-to-model, no waiting for a quarter-end valuation.
**It is homogeneous.** One bitcoin is identical to another. Unlike property, receivables or private equity, there is nothing to underwrite about the specific unit being pledged no title search, no condition report, no concentration analysis of a single tenant or customer.
**It settles quickly and verifiably.** Ownership can be confirmed cryptographically and moved in minutes. Collateral that can be verified independently is collateral that can be financed cheaply.
**It has a deep derivative market.** This is the part most balance sheet holders overlook. Listed and OTC options on BTC are liquid enough, at institutional size and across meaningful tenors, to price and hedge structured payoffs. That market is what makes it possible to convert *future upside* into *present-day financing cost the* foundation of everything Bima does.
The same properties increasingly hold for ETH and to a narrower degree for other major assets. Depth and term availability differ by asset, which is why terms are quoted asset by asset rather than one set across the board. See [Eligible Collateral](broken://pages/492ef861cb9984f8835027c6ae95bee9644ee7cb).
### And yet the balances sit idle.
Despite all of that, most institutional digital asset balances earn nothing and do nothing. The reasons are consistent:
| Constraint | What it looks like in practice |
| ------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| **Cost of capital** | On-chain borrowing is still priced off legacy finance. Funding rates surge with market stress and peg stability weakens USDC borrowing has reached the mid-teens in percentage terms at points in the cycle. |
| **Custody fragmentation** | Deploying a strategy usually means relinquishing custody, which creates compliance risk, operational friction and regulatory exposure that a treasury or fund cannot accept. |
| **Liquidity gap** | Reserves sit idle bearing full opportunity cost. When liquidity or leverage is available, it usually arrives attached to liquidation risk or counterparty lockups. |
| **Limited optionality** | Too few strategies clear the cost of capital and still leave a profit. Faced with that maths, many holders rationally choose to earn nothing at all. |
| **Tax and accounting friction** | Selling to raise cash crystallises a disposal. For many holders that alone rules out the simplest route to liquidity. |
## The Emergence of Digital Credit
Three things have changed in the last few years, and together they open a market that did not previously exist.
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### The holder base has institutionalised
Corporate treasuries, funds, exchanges, family offices, sovereign-linked developers and regulated brokers now hold digital assets on balance sheet as long-term positions rather than trading inventory. A long-term holder with a permanent position is precisely the profile that wants financing rather than a sale.
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### The infrastructure has matured.
Regulated prime brokers, purpose-built vault and verification infrastructure, and licensed swap dealers now exist in the same stack. It is possible to build a financing arrangement where every counterparty is a named, regulated entity and where the client can diligence each one independently before depositing anything.
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### The derivative market got deep enough to underwrite credit.
This is the decisive one. When the options market on an asset is liquid at an institutional size, the premium available from that market can be used to *subsidize the cost of borrowing against it*. Financing stops being purely a function of the funding curve and becomes a function of volatility which, in digital assets, is abundant.
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That last point reframes the whole category. The first generation of crypto lending was overcollateralised borrowing with liquidation engines attached: fast, but fragile, and priced high because the lender was wearing all of the risk. The next generation prices the risk into a structure both sides agree to at the outset, and pays for the financing out of the asset's own volatility.
## Where Bima Fits
Bima sits between the digital asset holder and the institutional derivative and prime brokerage markets, and does the work the holder cannot practically do alone.
Concretely, Bima:
* **Structures the collar.** Sets the protection level and the level above which appreciation is shared, so the premium generated covers the financing cost. This is why the headline rate is 0%.
* **Executes the derivative leg institutionally.** Options execution, premium generation, hedge management and portfolio-level risk control the part that requires a desk, not a dashboard.
* **Assembles the counterparties.** Vault infrastructure from Accountable, capital and prime brokerage from FalconX, both named up front.
* **Administers the programme end to end.** Term sheets, deposit, verification, release, settlement, rollover and reporting.
* **Quotes asset by asset.** Deeper markets support larger amounts and longer terms; thinner ones support less. Terms reflect the asset's own liquidity rather than a single blanket policy.
### Who this is built for
* **Treasuries and corporates** holding a long-term digital asset position who need working capital without a disposal.
* **Funds and asset managers** who want liquidity against a core holding while retaining the position and its mandate exposure.
* **Brokers, exchanges and lending desks** who want to borrow at a subsidised cost, lend on to their own client base, and keep the spread including yen-denominated programmes for Japan-based books.
* **Enterprises and developers** using a digital asset treasury to support financing for real-economy projects.
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Bima is not a fit for every holder. If your view is that the asset will run far past the agreed level within the term, the honest answer is that you would do better holding it unencumbered. See [The Trade-Off](file:///9502845/programme/the-trade-off.md)
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# Eligible Collateral
## Assets we work with
Asset
Profile
BTC Bitcoin
Deepest market and the longest terms available. The reference asset for the programme.
ETH Ethereum
Broad institutional coverage. Sizing and terms close behind BTC.
BNB BNB
Shorter terms and tighter sizing, reflecting a thinner derivative market.
Other major assets
Reviewed case by case on liquidity, derivative depth and custody support.
## Why terms differ by asset
Every quote is a function of the market that sits behind it. A collar can only be priced if the options on that asset can actually be traded at size, at the tenor required, without moving the market against the client.
That produces a simple relationship:
* **Deeper, steadier markets** support larger amounts, longer commitments and more room between the protection level and the level above which gains are shared.
* **Thinner markets** support smaller amounts, shorter terms, and less generous levels because the premium available is smaller and harder to harvest.
Bima quotes each asset on its own merits rather than applying one set of terms across the board.
## What determines your specific terms
| Input | Effect |
| ------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------- |
| **Asset** | Sets the outer bounds of size, tenor and achievable levels. |
| **Size of deposit** | Larger programmes are typically deployed in tranches on a rolling basis rather than all at once. |
| **Term length** | Longer terms generate more premium but commit the position for longer. |
| **Protection level** | Where your downside exposure begins. Lower protection generally means more capital or better upside participation, and vice versa. |
| **Agreed level (participation cap)** | The level above which appreciation is shared. Set higher, and you keep more upside but receive less capital. |
| **Market conditions on the day** | Implied volatility and the funding curve on the pricing date. Terms reflect conditions on that day and are then fixed. |
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Every one of these is agreed and documented **before** any asset moves, and cannot be changed mid-term by either side.
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## Scale and delivery
| | |
| ------------ | ------------------------------------------------------ |
| **$300M+** | Current programme size |
| **$1B** | Capacity as programmes expand |
| **Tranches** | Deployed in stages on a rolling basis, not all at once |
Tranching is deliberate. Pricing a very large collar in a single execution moves the market against the client. Deploying in stages spreads execution risk, averages entry levels across time, and lets a programme scale without the size itself becoming the main cost.
## Roadmap collateral
The financing engine is designed to extend beyond native digital assets. Collateral types under development include **SOL**, **security tokens**, **tokenised real-world assets** and **treasuries**. These are roadmap items and are not live in the programme today.
# Counterparty Framework
Most questions about a digital asset financing arrangement reduce to one: *where, exactly, is my asset, and who can touch it?* This page answers that directly.
## Where your assets sit
### Accountable vault infrastructure
Operates the dedicated vault your deposit is made into, with the controls, verification and reporting that institutional holders require. Accountable's role is verification and integrity of the deposit: confirming what was deposited, that it remains as agreed, and producing the reporting that lets you and your auditors see it.
### FalconX prime broker and capital
Holds the deposited assets and provides the capital released against them.
* CFTC-registered swap dealer
* MFSA-licensed crypto-asset service provider
FalconX is the balance sheet on the other side of the arrangement. The capital you receive comes from a regulated institutional prime broker, not from a pooled retail lending protocol.
### Bima arranger and administrator
* Structures the collar and sets the terms with you
* Executes the options leg that generates the premium subsidising the financing cost
* Manages hedges and portfolio-level risk on the derivative book
* Assembles and coordinates the counterparties
* Administers the programme end to end: term sheets, deposit, release, settlement, rollover, reporting
## No rehypothecation
Deposited assets are not lent out, re-pledged or reused to fund unrelated activity. The arrangement is documented, and the deposit's purpose is bounded by that documentation.
## Diligence them yourself
Both counterparties are named in writing before you deposit anything, and both are regulated entities. Bima's position is that you should verify them independently rather than take the arrangement on trust request the documentation, review the licences, and speak to the counterparties directly if that is what your process requires.
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Counterparty risk is not eliminated by this structure — it is made **visible and nameable**. You are choosing to face specific, regulated institutions rather than an opaque pool. See [Risk Disclosures](file:///9502845/operations/risk-disclosures.md).
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# How does Bima work?
## The Idea
Bitcoin sitting in a wallet does nothing. Selling it raises cash but ends your position. Borrowing against it usually means interest that compounds and a liquidation you cannot control.
The Monthly Vault turns your Bitcoin into working capital without any of that. You keep the position. You get USDC at 0%. At the end of twelve months you repay and take your collateral back.
## The 6 Steps
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### Deposit a 7-day window
A new vault opens on the first of each month and accepts deposits for seven days. You deposit tokenised BTC and receive **vault shares** recording your position. When the window closes, the vault is sealed.
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### Collar placed
The pooled collateral is placed with **FalconX** under a collar, through vault infrastructure operated by **Accountable**. Your put and call strike levels are set at this point and published to you.
FalconX provides the capital released against the collared position.
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### Claim your USDC arrives
The capital returns to the vault, and you claim your share directly. You can claim **50% of your deposited BTC value**, at **0% interest**.
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### Loan period twelve months
Nothing to service. No interest accrues, no liquidations, no margin calls, and your strikes cannot change.
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### Repayment at maturity
You repay the USDC you claimed. The amount is exactly what you borrowed it does not grow.
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### Redemption after a short window
The collar settles against your strike levels, then a **7–15 day redemption window** runs for reconciliation and coordination. After that you withdraw your collateral.
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## A worked example
| | |
| ----------------------- | ----------------------------------------------------- |
| You deposit | 1 BTC |
| BTC price at deposit | $100,000 |
| You claim | **$50,000 USDC** |
| Interest over 12 months | **$0** |
| You repay at maturity | **$50,000 USDC** |
| Your outcome | Determined by where BTC finishes against your strikes |
See [What Is a Collar?](file:///8003494/vault/what-is-a-collar.md) for what happens in each zone.
## What makes this different
On most lending platforms a sharp drop in BTC triggers liquidation: your collateral is sold and you miss the recovery. The Monthly Vault has no liquidation mechanism, and below the put strike the collar's protection limits how far your loss can go.
The trade for that is time and upside: your BTC is committed for twelve months, and gains above the call strike are not yours.
# Deposit and Claim
## Phase 1 Deposit
Deposits are open for the **first seven days** of the month.
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### Check the open vault
Check which vault is accepting deposits, which assets it takes, and its maturity date. See [Vault Schedule](file:///introduction/vault-schedule.md).
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### Verify the contract address
Verify the contract address against the official source before approving anything. See [Contract Addresses](file:///operations/contract-addresses.md).
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### Approve and deposit
Approve and deposit your tokenised BTC.
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### Receive vault shares
Receive vault shares your on-chain record of what you deposited and what you can claim, repay and redeem.
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Once the window closes the vault is sealed and the collar is placed. There is no withdrawal, no cancellation and no cooling-off period. Deposit only what you can leave untouched for twelve months.
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## Phase 2 The collar is placed
After the window closes:
* Pooled collateral is placed with **FalconX** under a collar, through vault infrastructure operated by **Accountable**.
* **Your put and call strike levels are set** against market conditions on that date, and published to you.
* FalconX provides the capital released against the collared position, which returns to the vault.
You take no action during this phase, but this is the phase that determines your economics for the next twelve months. Read your published strike levels before claiming.
## Phase 3 Claim your USDC
Once capital has arrived, claiming opens. You claim directly from the vault.
### How much you can claim
**50% of the value of the BTC you deposited**, in USDC, at **0% interest**.
The amount is fixed by your deposit and does not move afterwards. See [Borrowing Terms](file:///8003494/borrowing-terms.md).
### Claiming is optional
You are not required to claim. If you deposit and never claim, you hold a collared BTC position with nothing to repay at maturity you keep the downside protection and still give up upside above the call strike.
Most users claim in full. Claim less if you want a smaller obligation at maturity.
## After you claim
The USDC is yours to use for the term. Nothing to service, no rate that moves, no payment schedule. The next event is [repayment at maturity](broken://pages/69115d38b853de5d489ee42ad0e821759c5f85d5), twelve months from your vault's start date.
# Repayment and Redemption
## Phase 5 Repayment
At maturity twelve months from your vault's start date you repay the USDC you claimed.
* Repayment is made to the vault and recorded on-chain.
* The amount is exactly what you claimed. No interest has accrued.
* If you never claimed, there is nothing to repay.
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**Have the USDC ready before maturity.** Your obligation is known from the day you claim, twelve months in advance. Sourcing it at the last moment, in a market that may be stressed, is an avoidable risk.
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## Phase 6 Collar settlement and redemption
Repaying does not release your collateral immediately. Two things happen first.
**The collar settles** against the strike levels fixed at the start of your term. Where Bitcoin finished determines your outcome see [What Is a Collar?](file:///8003494/what-is-a-collar.md).
**The redemption window runs** for **7–15 days**, covering reconciliation, coordination with the counterparty and redemption approvals.
When the window closes, you redeem your collateral.
### The timeline
| Point | What happens |
| ------------------ | --------------------------------------------------- |
| **Month 12** | Term ends and the collar expires |
| **You repay** | USDC returned to the vault, recorded on-chain |
| **Collar settles** | Position resolves against your put and call strikes |
| **Window closes** | After 7–15 days |
| **You redeem** | Collateral released to your wallet |
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Plan for the delay. Collateral is released after settlement and the redemption window, not on the day you repay. If you are depending on having the Bitcoin back by a specific date, count from the end of the window.
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## How settlement is calculated
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**Coming soon.** The precise settlement mechanics what is returned in each zone, and how the collar outcome is netted against your USDC repayment will be published here before the first vault reaches maturity.
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## If you do not repay
Collateral is released against repayment. If you do not repay, you do not redeem.
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**Coming soon.** Full non-repayment terms grace period, settlement of outstanding amounts against collateral, and treatment of partial repayment will be published here before the first vault matures.
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## Rolling into the next vault
There is no automatic rollover. Each vault ends completely: repay, settle, redeem, position closed.
To continue, deposit into a currently open vault. That is a new position with a new term, new maturity and **new strike levels** priced on that date. See [Vault Schedule](file:///introduction/vault-schedule.md).
# Lifecycle
Every vault follows the same six phases on the same fixed schedule. Nothing about your terms or strike levels changes partway through.
## The phases
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## Deposit
*7-day window*
You deposit tokenised BTC and receive vault shares recording your position.
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## Collar placed
*after the window*
Collateral is placed with FalconX under a collar. Strike levels are set and published.
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## Claim
*on-chain*
Capital returns to the vault. You claim 50% of your BTC value in USDC, at 0%.
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## Loan period
*12 months*
No interest, no liquidations, no margin calls, no changes to your strikes.
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## Repayment
*at maturity*
You repay the USDC you claimed. The amount is unchanged from day one.
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## Redemption
*7–15 days*
The collar settles against your strikes, then collateral is released.
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The two halves are covered in detail on their own pages:
* [Deposit and Claim](broken://pages/16e0ba04bc6b13c69950dba762583b202711d3e7) phases 1 to 3
* [Repayment and Redemption](broken://pages/e1fcb1d601873db86c72a0ce4898fbc85797eafa) phases 5 and 6
## Where each part happens
Everything **you** do happens against the vault: depositing, claiming, repaying, redeeming.
The collar itself is executed off-chain, with FalconX, through vault infrastructure operated by Accountable. During the term your collateral is not sitting idle in a contract it is held under the collar that makes the 0% possible. That is a real difference from a purely on-chain lending protocol and you should understand it before depositing. See [System Architecture](broken://pages/d4c6f1aaf4e829c69f145972b39b389bf4b4359a).
## What cannot happen during the term
* Your position cannot be liquidated, at any price.
* You cannot receive a margin call.
* Your strike levels, LTV, term or repayment amount cannot be changed.
* Interest cannot start accruing.
* You cannot withdraw early, in part or in full.
The first four protect you. The fifth is the cost of the first four.
# Borrowing Terms
## The terms
| Parameter | Value |
| ----------------------- | -------------------------------------- |
| **Collateral** | Tokenised BTC, WBTC, cbBTC and similar |
| **Loan asset** | USDC |
| **Loan-to-value (LTV)** | 50% |
| **Interest rate** | 0% |
| **Deposit window** | 7 days |
| **Loan duration** | 12 months, fixed |
| **Downside** | Protected below the put strike |
| **Upside** | Retained up to the call strike |
| **Redemption delay** | 7–15 days after repayment |
| **Liquidations** | None |
| **Early withdrawal** | Not available |
## What 50% LTV at 0% means
Deposit 1 BTC at $100,000 and you can claim $50,000 USDC. Twelve months later you repay $50,000. No interest has accrued in between.
The conservative LTV is part of why no liquidation mechanism is needed: the loan sits well below the collateral value, and the collar bounds how far that value can fall.
## Your repayment is fixed
**You repay what you claimed, and nothing more.**
| | |
| --------------------------------------- | ------------ |
| You claimed | $50,000 USDC |
| Interest over the term | $0 |
| BTC at $150,000 at maturity → you repay | $50,000 |
| BTC at $100,000 at maturity → you repay | $50,000 |
| BTC at $60,000 at maturity → you repay | $50,000 |
The repayment never grows with the BTC price, and no rate can move against you.
## Three outcomes
BTC finishes above the call strike.
You keep every dollar of gain up to the strike. Above it, the upside funds the financing. This is the case where you would have done better holding — and it is the price of the 0%.
BTC finishes between the strikes.
Full participation. You keep the whole gain or wear the whole fall, receive all your collateral back, and the financing cost you nothing at all.
BTC finishes below the put strike.
Protection applies and your loss stops tracking Bitcoin down. Not a guarantee of your capital — the fall between your deposit price and the put strike is still yours.
See [What Is a Collar?](broken://pages/e80d3b30415b743dd36ac7ada599a8484729567d) for the full payoff.
## Fees
See [Fees and Revenue](file:///8003494/operations/fees-and-revenue.md) for the current fee schedule.
## The constraints
The system enforces these and they cannot be waived:
* One vault per month
* A fixed 50% borrowing ratio no custom LTV
* Strike levels set per vault, not per user
* No early withdrawal
* Delayed redemption after repayment
# What is a collar?
A collar is two option positions held together against your Bitcoin:
* **Downside protection is bought** this costs premium.
* **Upside above an agreed level is sold** this earns premium.
When the second is structured against the first, the premium earned covers the protection *and* the cost of the capital released to you. That is why there is no interest rate.
## The 2 strikes
Strike
What it does
Put strike below your deposit price
Sets the floor of the protected zone. Below it, your loss stops tracking Bitcoin down.
Call strike above your deposit price
Sets the point above which upside is given up. That upside is what funds the financing.
Both are fixed when your vault's deposit window closes and the collar is placed, and neither can change during the term.
## The 3 zones
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### Protected zone below the put strike
The vault owns downside protection. Losses beyond this level are limited: your position does not keep falling one-for-one with Bitcoin.
This is a genuine feature, and it is what separates the product from an ordinary loan. It is **not** a guarantee of your capital the fall between your deposit price and the put strike is still yours.
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### Participation zone between the strikes
You retain full Bitcoin exposure. If BTC finishes anywhere in this range, you receive all of your collateral back and the financing cost you nothing at all.
This is the range the product is built around and the most common outcome over a twelve-month term.
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### Financing zone above the call strike
A portion of future upside is exchanged for lower borrowing costs. Gains above the call strike fund the financing; everything below it remains yours.
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If Bitcoin runs far past the call strike, you will have done better simply holding it unencumbered. That is the honest shape of the deal, and it is what makes 0% possible.
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## A worked illustration
On a 1 BTC deposit at $100,000, with a $75,000 put strike and a $120,000 call strike:
| BTC at maturity | Zone | Your outcome |
| --------------- | ------------- | ----------------------------------------------------------- |
| $60,000 | Protected | Loss bounded at the put strike rather than tracking to $60k |
| $85,000 | Participation | The fall is yours protection has not been reached |
| $100,000 | Participation | Breakeven. Full collateral back, financing cost nothing |
| $115,000 | Participation | The full $15,000 gain is yours |
| $150,000 | Financing | You keep gains up to $120k; above that funds the financing |
{% hint style="info" %}
The strikes above are an illustration, not a quote. Actual levels are set per vault against market conditions when the deposit window closes, and are published before you claim any USDC.
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## Where the strikes come from
Strike levels depend on conditions on the day your vault is priced principally the implied volatility of Bitcoin options at that tenor. Higher volatility generally means more premium available, which supports better levels.
This is why two monthly vaults can carry different protection and cap levels. Yours are fixed by the vault you joined and do not move with the market afterwards. See [Vault Schedule](file:///8003494/introduction/vault-schedule.md).
## How the collar settles
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**Coming soon.** The settlement mechanics exactly what is returned to you in each zone, and how the collar outcome is netted against your USDC repayment will be published here before the first vault reaches maturity.
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# Architecture
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## The BIMA Vault where you act
The vault handles everything you do directly:
* deposits and issuance of vault shares
* USDC claims
* repayment
* redemption
* enforcement of the vault's lifecycle rules and windows
One vault is deployed per month, so cohorts remain independent of one another.
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## Accountable vault infrastructure
Accountable provides the vault-as-a-service layer: the controls, asset verification and reporting that sit around your deposit. Its role is integrity of the deposit confirming what was deposited, that it remains as agreed, and producing the record you and any auditor can check.
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## FalconX collar and capital
FalconX is the institutional counterparty that:
* holds the collateral under the collar for the duration of the term,
* sources the capital released against the collared position.
This is why the vault can offer a fixed twelve-month term at 0% with no liquidation engine. The financing comes from an institutional counterparty against a structured position, rather than from a pool of on-chain lenders who need liquidation rights to protect themselves.
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## BIMA's role
BIMA structures the collar, sets the strike levels with the counterparty, tracks the vault lifecycle, handles reconciliation and controls redemption approvals. **BIMA does not hold your collateral.**
## Where trust sits
Being direct about this matters more than the diagram.
**Verifiable by you:** your deposit, your shares, your claim, your repayment, your redemption. These are recorded on-chain and you do not need to take anyone's word for them.
**Requiring trust:** during the term, your collateral is held by FalconX under the collar. Collar settlement, reconciliation and redemption approvals run through BIMA's processes and the counterparty relationship.
That is a genuine trust assumption and it differs from a fully on-chain lending protocol where collateral never leaves the contract. It is also the reason the product can offer 0% and downside protection at all. You accept it when you deposit.
See [Risk Management](file:///8003494/operations/risk-management.md) and [Risk Disclosures](file:///8003494/operations/risk-disclosures.md).
# What's the catch?
Every credit product is a trade. This one is stated plainly enough that you can decide against it.
**You are exchanging some future upside for capital today.**
## What you keep
**All appreciation up to the call strike.** Every dollar of gain below that level is yours.
**$50,000 per BTC at 0% interest.** No rate, no accrual, no monthly servicing, no payment schedule.
**Downside protection below the put strike.** Your loss stops tracking Bitcoin all the way down.
**Fixed terms.** Strikes, LTV, term and repayment amount are set at the start and cannot be changed by anyone.
## What you give up
**Gains above the call strike.** This is what funds the financing. It is the real cost of the 0%, and it is the thing to underwrite honestly before you deposit.
**Access to your BTC for twelve months.** No early exit, for any reason.
**Immediate redemption.** Collateral comes back 7–15 days after you repay.
**The fall down to the put strike.** Protection bounds your loss; it does not eliminate it.
## When this is a good fit
* You intend to hold BTC through the next twelve months anyway
* You expect Bitcoin to appreciate moderately, trade sideways, or fall
* You have a use for the USDC that justifies committing the collateral
* You can repay from a source other than selling the redeemed BTC
* You value a bounded outcome more than an uncapped one
## When it is not
* You expect Bitcoin to run far past the call strike within the term
* You may need the BTC, or the money, before maturity
* You would have to sell the redeemed collateral to repay
* You are borrowing to buy more BTC that concentrates exposure rather than diversifying it
* You are not comfortable with collateral held off-chain under a collar during the term
{% hint style="warning" %}
**The question to ask yourself:** if Bitcoin doubled during your term, would you still be glad you did this? If the answer is no, deposit less or don't deposit.
{% endhint %}
## Compared with the alternatives
| Route | What you give up |
| ------------------------- | ---------------------------------------------------------------------- |
| **Sell your BTC** | The position and all future upside, plus a taxable disposal today |
| **DeFi lending platform** | Interest that compounds, plus liquidation risk in a sharp fall |
| **Do nothing** | The use of capital your Bitcoin could have unlocked |
| **BIMA Monthly Vault** | Upside above the call strike, and access to your BTC for twelve months |
Only one of those has a cost of zero in most outcomes and a bounded downside in all of them. And only one caps your upside. Both are true at once.
Full risks are set out in [Risk Disclosures](file:///8003494/operations/risk-disclosures.md).
# Vault Schedule
## One vault per month
BIMA deploys a **new vault at the start of every month**, each with its own deposit window, its own 12-month term, its own maturity date and **its own strike levels**.
| Vault | Deposit window | Maturity |
| ------------ | -------------------- | ----------- |
| **May2026** | 1 May – 7 May 2026 | 1 May 2027 |
| **June2026** | 1 June – 7 June 2026 | 1 June 2027 |
| **July2026** | 1 July – 7 July 2026 | 1 July 2027 |
Later vaults follow the same pattern. Live dates and the current open vault are published in the app.
## Each vault is independent
Vaults are **risk-isolated**: they do not share collateral, obligations or counterparty exposure. What happens in one does not affect another.
For you, that means:
* Your term is fixed by the vault you joined.
* Your maturity date is exactly twelve months from your vault's start.
* **Your strike levels belong to your vault.** They are set when your window closes and reflect market conditions on that date.
Two people depositing a month apart can hold materially different protection and cap levels. That is a function of Bitcoin's option market on each pricing date, not a change in the product.
## The seven-day window matters
Deposits are only accepted during the first seven days of the month. Miss it, and the next opportunity is the following month's vault with a different maturity and different strikes.
Once the window closes:
* the vault is sealed and the collar is placed,
* no further deposits are accepted,
* no withdrawals are possible until maturity and redemption.
{% hint style="info" %}
Deposit early in the window rather than on the final day. A failed transaction or network congestion on day seven means waiting a month.
{% endhint %}
## Running more than one vault
Nothing stops you depositing into several monthly vaults. Some users deposit a portion each month so that collateral matures on a rolling basis and strike levels are averaged across different market conditions, rather than committing everything at one point in the cycle.
Each deposit is a separate position with its own shares, strikes, maturity and redemption window.
# Risk Management
## Price volatility
**The risk.** Bitcoin is volatile. A fall reduces what your collateral is worth at settlement, while your repayment obligation stays the same.
**The controls.**
* **Collar protection** below the put strike, bounding how far your loss can go
* **50% LTV** a conservative loan against the collateral value
* **No liquidations** a price fall cannot force a sale of your collateral
* **Fixed 12-month term** no repricing, no margin calls, no mid-term changes
**What remains with you.** The fall between your deposit price and the put strike. Protection bounds the outcome; it does not remove market exposure.
## Capped upside
**The risk.** Gains above the call strike are given up. In a strong bull market you will underperform simply holding.
**The controls.**
* Strike levels **published before you claim**, so you can decide with the numbers in front of you
* Strikes **fixed for the full term** they cannot be moved against you
* Claiming is optional
**What remains with you.** The opportunity cost. This is not a defect to be managed away it is the price of 0% financing and downside protection.
## Counterparty risk
**The risk.** FalconX holds the collateral under the collar for the duration of the term.
**The controls.**
* An established institutional counterparty, named up front
* Vault infrastructure and asset verification through Accountable
* Reconciliation across the vault lifecycle
**What remains with you.** Institutional counterparties can fail. Exposure is concentrated in a single counterparty for twelve months.
## Operational risk
**The risk.** Collar settlement, distribution and redemption depend on off-chain processes and approvals.
**The controls.**
* Approval layers for distribution and redemption
* Defined redemption windows rather than ad-hoc processing
* Reconciliation between on-chain records and off-chain positions
**What remains with you.** Timing risk. The 7–15 day redemption window exists because these processes take time.
## Smart contract risk
**The risk.** The vault holds deposits and governs claims, repayment and redemption. A flaw could affect funds.
**The controls.** Audits and security disclosures will be published at [Security and Audits](broken://pages/6efc471e7dfc6ed79c96bd9abd51c3ce4abafacb).
**What remains with you.** Smart contract risk never reaches zero, audited or not.
{% hint style="warning" %}
Controls reduce risk. They do not remove it. Read the [Risk Disclosures](broken://pages/cfdf51e33f98ad1a3481b9a45ee01e01ff21a74e) in full before depositing.
{% endhint %}
# Fees & Revenue
Financing at 0% interest raises a fair question: how does anyone get paid? This page answers it.
## Where the cost actually sits
The economics rest on one substitution:
> **The premium from selling upside above the call strike replaces the interest rate that would otherwise be charged in cash.**
That premium pays for the downside protection, for the cost of the capital provided by FalconX, and for BIMA's structuring and administration.
So your cost is the upside you give up above the call strike and in most outcomes, nothing else. If Bitcoin finishes below the call strike, the financing cost you nothing at all.
## What you pay
| Item | Cost to you |
| -------------------------------- | --------------------------------------------------------------------------------------------------------------- |
| **Interest on the USDC** | **0%.** No rate, no accrual, no monthly servicing. |
| **Upside above the call strike** | The economic cost of the financing. Paid only if Bitcoin finishes above the strike, and only on gains above it. |
| **Repayment** | Exactly the USDC you claimed. |
| **Margin calls** | None. There is no margining mechanism. |
| **Liquidation penalties** | None. There are no liquidations. |
| **Early withdrawal fee** | Not applicable early withdrawal is not available at any price. |
| **Network gas** | Paid by you on each transaction: deposit, claim, repay, redeem. |
## Fee schedule
{% hint style="info" %}
**Coming soon.** Any protocol fees applying in addition to the capped upside for example an origination or redemption fee will be published here and shown in the app before you claim.
{% endhint %}
## How BIMA earns
BIMA structures the collar and administers the programme. Its economics come from the structuring spread within the collar and from any published fees, rather than from interest charged to you.
That has a useful consequence: BIMA does not earn from liquidating you, because the product has no liquidation mechanism. It earns from vaults that complete and repeat.
That does not make interests identical in every scenario. Where they diverge particularly in how the call strike is set, since a lower strike means more premium and less upside for you it should be visible in your published strike levels. Read them before you claim rather than relying on the general principle.
## Where the capital comes from
The USDC you claim is not lent by other users of the vault. It is provided by FalconX against the collared collateral. See [System Architecture](file:///8003494/vault/system-architecture.md).
# Security & Audits
{% hint style="info" %}
**Coming soon.**
Security and audit disclosures are being prepared and will be published here.
{% endhint %}
## What will be published
* **Smart contract audit reports** for the vault, with auditor and scope
* **Counterparty standing** current regulatory registrations for FalconX and Accountable
* **Proof of collateral** how holdings are evidenced during the term
* **Collar documentation** the terms under which collateral is held
* **Operational controls** approval thresholds, key management, change management
* **Bug bounty programme** and scope
* **Incident response and disclosure policy**
{% hint style="warning" %}
Until audits are published here, treat the contracts as unaudited from your own perspective and size your deposit accordingly. Do not rely on a third party's claim that an audit exists wait for the report.
{% endhint %}
# Contract Addresses
{% hint style="info" %}
**Coming soon.**
Canonical addresses for each monthly vault will be published here.
{% endhint %}
## What will be published
* **Vault address** for each monthly vault, by network
* **Deployment and verification links** on the relevant block explorer
* **Accepted collateral token addresses** for each vault
* **Verification instructions** how to confirm an address is genuine
* **Past vault addresses**, retained and clearly marked as closed
{% hint style="danger" %}
**Never send funds to an address you have not verified here.**
BIMA will never DM you an address, ask you to deposit through a support channel, or ask you to connect your wallet to a site linked from social media. Addresses circulated on Telegram, Discord, X or email are the single most common way people lose funds.
Always start from the official site, verify the address against this page, and check it character by character.
{% endhint %}
# Risk Disclosures
{% hint style="warning" %}
Read this page before depositing. Nothing in this documentation is investment, tax or legal advice. You can lose money.
{% endhint %}
## Market
**Downside is bounded, not removed.** The collar's put strike limits how far your loss can go. It does not protect the fall between your deposit price and that strike, which remains entirely yours.
**Upside above the call strike is forgone.** If Bitcoin runs far past the call strike within your term, you will have done better holding it unencumbered. This is the central trade of the product.
**You cannot react to the market.** No stop-loss, no de-risking, no exit. If your view changes in month three, you act in month twelve.
**Strike levels reflect one day's conditions.** Your strikes are set when your vault's window closes. A vault priced a month later may carry materially better or worse levels.
## Liquidity and lock-up
**Your BTC is committed for twelve months.** There is no early withdrawal for any reason not emergencies, not better opportunities, not a change of mind.
**Redemption is not instant.** Collateral is released after collar settlement and a 7–15 day redemption window, not on the day you repay.
**Missing the deposit window costs a month.** Windows are seven days. A failed transaction on day seven means waiting for the next vault, at different strikes.
## Repayment
**You must have USDC at maturity.** The obligation is fixed and known from the day you claim.
**Non-repayment means non-redemption.** Collateral is released against repayment. Full non-repayment terms will be published at [Repayment and Redemption](file:///8003494/vault/lifecycle/repayment-and-redemption.md) before the first vault matures.
## Counterparty and structural
**Collateral is held off-chain under the collar.** For most of the term it sits with FalconX, not in the vault contract. You are relying on that counterparty, on Accountable's vault infrastructure, and on BIMA's operational processes not solely on code.
**Counterparty failure is possible.** Institutional counterparties can fail, be sanctioned, or become unable to return assets.
**Collar settlement depends on off-chain processes.** Settlement and redemption approvals run through BIMA. Failure or delay at that layer could affect when and what you receive.
**Settlement mechanics are not yet fully published.** Precise treatment in each zone will be published before the first vault matures. Do not deposit assuming a specific mechanic that has not been documented.
## Asset
**Tokenised BTC is not Bitcoin.** WBTC, cbBTC and similar tokens depend on their issuers and custodians. If backing is lost, the token can trade below Bitcoin regardless of the BTC price. You redeem the same asset you deposited.
**USDC carries issuer risk.** The USDC you borrow and repay depends on its issuer maintaining backing and redeemability. A depeg would affect both what you hold and what you must repay.
## Technology
**Smart contract risk.** Flaws in the vault could result in loss of funds, whether or not it has been audited.
**Chain and infrastructure risk.** Congestion, outages or reorganisations can affect your ability to transact at a specific moment including on the last day of a deposit or redemption window.
**Wallet and phishing risk.** Fake addresses and fraudulent front-ends are the most common cause of loss. See [Contract Addresses](broken://pages/fa944250abdd37558dc12146c4e1a735e5c01d88).
## Regulatory and tax
**Treatment varies.** Whether this arrangement constitutes a disposal, how it is accounted for and how it is taxed depend on your jurisdiction and circumstances. Take your own advice.
**Rules are changing.** Digital asset lending, custody and derivatives regulation continues to develop and may affect availability or terms.
**Availability is restricted.** The product is not available in all jurisdictions or to all persons.
## What this product does not do
* It does not guarantee your capital
* It does not remove market exposure it bounds it
* It does not give you the best outcome in a strong bull market
* It does not give you access to your BTC or your capital during the term
* It does not remove counterparty risk it relocates it to a named institution
# Glossary
**Call strike** — The price level above which upside is given up. Gains above it fund the financing; gains below it are yours.
**cbBTC** — Coinbase Wrapped BTC, an ERC-20 token representing Bitcoin held by Coinbase.
**Collar** — A structure combining bought downside protection with sold upside above an agreed level. The premium from the sold upside pays for the protection and the financing.
**Collateral** — The tokenised BTC you deposit, against which you borrow USDC.
**Deposit window** — The seven-day period at the start of each month during which a vault accepts deposits.
**Financing zone** — Where Bitcoin finishes above the call strike, and upside funds the financing.
**LTV (loan-to-value)** — The ratio of what you borrow to the value of what you deposit. Fixed at 50%.
**Liquidation** — The forced sale of collateral when a loan becomes undercollateralised. The Monthly Vault has no liquidation mechanism.
**Margin call** — A demand for additional collateral when prices move against a position. Not used in the Monthly Vault.
**Maturity** — The end of the twelve-month term, when repayment falls due and the collar expires.
**Participation zone** — Where Bitcoin finishes between the strikes, and you retain full exposure.
**Premium** — What an option position earns or costs. Selling upside earns premium; that premium is what makes 0% possible.
**Protected zone** — Where Bitcoin finishes below the put strike, and the collar's protection limits the loss.
**Put strike** — The price level below which downside protection applies.
**Redemption window** — The 7–15 day period after repayment and collar settlement, before collateral is released.
**Risk isolation** — Each monthly vault is independent. Vaults do not share collateral, obligations, strike levels or counterparty exposure.
**Settlement** — The resolution of the collar at maturity against the strike levels fixed at the start.
**Tokenised BTC** — An ERC-20 token representing Bitcoin on an EVM chain, such as WBTC or cbBTC. Not the same as native Bitcoin.
**USDC** — The dollar stablecoin you borrow and repay.
**Vault** — A single monthly cohort with its own deposit window, term, strike levels and maturity date.
**Vault shares** — Receipt tokens issued on deposit, recording what you deposited and what you can claim, repay and redeem.
**WBTC** — Wrapped Bitcoin, the most widely held ERC-20 token representing Bitcoin.
# FAQ
## The basics
Is it really 0% interest?
Yes. No interest is charged, none accrues, and nothing is due during the term. It is not a promotional rate.
It is not the same as free. The cost is paid in upside above the call strike rather than in cash. See [Fees and Revenue](file:///8003494/operations/fees-and-revenue.md).
How much can I borrow?
50% of the value of the tokenised BTC you deposit. Deposit 1 BTC at $100,000 and you can claim $50,000 USDC.
How long is the term?
12 months, fixed, from your vault's start date. It cannot be shortened or extended.
Can I be liquidated?
No. There is no liquidation mechanism and no margin calls, at any price.
Do I keep the Bitcoin upside?
Up to the call strike, yes — every dollar. Above the call strike, gains fund the financing and are not yours. That is what pays for the 0% rate and the downside protection.
Am I protected if Bitcoin crashes?
Partly. Below the put strike, the collar's protection limits how far your loss can go. Between your deposit price and the put strike, the fall is yours. It bounds the downside — it does not remove it.
Where are my strike levels set?
When your vault's deposit window closes and the collar is placed. They reflect market conditions on that date, are published to you before you claim, and cannot change during the term.
## Depositing
What can I deposit?
Tokenised BTC — WBTC, cbBTC and similar. The accepted list is published for each vault. See [Supported Collateral](file:///8003494/introduction/supported-collateral.md).
When can I deposit?
During the first seven days of each month. A new vault opens every month. See [Vault Schedule](file:///8003494/introduction/vault-schedule.md).
Can I deposit into more than one vault?
Yes. Each deposit is a separate position with its own strikes, maturity and redemption window.
Do I have to claim the USDC?
No. If you never claim, you hold a collared BTC position with nothing to repay — you keep the protection and still give up upside above the call strike.
## Getting out
Can I withdraw early?
No. Once the deposit window closes and the collar is placed, the vault is sealed until maturity. There is no early exit for any reason.
How quickly do I get my collateral back?
After the collar settles and the 7–15 day redemption window closes. Not on the day you repay.
What if I can't repay?
Collateral is released against repayment, so no repayment means no redemption. Full non-repayment terms will be published before the first vault matures.
Is there an automatic rollover?
No. Repay, settle, redeem, and the position closes. To continue, deposit into a currently open vault at new strike levels.
## Safety
Where is my BTC during the term?
Held by FalconX under the collar, through vault infrastructure operated by Accountable. It is not in the vault contract during the loan period. See [System Architecture](file:///8003494/vault/system-architecture.md).
Is the contract audited?
Audit reports will be published at [Security and Audits](file:///8003494/operations/security-and-audits.md). Until they are, treat the contracts as unaudited from your own perspective.
Where do I find the correct address?
Only from [Contract Addresses](file:///8003494/operations/contract-addresses.md). Never from a DM, a support chat or a social media link.
# Privacy Policy
Effective Date: 12 August 2026
Welcome to the Bima Protocol. Please take a few minutes to read this Privacy Policy carefully.
**1. INTRODUCTION**
We respect your privacy and are committed to protecting your personal data. Please note that our Services are not intended for minors below the age of 18 years and we do not knowingly collect data relating to minors.
This Privacy Policy sets out how Bima Protocol Limited, a BVI entity("we," "our," or "us") collects, uses, and shares information in connection with our Services ([https://Bima.money](https://bima.money)) website, any other media form, media channel, mobile website or mobile application as well as your rights and choices regarding such information.
By using the Services, you hereby agree to the collection, use, and sharing of your information as described in this Privacy Policy. If you do not agree with the terms set out hereunder, please refrain from utilizing our Services and/or interacting with our website ([https://Bima.money](https://bima.money)) (“Website”).
It is important that you read this Privacy Policy together with any other Policy or policy we may provide on specific occasions when we are collecting or processing personal data about you so that you are fully aware of why and how we are using your data. This Privacy Policy supplements other policies and is not intended to override them.
**2. WHAT INFORMATION WE COLLECT**
Personal data, or personal information means any information that relates to an identified or identifiable living individual. This is a broad definition which is not restricted solely to personal identification data (e.g. your name, address, date of birth, etc.).
A “data subject” is an individual who can be identified, directly or indirectly, by personal data. This is usually by reference to an identifier such as a name, identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person.
Different pieces of information, which collected together can lead to the identification of a particular person, also constitutes personal data.
Information Collected Automatically
Bima Protocol operates and provides its Services in a decentralized and permissionless manner, based on underlying smart contracts written into the underlying blockchain on which our Services are provided.
When you interact with the Bima Protocol, we must differentiate between 'off-chain' data from your use of the bima.money website and 'on-chain' data related to your use of the protocol itself. Your on-chain activity is inherently public and pseudonymous.
Accordingly, when electing to utilize our Services, the following information may be collected from you automatically:-
(a) Wallet Information: We may collect details relating to the wallet which you use for the purposes of interacting with/utilizing our Services (i.e. Wallet Address). This information allows us to: (i) monitor your access to the Services so as to ensure that you are not utilizing the same in any manner which may contravene our Website terms and conditions or any applicable laws; (ii) take necessary action (e.g. restricting or blocking your access to the Services) for the purposes as aforesaid; and (iii) to improve the interface and user experience of our Services.
Specifically, when you deposit collateral to mint our native stablecoin, USBD, the type and amount of your collateral, the amount of USBD you mint, and the resulting health factor of your individual loan position are all data points recorded on-chain. This information is tied to your public wallet address and is essential for the transparent functioning of the protocol's liquidation, Vaults, and Stability Pools.
(b) Device Information: We may collect information about the device you use to access the Services (e.g. device type, operating system, browser type, and screen height and width). This information allows us to optimize the user interface according to the specifications of different devices and to troubleshoot any potential technical issues that may be associated with varying devices.
(c) User Behavior Information: We may collect information about how you use our Services, including, the time you spend utilizing our Services, your preferred features and assets, your interaction with links embedded on our Website, and your search queries on our Website. By analyzing this data, we gain a deeper understanding of our users behavior, thereby allowing us to make continuous improvements to our Website and Services and to enhance the overall user experience.
Information You Provide
In addition to the above mentioned, we may collect the following information about you when you use the Services:
(a) Correspondence and Content: When you submit any messages to us (such as feedback and questions to information support), we may collect your name and contact information, as well as any other content included in the message. This allows us to contact you so as to address your queries and where applicable, act on your feedback so as to improve our Services.
(b) Miscellaneous: You may choose to voluntarily provide and other information to us that we have not solicited from you at your own discretion. In this instance, you are solely responsible for such information.
**3. HOW WE USE THE INFORMATION COLLECTED**
We will only use the information collected as set out in this Privacy Policy when the applicable legislation allows us to or as otherwise set out hereto.
We use the on-chain information, specifically your public wallet address and transaction data, exclusively to facilitate the automated and permissionless functionality of the Bima Protocol's smart contracts. This includes executing your requests to mint USBD, processing your deposits into Vaults or Stability Pools, calculating your borrowing capacity, and ensuring the correct distribution of protocol rewards. We do not use this on-chain data for traditional user profiling or marketing communications.
To ensure the ongoing stability and security of the Bima ecosystem, we may also conduct aggregated analysis of public on-chain data. This includes monitoring the total value locked (TVL), the total supply of USBD, the depth of the Stability Pool, and the distribution of assets across our supported multi-chain networks. This analysis is performed on pseudonymous, publicly available data and is used for risk management and protocol improvement purposes only.
Most commonly, we will use the information collected in the following circumstances:
(a) Provision of Services: To make the Services available to you and perform the necessary actions such as responding to your comments, questions, and requests, and providing information support; sending you technical notices, updates, security alerts, information regarding changes to our policies, and support, administrative messages; detecting, preventing, and addressing fraud, breach of Terms, and threats, or harm; and compliance with legal and regulatory requirements.
(b) Improving the Services: To continually improve the Services.
(c) Legitimate interests: To further our legitimate interests (or those of a third party), where we make sure we use this basis as far as your interests and individual rights do not override those interests.
(d) Consent: With your consent, which means freely given, specific, informed and unambiguous indication of your wishes by which you, by a statement or by a clear affirmative action, signify agreement to the processing of personal data relating to you; under specific circumstances this consent should be explicit – if this is the case, we will ask for it properly.
(e) Compliance with Laws: As we believe necessary or appropriate to operate and maintain the security or integrity of our Services and Website, including to prevent or stop an attack on our computer systems or networks, investigate possible wrongdoing in connection with the Interface, enforce the terms and conditions pertaining to our Website and Services, and comply with applicable laws, lawful requests, and legal process, such as responding to subpoenas or requests from government authorities.
(f) Facilitating Requests: To comply with your requests or directions.
(g) Sale or Transfer of Business: We may also need to process your data in connection with or during the negotiation of any merger, financing, acquisition, bankruptcy, dissolution, transaction or proceeding involving all or a part of our shares, business or assets. This will be based on our legitimate interests in carrying out such transaction, or to meet our legal obligations.
Notwithstanding the above, we may use information that does not identify you (including information that has been aggregated or de-identified) for any purpose except as prohibited by applicable law.
**4. DISCLOSURE OF INFORMATION**
A core principle of the Bima Protocol is transparency, which is achieved through the use of public blockchains. Consequently, all on-chain transaction data is, by its nature, publicly disclosed. Anyone can use a public blockchain explorer to view the activities associated with any public wallet address, including all interactions with Bima's smart contracts. We do not control this public disclosure; it is an intrinsic feature of the decentralized networks upon which we operate.
We may share or disclose information that we collect in accordance with the practices described in this section and for the purposes set out in the preceding section. The categories of parties with whom we may share information include:
(a) Affiliates: We share information with our affiliates and related entities, including where they act as our service providers or for their own internal purposes.
(b) Professional Advisors: We share information with our professional advisors for purposes of audits and compliance with our legal obligations.
(c) Service Providers: We share information with third-party service providers for business purposes, including fraud detection and prevention, security threat detection, data analytics, information technology and storage, and blockchain transaction monitoring. All service providers that we engage with are restricted to only utilizing the information on our behalf and in accordance with our instructions.
Notwithstanding the above, we may share information that does not identify you (including information that has been aggregated or de-identified) except as prohibited by applicable law.
**5. THIRD PARTY SERVICES**
For the purposes of the Services, we may from time to time, work with third party services providers and/or integrate technologies operated or controlled by such third parties.
To provide a seamless multi-chain experience across both EVM (e.g., Ethereum) and non-EVM networks, the Bima Protocol must interact with third-party infrastructure. This includes public blockchain networks, third-party RPC nodes, and potentially cross-chain bridging services. When your transactions are processed on these networks, they are subject to the operational rules and data practices of those specific blockchains, which we do not control.
It is important to distinguish between the decentralized Bima Protocol itself, which exists on various blockchains, and the bima.money website, which is one of many interfaces to the protocol. The bima.money website is hosted on traditional web infrastructure which may collect standard web traffic data. While we operate this interface, other third-party interfaces may also provide access to Bima's smart contracts, and their data collection practices are governed by their own policies.
Please note that when you interact with third parties, including when you leave our Website via third party links embedded thereto, such third parties may independently collect information about you and solicit information from you. The information collected and stored by the aforementioned third parties remains subject to their own policies and practices, including what information they share with us, your rights and choices on their services and devices, and the jurisdiction in which they store such information.
Prior to accessing third party links or interacting with third parties through our Website and/or Services, please familiarize yourself with the respective privacy policies and terms of use of such third parties (e.g. by using a third party wallet to engage in transactions on public blockchains, your interactions with any third party wallet provider are governed by the applicable terms of service and privacy policy of that wallet provider).
**6. COOKIES**
You can set your browser to refuse all or some browser cookies, or to alert you when websites set or access cookies. If you disable or refuse cookies, please note that some parts of the Services or Website may become inaccessible or not function properly. For more information about the cookies we use, please review the Cookie Preferences.
Please note, a cookie is a small text file that is placed on your hard drive by a web page server. Cookies contain information that can later be read by a web server in the domain that issued the cookie to you. Some of the cookies will only be used if you use certain features or select certain preferences, and some cookies will always be used. You can find out more about each cookie by viewing our current cookie list below. We update this list periodically, so there may be additional cookies that are not yet listed.
How we use Cookies
We use cookies and other similar identifiers only to compile aggregate data about traffic and Website interaction to offer better user experiences and tools in the future.
Types of cookies we use
(a) Strictly Necessary Cookies: These cookies are essential for the Interface to function properly and enable basic features such as page navigation and access to secure areas of the Website. For the avoidance of doubt, cookies do not involve the collection of personal information.
(b) Analytical/Performance Cookies: These cookies allow us to analyze how you use the Website and Services, which helps us improve its functionality and performance.
(c) Functional Cookies: These cookies enable enhanced functionality and personalization of the website. They may remember your preferences, such as the wallet you previously used to connect.
**7. DATA SECURITY**
While there is an inherent risk in any data being shared over the internet, we have put in place appropriate security measures to prevent your personal data from being accidentally lost, used, damaged, or accessed in an unauthorized or unlawful way, altered, or disclosed.
While our smart contracts are audited, you are solely responsible for the security of your digital assets and the wallet you use to interact with our services. Securing your private keys and/or seed phrase is your responsibility. Bima Protocol developers will never ask you for this information. The security of your on-chain transactions is guaranteed by the respective blockchain's cryptography.
Your interaction with the Bima Protocol requires you to grant specific permissions from your wallet to our smart contracts (e.g., 'approve' functions). It is your responsibility to verify that you are interacting with the authentic Bima Protocol smart contracts and to understand the permissions you are granting before signing any transaction.
Depending on the nature of the risks presented by the proposed processing of your personal data, we will have in place the following appropriate security measures:
(a) Technical measures (including but not limited to physical protection of data, pseudonymization and encryption); and
(b) Securing ongoing availability, integrity, and accessibility (including but not limited to ensuring appropriate back-ups of data are held).
We have put in place procedures to deal with any suspected personal data breach and will notify you and any relevant regulator of a breach where we are legally required to do so.
**8. DATA RETENTION**
To determine the appropriate retention period of your data, we consider the amount, nature and sensitivity of the data, the potential risk of harm from unauthorized use or disclosure of your personal data, a he purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal, regulatory, tax, accounting or other requirements.
Here are some exemplary factors which we usually consider when determining how long we need to retain your personal data:
(a) in the event of a complaint;
(b) if we reasonably believe there is a prospect of litigation in respect to our relationship with you or if we consider that we need to keep information to defend possible future legal claims (e.g. email addresses and content, chats, letters will be kept up to 10 years following the end of our relationship, depending on the limitation period applicable in your country);
(c) to comply with any applicable legal and/or regulatory requirements with respect to certain types of personal data;
(d) in accordance with relevant industry standards or guidelines;
(e) in accordance with our legitimate business need to prevent abuse of the promotions that we launch. We will retain a customer’s personal data for the time of the promotion and for a certain period after its end to prevent the appearance of abusive behavior.
**9. DATA SUBJECTS IN THE EUROPEAN ECONOMIC AREA (EEA) AND THE UNITED KINGDOM**
**Data Controller**
The General Data Protection Regulations in the European Economic Area and General Data Protection Regulations in the United Kingdom (collectively, "GDPR") distinguish between organizations that process personal data for their own purposes ("Controller") and organizations that process personal data on behalf of other organizations ("Processor"). For the purposes of the GDPR and this Privacy Policy, we collect data from you as a Controller. The Controller of your data is the entity that determines the “means” and the “purposes” of any processing activities that it carries out.
**Lawful Basis**
The GDPR requires a "lawful basis" for processing personal data. In other words, we have to ensure that we have a lawful basis for such use. Most commonly, we will use your personal data in the following circumstances:
(a) Consent: You have given consent to the processing of your personal data for one or more specific purposes, either to us or to our service providers or partners;
(b) Performance of Contract: means processing your data where it is necessary for the performance of a contract to which you are a party or to take steps at your request before entering into such a contract; we use this basis for provision of our Services;
(c) Legitimate Interests: means our interests (or those of a third party), where we make sure we use this basis as far as your interests and individual rights do not override those interests. Where applicable, we will transfer your personal data to third parties subject to appropriate or suitable safeguards, such as standard contractual clauses.;
(d) Compliance with a legal obligation: Processing your personal data is necessary for compliance with a legal obligation.
**Purposes for which we use your personal data**
We have set out below, in a table format, a description of all the ways we plan to use your personal data, and which of the legal bases we rely on to do so. We have also identified what our legitimate interests are where appropriate. Note that we may process your personal data for more than one lawful ground depending on the specific purpose for which we are using your data:
| Purpose | Legal Basis |
| ------------------------------------------------------ | ------------------------------------------------------------------------------------------------ |
| Operating and managing the Services |
Performance of Contract
Legitimate Interests
Consent
|
| Provision of Services to you |
Performance of Contract
Legitimate Interests
Consent
|
| To communicate with you |
Performance of Contract
Legitimate Interests
|
| Improving the Services |
Legitimate interests
Consent
|
| Security and compliance with laws |
Compliance with Legal Obligation
Legitimate interests
Performance of Contract
|
| Other purposes for which we have obtained your consent | Consent |
\
We will only use your personal data for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason and that reason is compatible with the original purpose.
**Your Rights**
If you are a user in the European Economic Area or the United Kingdom, you have certain rights under the GDPR. These rights include the right to:
(a) request access and obtain a copy of your personal data;
(b) request rectification or erasure of your personal data;
(c) object to or restrict the processing of your personal data;
(d) request portability of your personal data.
Additionally, if we have collected and processed your personal data with your consent, you have the right to withdraw your consent at any time.
**It is critical to understand that data rights such as the 'right to erasure' do not apply to data recorded on a blockchain.** Notwithstanding the foregoing, we cannot edit or delete information that is stored on a particular blockchain. This information may include transaction data (i.e., purchases, sales, and transfers) related to your blockchain wallet address and any items held therein.
To exercise any of these rights, please contact us via our email . We will respond to your request within thirty (30) days. We may require specific information from you to help us confirm your identity and process your request. Please note that we retain information as necessary to fulfill the purpose for which it was collected and may continue to retain and use information even after a data subject request in accordance with our legitimate interests, including as necessary to comply with our legal obligations, resolve disputes, prevent fraud, and enforce our agreements. You also reserve the right to lodge a complaint with the data protection regulator in your jurisdiction.
**10. PROTOCOL REWARDS AND ELIGIBILITY**
Your eligibility for and receipt of protocol-generated rewards are determined entirely by on-chain activity. For example, rewards earned from staking in the Stability Pool are calculated by our smart contracts based on the data associated with your public wallet address. From time to time, we may also offer retroactive rewards or airdrops to our community. Eligibility for such events would be based on a snapshot of historical on-chain user activity, such as your past interactions with our lending features, Vaults, or governance mechanisms.
**11. CHANGES TO THIS PRIVACY POLICY**
We reserve the right to amend and reissue this Privacy Policy from time to time at our sole and absolute discretion. We will endeavor to notify you as soon as reasonably possible regarding any amendments to this Privacy Policy or post a notification regarding the same on our Website. In this regard, you shall ensure that you take reasonable steps to keep yourself updated on the relevant changes to this Privacy Policy by checking our Website. Any changes made to this Privacy Policy will be effective immediately upon our posting of the revised Privacy Policy. Accordingly and for the avoidance of doubt, your continued use of the Services shall be indicative of your consent to the revised Privacy Policy then posted and prevailing.
# Terms of Use
Effective Date: 12 December 2024
#### 1. AGREEMENT TO TERMS
These Terms of Use constitute a legally binding agreement made between you, whether personally or on behalf of an entity (“you”) and BIMA PROTOCOL LIMITED (“we,” “us,” or “our”), concerning your access to and use of the [https://Bima.money](https://bima.money) website as well as any other media form, media channel, mobile website or mobile application related, linked, or otherwise connected thereto (collectively, the “Site” and the “Services”).
The Bima Protocol is a decentralized financial protocol consisting of autonomous smart contracts on various public blockchains. The Site provides an interface to access and interact with the protocol.
BY USING THE SITE OR THE SERVICES, YOU AGREE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY ALL OF THESE TERMS OF USE. IF YOU DO NOT AGREE WITH ALL OF THESE TERMS OF USE, THEN YOU ARE EXPRESSLY PROHIBITED FROM USING THE SITE AND THE SERVICES AND YOU MUST DISCONTINUE USE IMMEDIATELY.
#### 2. THE BIMA PROTOCOL SERVICES
The Services are provided on an "as is" and "as available" basis. The Bima Protocol itself is a set of autonomous, non-custodial smart contracts. Our Site provides one of many ways to access and interact with these on-chain contracts.
The core Services of the Bima Protocol include, but are not limited to:
(a) Creating Collateralized Positions: You may open an individual borrowing position by depositing approved digital assets as collateral into the protocol's smart contracts.
(b) Minting $USBD: From your collateralized position, you may mint (borrow) the protocol's native stablecoin, $USBD. You are solely responsible for managing your position and maintaining a sufficient collateralization ratio to avoid liquidation.
(c) Participating in the Stability Pool: You may deposit your $USBD into the Stability Pool to help secure the protocol by providing liquidity for liquidation events. In exchange, you may earn rewards from liquidated collateral.
(d) Using Yield Vaults: You may deposit assets into various "Vaults," each of which is a smart contract that employs a specific, automated on-chain strategy designed to generate yield. Each Vault strategy carries its own unique risks.
You acknowledge that all transactions using the Services are executed on-chain, are irreversible, and are publicly visible. We do not control the on-chain protocol and cannot reverse, modify, or refund any transactions.
#### 3. INTELLECTUAL PROPERTY RIGHTS
Unless otherwise indicated, the Site and the Services are our proprietary property and all source code, databases, functionality, software, website designs, audio, video, text, photographs, and graphics on the Site (collectively, the “Content”) and the trademarks, service marks, and logos contained therein (the “Marks”) are owned or controlled by us or licensed to us, and are protected by copyright and trademark laws.
You are granted a limited license to access and use the Site for your personal, non-commercial use only. You may not copy, reproduce, aggregate, republish, upload, post, publicly display, encode, translate, transmit, distribute, sell, license, or otherwise exploit any part of the Site, Content, or Marks for any commercial purpose whatsoever, without our express prior written permission.
#### 4. USER REPRESENTATIONS AND RESPONSIBILITIES
By using the Services, you represent and warrant that:
(a) You are of legal age to form a binding contract and are not barred from using the Services under any applicable law.
(b) You will not access the Services through automated or non-human means, whether through a bot, script or otherwise, except as may be permitted by any API we provide.
(c) You are not located in, or a national or resident of, any jurisdiction subject to comprehensive U.S. sanctions or other applicable sanctions list (including but not limited to Cuba, Iran, North Korea, Syria, or the Crimea, Donetsk, or Luhansk regions of Ukraine).
(d) Your use of the Services will not violate any applicable law or regulation.
(e) You are solely responsible for the security of the self-custodial wallet you use to interact with the Services. You understand that losing access to your private keys means you will permanently lose access to your digital assets, and we cannot recover them for you.
(f) You are responsible for all decisions you make, including monitoring your collateralized positions to avoid liquidation and understanding the specific risks of any Vault or Stability Pool participation.
#### 5. PROHIBITED ACTIVITIES
You may not access or use the Services for any purpose other than that for which we make the Services available. The Services may not be used in connection with any commercial endeavors except those that are specifically endorsed or approved by us.
As a user of the Services, you agree not to:
(a) Systematically retrieve data or other content from the Site to create or compile, directly or indirectly, a collection, compilation, database, or directory without written permission from us.
(b) Use the Services for any illegal or unauthorized purpose, including money laundering, terrorist financing, or violating sanctions.
(c) Engage in any automated use of the system, such as using scripts to send comments or messages, or using any data mining, robots, or similar data gathering and extraction tools.
(d) Interfere with, disrupt, or create an undue burden on the Site or the networks or services connected to the Site.
(e) Attempt to impersonate another user or person or use the username of another user.
(f) Use any information obtained from the Site in order to harass, abuse, or harm another person.
(g) Engage in any activity which attempts to manipulate or exploit the economic model of the Bima Protocol. This includes, but is not limited to, oracle manipulation, wash trading to generate artificial volume or rewards, engaging in flash loan attacks, or performing Sybil attacks to gain disproportionate rewards or governance influence.
(h) Introduce any viruses, trojan horses, worms, or other material which is malicious or technologically harmful to the Site or the underlying protocol smart contracts.
#### 6. THIRD-PARTY WEBSITES AND CONTENT
The Site may contain links to other websites ("Third-Party Websites") as well as articles, photographs, text, graphics, pictures, designs, music, sound, video, information, applications, software, and other content or items belonging to or originating from third parties ("Third-Party Content"). Such Third-Party Websites and Third-Party Content are not investigated, monitored, or checked for accuracy, appropriateness, or completeness by us, and we are not responsible for any Third-Party Websites accessed through the Site or any Third-Party Content posted on, available through, or installed from the Site.
#### 7. PRIVACY POLICY
We care about data privacy and security. Your use of the Services is also subject to our Privacy Policy, which is incorporated into these Terms of Use by this reference. Please review the Privacy Policy to understand our practices.
#### 8. TERM AND TERMINATION
These Terms of Use shall remain in full force and effect while you use the Services. WITHOUT LIMITING ANY OTHER PROVISION OF THESE TERMS OF USE, WE RESERVE THE RIGHT TO, IN OUR SOLE DISCRETION AND WITHOUT NOTICE OR LIABILITY, DENY ACCESS TO AND USE OF THE SERVICES (INCLUDING BLOCKING CERTAIN IP ADDRESSES OR WALLET ADDRESSES), TO ANY PERSON FOR ANY REASON OR FOR NO REASON, INCLUDING WITHOUT LIMITATION FOR BREACH OF ANY REPRESENTATION, WARRANTY, OR COVENANT CONTAINED IN THESE TERMS OF USE OR OF ANY APPLICABLE LAW OR REGULATION.
#### 9. GOVERNING LAW AND DISPUTE RESOLUTION
These Terms of Use and your use of the Services are governed by and construed in accordance with the laws of the British Virgin Islands, without regard to its conflict of law principles.
Binding Arbitration: Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity, or termination, shall be referred to and finally resolved by arbitration in the British Virgin Islands in accordance with the rules of the International Chamber of Commerce (ICC). You agree that arbitration is your sole remedy for disputes.
Class Action Waiver: All disputes must be resolved on an individual basis. You irrevocably waive any right to bring or participate in any class action, collective action, or representative action against us or our affiliates.
#### 10. DISCLAIMERS AND ASSUMPTION OF RISK
THE SERVICES ARE PROVIDED ON AN AS-IS AND AS-AVAILABLE BASIS. YOU AGREE THAT YOUR USE OF THE SERVICES WILL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE SERVICES AND YOUR USE THEREOF, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.
WE MAKE NO WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE SITE’S CONTENT OR THE CONTENT OF ANY WEBSITES LINKED TO THE SITE AND WE WILL ASSUME NO LIABILITY OR RESPONSIBILITY FOR ANY (1) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT AND MATERIALS, (2) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF THE SERVICES, OR (3) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH THE SITE BY ANY THIRD PARTY.
You expressly acknowledge, accept, and assume the following risks:
(a) Risk of Smart Contract Vulnerability: The Bima Protocol's smart contracts are the core of the Services. While we may procure third-party audits, smart contracts can have undiscovered vulnerabilities, bugs, or exploits. An exploit could result in the total and irreversible loss of your digital assets.
(b) Risk of Liquidation: This is a core mechanic of the protocol. If the value of your collateral drops below the required threshold, your position will be automatically liquidated by the smart contracts. This process is immediate, irreversible, and may result in the complete loss of your collateral. You are solely responsible for monitoring your position's health.
(c) $USBD Peg Stability Risk: $USBD is a decentralized stablecoin aiming for a $1.00 value. Its stability is not guaranteed and depends on complex economic incentives and algorithms. Severe market volatility, a sharp decline in collateral values, or protocol exploits could cause $USBD to lose its peg, and its value could fall significantly below $1.00.
(d) Oracle Risk: The protocol relies on third-party oracle services to provide price data for collateral assets. If these oracles provide inaccurate, delayed, or manipulated data, it can cause wrongful liquidations or fail to liquidate positions when needed, posing a systemic risk to the protocol and your funds.
(e) Stability Pool and Vault Risks: When participating in the Stability Pool or Vaults, your assets are subject to the specific risks of those smart contracts. In the Stability Pool, your deposited $USBD is used to absorb bad debt, and the collateral you receive in return may have declined in value. In Vaults, your funds are subject to the success and risks of the underlying automated strategy, which could result in losses.
(f) Multi-Chain and Bridge Risk: The Bima Protocol may operate on multiple blockchains. Moving assets between these chains requires using third-party bridges, which are a primary target for hackers. A bridge exploit could lead to the total loss of any assets you are transferring.
(g) Regulatory Risk: The legal and regulatory landscape for decentralized finance is uncertain. Changes in laws or regulations could materially and adversely affect the Services, the value of $USBD, and your ability to use the protocol.
(h) No Fiduciary Duty: We do not owe you any fiduciary duties. Our relationship is governed solely by these Terms. Our interests may differ from yours, and we have no obligation to act in your best interests.
#### 11. LIMITATION OF LIABILITY
IN NO EVENT WILL WE OR OUR DIRECTORS, EMPLOYEES, OR AGENTS BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, SPECIAL, OR PUNITIVE DAMAGES, INCLUDING LOST PROFIT, LOST REVENUE, LOSS OF DATA, OR OTHER DAMAGES ARISING FROM YOUR USE OF THE SERVICES, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, OUR LIABILITY TO YOU FOR ANY CAUSE WHATSOEVER AND REGARDLESS OF THE FORM OF THE ACTION, WILL AT ALL TIMES BE LIMITED TO THE AMOUNT PAID, IF ANY, BY YOU TO US.
#### 12. NATURE OF BLOCKCHAIN; ASSUMPTION OF RISK; WAIVER OF CLAIMS
Blockchains, crypto-assets and their related technologies and functionalities are still emerging innovations that carry a relatively high amount of foreseeable and unforeseeable risk from security, financial, technical, political, social, and personal safety standpoints. The mere access to and interaction with blockchains requires high degrees of skill and knowledge to operate with a relative degree of safety and proficiency. Crypto-assets are highly volatile in nature due to many diverse factors, including without limitation use and adoption, speculation, manipulation, technology, security, and legal and regulatory developments and application. Further, the speed and cost of transacting with cryptographic technologies, such as blockchains like those underlying the Website, is variable and highly volatile. Moreover, the transparent nature of many blockchains means that any interactions the User has with any blockchain may be publicly visible and readable in human form.
By accessing and using the Website or the Services, the User acknowledges the foregoing, and agrees and represents that it understands such and other risks involved with blockchains, DeFi and related technologies (including without limitation any specific technical language used in this Agreement). The User further represents that it has all knowledge sufficient to work, and is informed of all foreseeable risks, and the possibility of unforeseeable risks, associated with blockchains, crypto-assets, Web3 Utilities, smart contracts, the Interface, APIs, and the Services. The User further acknowledges, and assumes all risk related to the possibility, that any information presented via the Website, Interface, or Services may be inaccurate, possibly due to another party’s malicious activities and possibly to the User’s severe harm or detriment. The User agrees that we are not responsible for any of these or related risks, do not own or control any blockchain itself, cannot guarantee the safe or accurate functioning of the Services, and shall not be held liable for any resulting harms, damages, or losses incurred by or against the User experiences while accessing or using the Website or the Services. Accordingly, the User acknowledges the foregoing, represents its understanding of the foregoing, and agrees to assume full responsibility for all of the risks of accessing and using the Website and interacting with the Services, whether mentioned in this Section or otherwise. The User further expressly waives and releases us from any and all liability, claims, causes of action, or damages arising from or in any way relating to the User’s use of the Website and the User’s interaction with the Services.
If the User is a California resident, the User expressly and explicitly waives the benefits and protections of California Civil Code § 1542, which states: “\[a] general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party.”
#### 13. ADDITIONAL DISCLAIMER
The User is responsible for its use of the Services, the functionalities they enable, transactions engaged through the Website (if any), and the use of the information derived thereof. The User is solely responsible for complying with all Applicable Laws related to its transactions and activities that directly or indirectly incorporate our provision of the Services, including, but not limited to, the Commodity Exchange Act and its regulations as overseen by the U.S. Commodity Futures Trading Commission (“CFTC”), and the federal securities laws and its regulations overseen by the U.S. Securities and Exchange Commission (“SEC”). The User acknowledges its understanding that the Company is not registered nor licensed with, nor have our Website or Services (or the software contained therein) been reviewed by the CFTC, SEC, or any other financial or banking regulator.
#### 14. NO PROFESSIONAL ADVICE
All information or content provided or displayed by the Website (including, without limitation, on the Interface) is for informational purposes only and should not be construed as professional advice (including, without limitation, tax, legal, or financial advice). The User should not take, or refrain from taking, any action based on any information or content displayed or provided on the Website, on the Interface, or through the Services. The User should seek independent professional advice from an individual licensed and qualified in the area appropriate for such before the User makes any financial, legal, or other decisions where such is considered prudent. The User acknowledges and agrees that, to the fullest extent permissible by law, it has not relied on the Company, the content on the Website, the Interface, or the Services for any professional advice related to its financial or legal behaviors.
#### 15. NO FIDUCIARY DUTIES
These Terms of Use, and the provision of the Website and the Services, are not intended to create any fiduciary duties between us and the User or any third party. The Company never takes possession, custody, control, ownership, or management of any crypto-assets or other property you may transmit using the Interface. To the fullest extent permissible by law, the User agrees that neither the User’s use of the Website or of the Services causes us or any Participant to owe fiduciary duties or liabilities to the User or any third party. Further, the User acknowledges and agrees to the fullest extent such duties or liabilities are afforded by law or by equity, those duties and liabilities are hereby irrevocably disclaimed, waived, and eliminated, and that we and any other Participant shall be held completely harmless in relation thereof. The User further agrees that the only duties and obligations that we or any Participant owes the User, and the only rights the User has related to this Agreement or the User’s use of the Website or the Services, are those set out expressly in this Agreement or that cannot be waived by law.
#### 16. NO INSURANCE
Your crypto accounts are not checking or savings accounts, and we do not provide any kind of insurance to you against any type of loss, including (without limitation) losses due to decrease in value of assets, assets lost due to a cybersecurity failure, or from your or other individuals’ errors or malfeasance. In most jurisdictions crypto-assets are not legal tender, and most crypto-assets are not backed by any government. Your crypto-asset balances are not covered by Federal Deposit Insurance Corporation (“FDIC”) or Securities Investor Protection Corporation (“SIPC”) protections.
#### 17. INDEMNIFICATION
The User agrees to defend, indemnify, and hold harmless the Company, its affiliates, licensors, and service providers, and its and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from and against any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising out of or relating to: (1) the User’s violation of these Terms of Use; (2) the User’s use of the Website or the Services, Including, but not limited to, the User’s interactions with the Interface or other features which incorporate the Services, use of or reliance on the Website’s content, services, and products other than as expressly authorized in these Terms of Use; (3) the User’s use or reliance on of any information obtained from the Website; or (4) any other party’s access and use of the Website or Services with the User’s assistance or by using any device or account that the User owns or controls.
#### 18. LIMITATION ON TIME TO FILE CLAIMS
ANY CAUSE OF ACTION OR CLAIM THE USER MAY HAVE ARISING OUT OF OR RELATING TO THESE TERMS OF USE OR ITS USE OF THE WEBSITE MUST BE COMMENCED WITHIN SIX (6) MONTHS AFTER THE CAUSE OF ACTION ACCRUES; OTHERWISE, SUCH CAUSE OF ACTION OR CLAIM IS PERMANENTLY BARRED.
#### 19. MISCELLANEOUS
These Terms of Use and any policies or operating rules posted by us on the Site or in respect to the Services constitute the entire agreement and understanding between you and us. Our failure to exercise or enforce any right or provision of these Terms of Use shall not operate as a waiver of such right or provision. These Terms of Use operate to the fullest extent permissible by law. We may assign any or all of our rights and obligations to others at any time. If any provision or part of a provision of these Terms of Use is determined to be unlawful, void, or unenforceable, that provision or part of the provision is deemed severable from these Terms of Use and does not affect the validity and enforceability of any remaining provisions. No waiver by the Company of any term or condition set out in these Terms of Use shall be deemed a further or continuing waiver of such term or condition or a waiver of any other term or condition, and any failure of the Company to assert a right or provision under these Terms of Use shall not constitute a waiver of such right or provision. The Terms of Use, the Privacy Policy, and any other document incorporated by reference herein constitute the sole and entire agreement between the User and the Company regarding the Website and supersede all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding the Website.
#### 20. CONTACT US
In order to resolve a complaint regarding the Services or to receive further information regarding use of the Services, please contact us at