# Welcome to OpenTrade Institutional stablecoin lending and yield platform for tokenized financial assets, treasury management, and embedded finance. {% hint style="success" %} **Request access:** Visit our [website](https://www.open-trade.io) and click **Request Access** to start onboarding. A member of our team will contact you with next steps. We are currently prioritising firms already on the waitlist. Learn more about the [onboarding process](/getting-started/onboarding) and [eligibility requirements](/getting-started/onboarding/eligibility-requirements). {% endhint %} ## :wave: Welcome to OpenTrade OpenTrade is an institutional-grade platform for stablecoin lending, treasury management, and yield products built around tokenized financial assets. We combine blockchain infrastructure, a legal framework, and regulated financial institutions to deliver compliant and scalable yield products for digital asset businesses and institutional investors. ### What you can do with OpenTrade * **Embedded yield products:** Exchanges, neobanks, digital wallets, custodians, and fintechs can offer institutional-grade stablecoin yield products to their users. * **Tokenized fixed income exposure:** Investors can build diversified portfolios across tokenized money market funds and other yield products. * **On-chain collateral and credit:** Builders, token issuers, and credit markets can use new forms of digital collateral to power next-generation financial products. ### OpenTrade products OpenTrade products focus on stablecoin yield, tokenized money market exposure, and institutional digital asset infrastructure. * Prime+ Vault * EURC Money Market Fund Vault * USDC Money Market Fund Vault * Stablecoin Staking Yield Vault * Sierra LP Strategy Vault ### Explore OpenTrade * Review the [Platform Overview](/developers/platform-overview). * Browse [Stablecoin Yield Vaults](/stablecoin-yield-vaults/stablecoin-yield-vaults). * Explore [Integrations](/developers/integrations-apis) and the [Blockchain Protocol](/developers/blockchain-protocol). # Supported Digital Assets A list of the digital assets we currently support lending activity with through the OpenTrade platform. **Currently Supported** * [Ethereum USDC ](https://etherscan.io/address/0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48) * [Ethereum EURC](https://etherscan.io/token/0x1aBaEA1f7C830bD89Acc67eC4af516284b1bC33c) * [Ethereum USDT](https://etherscan.io/token/0xdac17f958d2ee523a2206206994597c13d831ec7) * [Avalanche USDC](https://snowtrace.io/token/0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e) * [Avalanche USDT](https://snowscan.xyz/token/0x9702230a8ea53601f5cd2dc00fdbc13d4df4a8c7) # Supported Blockchain Networks A list of the Blockchain Networks we currently support. **Natively Supporting** * Ethereum * Avalanche C-Chain * Plume **Coming Soon** * Base Users can invest in OpenTrade vaults using a stablecoin on a network that isn't natively supported (e.g., USDC on Solana). For more information, please refer [to this reference page](https://docs.opentrade.io/getting-started/investment-via-transfer-guide). # Supported Digital Wallets A list of the Digital Wallets we currently support for use with the OpenTrade Platform. {% hint style="warning" %} **You should only have one active browser wallet when interacting with the OpenTrade web app.** Having more than one type of wallet extension active in your browser simultaneously will cause them to work incorrectly. Please either deactivate (or toggle off) the additional extensions until you only have one active or use multiple browsers or browser profiles to access them separately. {% endhint %} **Currently Supported** * MetaMask * Fireblocks via WalletConnect * MetaMask Institutional * Coinbase Wallet * ForeDeFi * WalletConnect compatible wallets # Platform Overview Learn more about the technology behind OpenTrade. ## **Summary** The OpenTrade Platform consists of a web application and API running on a blockchain protocol that supports a wide variety of stablecoin lending and yield products.
**Products** OpenTrade's initial products built on the protocol are focused on stablecoin yield. Our [Treasury Management & Yield Product](/stablecoin-yield-vaults/product-overview) enables Web3 and Web2 fintechs to power embedded yield products for their customers. It also helps institutional investors manage treasury cash. {% content-ref url="/spaces/XB36F8w05PtbxlF2D9IN/pages/F4zWFGQGBa9iImK1J6UK" %} [Product Overview](/stablecoin-yield-vaults/product-overview) {% endcontent-ref %} ### **Integrations** The Platform has been designed to be extensible and composable across other Web2 and Web3 applications. We're currently working on integrations with several other credit markets, market makers, and exchanges to provide more utility, liquidity, and possibilities to OpenTrade users. ### **Embedded & White Labeling** While we provide a user interface with our web application, users and partners can develop their own interfaces on the protocol and integrate with their existing systems. ### **Institutional Yield Infrastructure** Partners, like exchanges, custodians, and wallets can leverage OpenTrade's platform and legal framework to provide institutional grade yield products to their customers. {% hint style="success" %} If you're interested in partnering with us or building on OpenTrade, please send us a message at **** and a member of our team will be in touch. {% endhint %} ## Blockchain Protocol OpenTrade's blockchain protocol is a fork of Perimeter, an open-source stablecoin lending protocol developed by [Circle Research](https://www.circle.com/en/circle-research), a division of Circle Internet Financial LLC ("Circle"). The blockchain protocol is a series of smart-contracts deployed on Ethereum and Avalanche that are based largely on ERC-4626 and ERC-20 standards. Learn more about the blockchain protocol here: {% content-ref url="/spaces/XB36F8w05PtbxlF2D9IN/pages/zWfWMsNPPCOviCKO2iEZ" %} [Blockchain Protocol](/developers/blockchain-protocol) {% endcontent-ref %} ## Web Application The web application is a cloud-based web application accessed through the browser. It provides an intuitive user interface for interacting with our stablecoin yield products, but others are free to develop their own interfaces on the protocol and API. Learn more about the web application here: {% content-ref url="/spaces/XB36F8w05PtbxlF2D9IN/pages/EYkwShZGTYk3eYt8qdUK" %} [Web Application](/developers/web-application) {% endcontent-ref %} # Web Application Learn more about the OpenTrade Web Application The OpenTrade web application is a cloud-hosted web application that serves primarily as an interface to OpenTrade's [Blockchain Protocol](/developers/blockchain-protocol).
The web application allows users to interact directly with the protocol by connecting their white-listed wallets and displaying relevant information, data, and workflow to assist users in interacting with the protocol.
Visit the Web AppClick here to visit the OpenTrade Web App
# Integrations (APIs) OpenTrade provides a protocol and REST APIs for seamless integrations and reporting. There are three primary means of integrating, white-labelling, and/or embedding the stablecoin yield vaults into your existing applications. You can use one, some, or all of them depending on your desired experience and operating model.
Integration PathFunctionUse
ProtocolRead / WriteIntegrating to the protocol enables you to automate deposits, withdrawals, and read contract and account data. See which networks we support here and the vault contract addresses here.
REST APIRead OnlyThe REST API enables you to query any data on the platform, vaults, accounts, and transactions. You can use the API query the latest data or historical information. This API can be used to build UIs, reporting functionality, integrate to middle and back office systems for reconcilliation, and more.
{% hint style="info" %} For detailed documentation on all integration paths, please contact your account manager. {% endhint %} # Blockchain Protocol Learn more about the blockchain protocol underpinning OpenTrade products. OpenTrade's blockchain protocol is based on Perimeter, an open-source blockchain protocol developed by [Circle Research](https://www.circle.com/en/circle-research), a division of [Circle](https://www.circle.com), to support USDC lending markets and applications. The protocol is largely built on composable, open-source standards, including [ERC-20](https://ethereum.org/en/developers/docs/standards/tokens/erc-20/), [ERC-4626](https://ethereum.org/en/developers/docs/standards/tokens/erc-4626/). The OpenTrade protocol is developed and maintained by Open Trade Technology Ltd. It has been modified extensively to support a nearly limitless variety of RWA and DeFi backed stablecoin yield vaults. ## Overview The protocol can support a wide variety of on-chain structured credit and lending products, including but not limited to: * Yield products involving both real world assets ("RWA") and digital assets * Collateralised and uncollateralized loans * Single-sided and multi-sided credit markets * Primary and secondary credit markets * Fixed rate and variable rate products * Fixed term and open-term products We intend to continue to extend and enhance the protocol to support an increasingly wide variety of use cases across both RWAs and digital assets. ## ERC-4626 The core of the protocol is based on [ERC-4626](https://ethereum.org/en/developers/docs/standards/tokens/erc-4626/), an open-source standard for yield bearing token vaults. It is an extension of ERC-20 token standard. It has been designed to optimise and unify the technical parameters of yield-bearing vaults. It provides a standard smart-contract interface for tokenised yield-bearing vaults. A yield-bearing vault is a smart contract that allows users to deposit different ERC-20 tokens into a pool of tokens in exchange for vTokens (vault tokens). Vault tokens give their holders a claim on underlying asset tokens held by the vault, plus any profits the pool has earned, minus any losses, defaults, and fees. Vault tokens can be converted to asset tokens, and asset tokens can be converted to vault tokens, with the exchange occurring at an exchange rate determined by the smart-contract. The standard is fully described in [EIP-4626](/welcome-to-opentrade/supported-blockchain-networks) as published and maintained by Ethereum.org. ## OpenTrade Implementation When lenders deposit ERC-20 stablecoin tokens (USDC, EURC, USDT, etc) into the vault, they are issued ERC-20 tokens called vault tokens in return. This is done at the current exchange rate. Each vault token represents a unit of ownership in the vault and its underlying assets, which are principally collateralised and uncollateralized USDC loans and USDC. Loans are structured and disbursed to borrowers from these vaults. As loans are issued, loan repayments are made, and interest is accrued, the exchange of each vault increases, meaning the value of each vault token increases by a corresponding amount. If defaults occur, the exchange of each vault decreases, meaning each vault token decreases by a corresponding amount. When a lender withdraws from the vault, they exchange their vault tokens for the underlying asset token (USDC) at the current exchange rate. ### Learn More * [Vaults](/stablecoin-yield-vaults/product-overview/vaults) * [Vault Tokens](/stablecoin-yield-vaults/product-overview/vault-tokens) * [Exchange Rates](/stablecoin-yield-vaults/product-overview/exchange-rates)
## Protocol Roles **Protocol Operator:** The protocol operator is responsible for deploying, maintaining, and upgrading the protocol. Open Trade Technology Ltd. serves as the protocol operator. **Vault Admin:** Specialised entities that create and manage vaults, source borrowers, and manage liquidity in the protocol. [Open Trade Technology Ltd](/stablecoin-yield-vaults/product-overview/key-parties) serves as the vault admin for all OpenTrade products. **Borrowers:** Entities that receive stablecoin loans from liquidity pools and repay those loans plus interest. Borrowers on the OpenTrade platform are bankruptcy remote SPVs overseen by FCA regulated Five Sigma. Currently the only approved Borrower is [OpenTrade SPC](/stablecoin-yield-vaults/product-overview/key-parties). **Lenders:** Lenders provide liquidity by depositing tokenised cash (USDC and EUROC) to earn interest. Lenders are KYC’d Web3 institutions, businesses, and HNWI. For more information on who is eligible to become a Lender on OpenTrade, please see [Eligibility Requirements](/getting-started/onboarding/eligibility-requirements). # Contract Addresses View the key mainnet contract addresses and blockexplorer links. ## Avalanche
Vault NameToken SymbolNetworkContract AddressCollateralLiquidity Asset
USD Money Market Fund VaultXMMFAvalanche0x09Ca60Ca323a6313aE144778c3EbDfCCFBB5e5D2US Treasury Bills, USD, USDC, Treasury Money Market Fundshttps://snowtrace.io/token/0x09Ca60Ca323a6313aE144778c3EbDfCCFBB5e5D2?chainid=43114USDC (AVAX)
Franklin Templeton Benji MMF VaultXFTBAvalanche0x061329361E0f163125225bf71a1E5AF954b46869Franklin Templeton Benji Money Market Fundhttps://snowtrace.io/token/0x061329361E0f163125225bf71a1E5AF954b46869?type=erc20&chainid=43114USDC (AVAX)
Flexible Term USDC Vault AVAXXTBTAvalanche0xad6605F4987031fd2d6d6816bE53Eb7C5b764bf7US Treasury Bills, USD, USDC, Treasury Money Market Fundshttps://snowtrace.io/token/0xad6605F4987031fd2d6d6816bE53Eb7C5b764bf7?chainid=43114USDC (AVAX)
Flexible Term EURC Vault AVAXXEVTAvalanche0xBFdEf5e389bB403426337081eCD1D05bC5193203EUR, EURC, Euro Money Market Fundshttps://snowtrace.io/token/0xBFdEf5e389bB403426337081eCD1D05bC5193203?chainid=43114EURC (AVAX)
High Yield Corporate Bond VaultXHYCAvalanche0x1D7E71d0CB499C31349DF3E9205A4b16bcCF2536SHYG (BlackRock High Yield Corporate Bond ETF)https://snowtrace.io/token/0x1D7E71d0CB499C31349DF3E9205A4b16bcCF2536?chainid=43114USDC (AVAX)
## Ethereum
Vault NameToken SymbolNetworkContract AddressCollateralLiquidity Asset
Flexible Term USDC VaultXTBTEthereum0x0f8CbdC544dC1D4Bd1bDafE0039Be07B825aF82AUS Treasury Bills, USD, USDC, Treasury Money Market Fundshttps://etherscan.io/token/0x0f8cbdc544dc1d4bd1bdafe0039be07b825af82aUSDC (ETH)
Flexible Term EURC VaultXEVTEthereum0x3Ee320c9F73a84D1717557af00695A34b26d1F1dEUR, EURC, Euro Money Market Fundshttps://etherscan.io/address/0x3Ee320c9F73a84D1717557af00695A34b26d1F1dEURC (ETH)
USD Money Market Fund VaultXMMFEthereum0x1e571c87556F216662fa8D25143b1b0618512Ef6Fidelity USD MMFs, USD, USDChttps://etherscan.io/address/0x1e571c87556f216662fa8d25143b1b0618512ef6USDC (ETH)
USD Money Market Fund Vault (USDT)XMMF-USDTEthereum0xD06f235DF80D4981816F7fB0936973155CDe1f4CFidelity USD MMFs, USD, USDChttps://etherscan.io/address/0xd06f235df80d4981816f7fb0936973155cde1f4cUSDT (ETH)
## Plume | Vault Name | Token Symbol | Network | Contract Address | Collateral | Link | Liquidity Asset | | ------------------------------- | ------------ | ------- | ------------------------------------------ | ---------------------------------------------- | ----------------------------------------------------------------------------- | ------------------------------ | | USD Money Market Fund Vault | XMMF | Plume | 0x6688aA2eB549e325C21a16c942827C9c99F40dd9 | Fidelity USD MMFs, USD, USDC | | USDC.e (Stargate Bridged USDC) | | High Yield Corporate Bond Vault | XHYCB | Plume | 0xf19d819F23b05C231C0de1dde97289476A0Bcf30 | SHYG (BlackRock High Yield Corporate Bond ETF) | | USDC.e (Stargate Bridged USDC) | # Code Audits Please find below the latest version of our independent protocol audits. {% hint style="success" %} OpenTrade uses works with market leading cybersecurity firms to perform thorough, indendepent audits of any and all protocol code deployed to production environments. Code audits are performed before any material changes or upgrades to the protocol. {% endhint %} ## Liquid Yield Token (LYT) Protocol {% file src="/files/qIzBVb7vZlF5tQKEppg0" %} {% file src="/files/2cATkEf4GL0b49MOExKl" %} ## Version 5 (CURRENT) {% file src="/files/rZZDDz1SZa9cW30YJEx3" %} {% file src="/files/FgRDtBZ2jIVwJtsX8AZ6" %} ## Version 4 (CURRENT) {% file src="/files/sHGIkqiKJDtO8yrs42kJ" %} ## Version 3 (UPGRADED) {% file src="/files/7d0yqTQglsuJCglKwQUy" %} ## Version 2 {% file src="/files/FPFoZlG35VrdgqLdXE8J" %} # Getting Started Learn to connect to OpenTrade and get ready to invest. Getting started on OpenTrade is a straightforward process. Before getting started, you must first be onboarded. You can learn more about onboarding [here](/getting-started/onboarding). Our team will inform you when onboarding is complete. After onboarding, follow these steps to connect to OpenTrade and get ready to invest. 1. Visit the OpenTrade Web Application 2. Connect the digital asset wallet you want to whitelist. This will be the wallet you use to interact with the OpenTrade platform going forward. 3. Read the Platform [Terms of Service](/terms-and-conditions/platform-terms-of-service) 4. Accept the Platform [Terms of Service](/terms-and-conditions/platform-terms-of-service) and approve the transaction in your wallet. 5. After accepting the Platform Terms of Service, OpenTrade will whitelist your wallet onto one or more Vaults. 6. OpenTrade will inform you via email when this is complete. You are now ready to invest. # Onboarding Learn more about the onboarding process and eligibility requirements. Onboarding involves undergoing KYC/AML/CFT screening, executing the master lending agreement, and white-listing your wallet(s). {% hint style="success" %} **Sign Up Today!:** If you're interesting in onboarding to OpenTrade, please contact us via the [contact form](https://www.opentrade.io/contact) on our website and one of our team members will contact you to begin the onboarding process. {% endhint %} ## Onboarding Steps ### 1. Undergo and Pass KYC/AML/CFT Checks The onboarding process involves industry standard KYC/AML and sanctions screening, including but not limited to identity verification of directors and beneficial owners, sanctions screening, PEP screening, verification of company documentation and ownership structure, adverse media searches, verification of source of wealth, among others. OpenTrade uses both internal and 3rd party providers to carry out due diligence during the onboarding process, which involves processing of sensitive personal data. For more information on our privacy policy, see [here](/terms-and-conditions/privacy-and-cookie-policies). ### 2. Execution of Master Lending Agreement Once a Lender passes KYC/AML/CFT checks, they will execute a [Master Lending Agreement](/stablecoin-yield-vaults/product-overview/legal/master-lending-agreement) with the Borrower, which governs the lending activity done on the Platform. This will be issued to the Lender's authorised signatory via Docusign. ### 3. White-Listing Supported Digital Asset Wallet The final step is to white-list the wallet address you provided during the onboarding process. Only white-listed [supported digital asset wallets](/welcome-to-opentrade/supported-digital-wallets) can interact with the OpenTrade Platform. Once white-listed, you will be able to interact with the platform using this wallet. # Eligibility Requirements Learn more about who is eligible (and who is not) to use OpenTrade. ## No Retail Users Notwithstanding passing KYC/AML/CFT checks and sanctions screening, OpenTrade clients must be high-net worth individuals, companies, professional clients, sophisticated investors, accredited investors, or the equivalent in the jurisdiction in which they reside and/or operate. {% hint style="info" %} **Retail users are not eligible for onboarding to OpenTrade.** {% endhint %} ## Prohibited Countries OpenTrade will not onboard any individual or company residing and/or operating in countries subject to sanctions by US, UK, EU, and UN government agencies. OpenTrade will not onboard companies or individuals who are located, organised, or resident in the following countries: * North Korea * Cuba * Iran * Syria * Russia * Any other country subject to comprehensive United States sanctions and/or embargoes, UN sanctions, or if you are on the U.S. Treasury Department’s Specially Designated Nationals List; * Any company or individual which supply any goods or services to any individual or organisation located, organised, or resident in Cuba, Iran, North Korea, or Syria or any other country subject to United States comprehensive sanctions and/or embargoes ## Enhanced Due Diligence Enhanced due diligence may be required during onboarding for any Lender which present a high financial crime risk to OpenTrade. In addition to standard KYC/AML/CFT measures, EDD can be required due to a number of factors, including if the lender has been asses as having a high risk of money laundering based on our internal risk assessment, company structure, industry, reputation, involvement of PEPs, companies and individuals located, organised, or resident in jurisdictions that FATF recommends increased monitoring and/or the FCA considers "High Risk", among others. OpenTrade reserves the right to apply part or all of EDD to medium or low risk Lenders if deemed necessary. # How to Invest in a Vault Learn more about how to make loans on the OpenTrade platform. Lenders can connect their white-listed [Supported Digital Asset Wallet](/welcome-to-opentrade/supported-digital-wallets) and lend stablecoins into one or more Treasury Management smart-contract vault(s). In return, the Lender will receive [vault tokens](/developers/blockchain-protocol#erc-4626) at the current exchange rate. Vault tokens are issued to the Lender's whitelisted wallet. It is the sole responsibility of the Lender to ensure proper security and custody of the vault tokens it's issued. {% hint style="info" %} Vault tokens are currently non-transferable and can only be issued to and redeemed by white-listed wallets that have undergone [onboarding](/getting-started/onboarding). {% endhint %} ## User Guide: How to Make an Investment {% embed url="" %} {% hint style="warning" %} Please approve both the Spending Cap and Deposit transactions and wait for them to confirm on-chain before initiating another investment. If you start multiple concurrent investments without allowing them to complete, it can cause a transaction to fail because the Spending Cap approvals are not cumulative. {% endhint %} ## Video Demonstration View the video to see how to lend USDC into a Loan Vault. The process is the same for both Fixed Term and Flexible Term Vaults. {% embed url="" %} # How to Make a Withdrawal Learn more about how to withdraw loan principal from the USD Money Market Fund Vault ## Summary Lenders can connect their white-listed [Supported Digital Asset Wallet](/welcome-to-opentrade/supported-digital-wallets) and request a withdrawal at any time. Every vault has a different withdrawal processing time. Once a withdrawal request is received, the liquidity asset (e.g. USDC/EURC) will be repaid to your designated wallet and vault tokens will be burned according to the [exchange rate](/stablecoin-yield-vaults/product-overview/exchange-rates) mechanism of that vault. ## Making a Withdrawal Request Making a withdrawal request is a simple process. 1. Select the blockchain network you want to access the vault on 2. Connect your whitelisted wallet to the OpenTrade app 3. Select the vault you'd like to withdraw from 4. Click "Withdraw" 5. Input the amount you'd like to withdraw 6. Click "Submit Withdrawal Request" 7. Approve in your wallet 8. After the Withdrawal Processing Time, the liquidity asset (e.g. USDC or EURC) will automatically be sent back to your wallet and the corresponding amount of tokens will be burned. ### User Guide {% embed url="" %} ## Withdrawal Processing Time The Withdrawal Processing Time is the number of business days before a withdrawal will be repaid into your wallet. {% hint style="info" %} Most withdrawals are processed within same day. Instant liquidity facilities are available on request for customers that meet certain eligibility criteria. The current Withdrawal Processing Time is maximum of 2 business days. {% endhint %} ## Withdrawal Cut-Off Time The Withdrawal Cut-Off Time is the time in UTC before which withdrawal requests must be made to be considered same day. For withdrawals requests made before the cut-off time, they will be considered same day requests. For withdrawal requests made after the cut-off of time, they will be considered to have been made the next business day. For withdrawal requests made on Non-Business Days (e.g. weekends and bank holidays), they will be considered to have been made on the next business day. {% hint style="info" %} The Current Withdrawal Cut-Off Time is 6pm GMT. {% endhint %} {% hint style="info" %} **Withdrawal requests can be made anytime.** The Withdrawal Cut-Off time is used to calculate when the withdrawal processing time starts and thus when it is due to be repaid. {% endhint %} # Investment via Transfer Guide Learn how to use the Investment via Transfer process with OpenTrade Using the Investment via Transfer process with OpenTrade requires prior approval and testing with OpenTrade to ensure safe flow of funds. Do not attempt this method until you have been given prior approval from and completed testing with OpenTrade. Your account manager will guide you through this process. ## Who is this investment method for? * Users who wish to use a stablecoin on a non-supported network (e.g. USDC on Solana). * Users who cannot invest from a smart-contract enabled wallet (e.g. a Circle Mint, Bitso, or Coinbase Exchange account) ## How does it work? * Users can make investments in OpenTrade vaults using a stablecoin on a non-supported network (e.g. USDC on Solana) and/or from a non-smart-contract enabled wallet. * Withdrawals from OpenTrade vaults can be repaid using a stablecoin on a non-supported network (e.g. USDC on Solana) and/or to a non-smart-contract enabled wallet. * To do so, you will need to create an **OpenTrade Account** that will connect to our Web Application to notify us of investments, view balances, hold OpenTrade vault tokens, and request withdrawals. This can be created with a simple email address! * **The OpenTrade Account will not hold any funds** - it is simply used to log into OpenTrade, hold [vault tokens](/stablecoin-yield-vaults/product-overview/vault-tokens) (which have no monetary value), and request withdrawals. All investments will be sent from your own wallet and all withdrawals will be repaid to your own wallet. ## What stablecoins are supported via this investment method? * USDC on any network it is natively issued on * EURC on any network it is natively issued on * USDT on ETH and TRON If you wish to use any other stablecoin please let us know and we will try to accomodate you. ## Flow of Funds
## Getting Started Follow the steps below to get ready to use the Investment via Transfer process with OpenTrade. ### 1) Create an OpenTrade Account * This wallet is how you log into the OpenTrade Web App. * This wallet is how you will notify OpenTrade of investments that you have made, and request withdrawals * This wallet will store vault tokens, which will be issued when you make investments and are used to track the value of your investments and process withdrawals. * Creating an OpenTrade Account requires only an email address. {% hint style="success" %} **No funds will ever move through the OpenTrade Account.** For investments, USDC/EURC/USDT will be sent from your designated treasury wallet. For withdrawals, USDC/EURC/USDT will be sent to your designated treasury wallet. {% endhint %} {% hint style="success" %} Vault tokens do not confer any rights or hold any value. If you lose them or lose access to your wallet, your funds are safe. There is a manual recovery process for vault tokens. {% endhint %} #### User Guide: Creating an OpenTrade Account {% embed url="" %} ### 2) Provide OpenTrade with your treasury wallet address * This is where funds will be repaid. {% hint style="danger" %} **IMPORTANT:** This treasury wallet address **must** be able to receive the stablecoins you are investing with from external wallets. If you provide the wrong address for the wrong network or asset, your funds will be lost. **We will perform a penny test to confirm.** {% endhint %} ### 3) Whitelist OpenTrade’s Deposit Address in your wallet {% hint style="danger" %} **IMPORTANT:** Please contact your account manager before proceeding with this step, as the wallet addresses are different depending on the network used and stablecoin you are investing, and will be provided via your designated secure communication channel. {% endhint %} * This is where you will send funds to make investments. * These addresses are different depending on which network and which stablecoin you are investing. These will be provided seperately by your account manager during testing via your designated secure communication channel. * You should whitelist this in your "Address Book" to make transfers to it. * We will perform a penny test to ensure you have the correct address. {% hint style="danger" %} **IMPORTANT:** Sending the wrong asset and/or using the wrong network will result in your funds being lost. **We will perform a penny test to confirm.** {% endhint %} ## Making an Investment {% embed url="" %} 1. Connect your OpenTrade Account to the OpenTrade app. 2. Select the vault you would like to invest in. 3. Select "Invest via Transfer". 4. Select the currency and chain that you will be making the transfer on. 5. Copy the **OpenTrade Deposit Address** to which you will be making the transfer. 6. Navigate to your treasury wallet and create a transfer to the **OpenTrade Deposit Address** & input the amount that you would like to invest. 7. In the OpenTrade App, confirm that you have made the transfer, and input details of the transfer including, then select "Submit". 1. The address of your treasury wallet used to conduct the transfer. 2. The amount that you have invested. 3. A transaction hash or link to the transaction on the relevant block explorer. This is to help us reconcile the transaction and assign it to you. 8. Once the stablecoins have been received, vault tokens will be minted to your **OpenTrade Account** and your balance on the platform will be updated. This will be done within 1 business day from when we receive the Investment Via Transfer from you. ## Making a Withdrawal 1. Connect your OpenTrade Account to the OpenTrade app 2. Select the vault you would like to withdraw from 3. Click "Withdraw" 4. Input the amount you'd like to withdraw 5. Click "Submit Withdrawal Request" 6. Approve in your OpenTrade Account wallet 1. **IMPORTANT:** You must have funded your OpenTrade Account wallet with the native gas token (e.g. ETH or AVAX) otherwise the transaction will fail. 7. After the Withdrawal Processing Time, the stablecoins will be sent back to your designated treasury wallet address and the corresponding amount of tokens will be burned. ## Using the API or Protocol You can use the API or Protocol to query information as normal using this method. You will use your OpenTrade Account wallet address as the parameter to query account-specific information. If you do not wish to use an OpenTrade Account wallet and would like to bring your own wallet for programmatic investments via transfer, this is possible but requires prior consultation with OpenTrade. Please let your account manager know if you'd like to explore this option. # Fireblocks Users Guides for using Fireblocks with the OpenTrade Platform ## Using Fireblocks via WalletConnect The OpenTrade Platform supports Fireblocks users connecting to OpenTrade via WalletConnect. Below are some guides on using Fireblocks with OpenTrade. ## User Guides The user guides below will help you navigate using Fireblocks with OpenTrade. {% content-ref url="/pages/tzb503rgJPelmXo8TJqa" %} [End-to-End](/getting-started/fireblocks-users/end-to-end) {% endcontent-ref %} {% content-ref url="/pages/XgxhmQEFnuNxHEpBBEL4" %} [Whitelisting Contracts](/getting-started/fireblocks-users/whitelisting-contracts) {% endcontent-ref %} {% content-ref url="/pages/CQBPxrKNvIPESzeZKKgi" %} [Configuring Your Policies](/getting-started/fireblocks-users/configuring-your-policies) {% endcontent-ref %} {% content-ref url="/pages/rzTRa3W77SCDRqW1LlKA" %} [Connecting via WalletConnect](/getting-started/fireblocks-users/connecting-via-walletconnect) {% endcontent-ref %} {% content-ref url="/pages/c78BYXFTRqg0ARE4W5qr" %} [Listing a Vault Token](/getting-started/fireblocks-users/listing-a-vault-token) {% endcontent-ref %} {% content-ref url="/pages/VCf4FM7vjlwbKbj7acgD" %} [Making an Investment](/getting-started/fireblocks-users/making-an-investment) {% endcontent-ref %} {% content-ref url="/pages/utGmeoqQCPqhgU3yWPDW" %} [Making a Withdrawal Request](/getting-started/fireblocks-users/making-a-withdrawal-request) {% endcontent-ref %} # End-to-End This guide describes the end-to-end set up, investment, and withdrawal process for Fireblocks users. ## 1. Setting Up Fireblocks To connect your Fireblocks workspace to OpenTrade, there are two easy steps to complete. Completing both steps typically takes 10-15 minutes. ### A. Whitelist the OpenTrade Vault Contract This enables you to interact with OpenTrade vault contracts. A detailed guide for how to do this can be found [here](https://docs.opentrade.io/user-guides/fireblocks-users/whitelisting-contracts). {% content-ref url="/pages/XgxhmQEFnuNxHEpBBEL4" %} [Whitelisting Contracts](/getting-started/fireblocks-users/whitelisting-contracts) {% endcontent-ref %} ### B. Configure your Policies Policies are Fireblocks’ rules engine. The Policies will control who in your organisation can initiate and authorise transactions with OpenTrade and which of your accounts can interact with OpenTrade. This can ultimate be done in many ways according to your specific requirements. A detailed example of a Policy configuration that works with OpenTrade can be found [here](https://docs.opentrade.io/user-guides/fireblocks-users/configuring-your-tap). {% content-ref url="/pages/CQBPxrKNvIPESzeZKKgi" %} [Configuring Your Policies](/getting-started/fireblocks-users/configuring-your-policies) {% endcontent-ref %} ## 3. Creating Vault Accounts Fireblocks Vault Accounts are a collection of wallets. You may already have one configured. At a minimum, each vault account needs a wallet for 1. Holding the liquidity asset, USDC or EURC, depending on the vault(s) you wish to invest in 2. Holding the native network token for paying gas fees (ETH for Ethereum, AVAX for Avalanche If you'd like to track OpenTrade Vault Token balances in Fireblocks, you can easily list the vault token in your workspace. A guide for how to do this can be found [here](/getting-started/fireblocks-users/listing-a-vault-token). {% content-ref url="/pages/c78BYXFTRqg0ARE4W5qr" %} [Listing a Vault Token](/getting-started/fireblocks-users/listing-a-vault-token) {% endcontent-ref %} #### Dedicated Client Vaults If you wish to create a dedicated vault for each of your customers, you can simply create a vault account for each client. This can make reporting a reconciliation easier.
When performing operations on behalf of your customers, be sure to 1. Share each client vault wallet address with OpenTrade for whitelisting 2. Connect their specific vault account to OpenTrade to perform deposits and withdrawals on their behalf 3. Configure your TAP such that each client vault is authorised to interact with OpenTrade vault tokens. You can do this by selecting them as Source Accounts in the TAP rule. ## 4. Making Investments Once your desired Fireblocks account is funded with USDC/EURC and gas tokens, you can make the loans via OpenTrade Web App. To do so: 1. Open the [OpenTrade Web App](https://app.open-trade.io/) and connect the whitelisted Fireblocks wallet via WalletConnect. A detailed guide for how to connect via WalletConnect can be found [here](https://docs.opentrade.io/user-guides/fireblocks-users/connecting-via-walletconnect). 2. Select the appropriate OpenTrade vault (e.g. Flexible Term USDC Vault) 3. Click “Invest” 4. Input the amount to be lent and click "Approve Spending Cap" 5. Approve the spending cap in your Fireblocks App 6. Confirm the amount and click "Invest" 7. USDC will be transferred from the wallet to the OpenTrade Vault and the wallet will receive vault tokens at the current exchange rate 8. The transfer will show as "Pending Advance" until the Advance Processing Time lapses, after which time it will begin accruing interest. Currently the Flexible Term USDC and EURC Vaults are set to accrue interest T+0, so any deposits made on a business day will begin accruing interest immediately A detailed guide on the investment process with Fireblocks can be found [here](https://docs.opentrade.io/user-guides/fireblocks-users/making-an-investment). {% content-ref url="/pages/VCf4FM7vjlwbKbj7acgD" %} [Making an Investment](/getting-started/fireblocks-users/making-an-investment) {% endcontent-ref %} ## 5. Making Withdrawal Request Once your or your underlying client requests wishes withdraw their funds from the product, you can process a withdrawal request using the OpenTrade Web App: 1. Open the [OpenTrade Web App](https://app.open-trade.io/) and connect the whitelisted Fireblocks wallet via WalletConnect 2. Select the appropriate vault (e.g. Flexible Term USDC Vault) 3. Click “Withdraw” 4. Input the amount to be withdrawn click "Submit Withdrawal Request" 5. Approve in your Fireblocks App 6. USDC will be transferred from the wallet and the wallet will receive vault tokens at the current exchange rate 7. USDC will automatically be sent back to your wallet within timescales described below and the corresponding amount of tokens will be burned. A detailed guide on how to perform a withdrawal request can be found here. {% content-ref url="/pages/utGmeoqQCPqhgU3yWPDW" %} [Making a Withdrawal Request](/getting-started/fireblocks-users/making-a-withdrawal-request) {% endcontent-ref %} ## Tracking Your/Your Clients' Balances and Positions There are two ways in which you can keep track of and share balances and positions of yourself and/or your underlying clients: #### **Fireblocks UI** Through the use of segregated wallets, the stablecoin and vault token balances shown on the Fireblocks Console per wallet will correspond directly to each underlying client, as shown in the screenshot below. To learn how to list a token in Fireblocks, you can access a detailed guide [here](https://docs.opentrade.io/user-guides/fireblocks-users/listing-a-vault-token).
#### OpenTrade API You can integrate the OpenTrade API to track balances and performance in real-time. 1. REST API can be used to return live data on each account, including current balances, interest rates, pending withdrawals by calling GET /vaultsAccount/{vaultAddress}/{accountAddress} endpoint and passing in the vault address and wallet address 2. GraphQL API allows you to query live and historical data over specific periods of time including balances, interest rates, transaction history, and interest accrued by calling the getPoolFlexAccountForDateRange query and passing in the vault address, wallet address, and start and end dates. \ Documentation for both the REST API and graphQL APIs is available on request. Unlimited technical support can be made available during the integration period as well as during production run. # Whitelisting Contracts Learn how to whitelist OpenTrade contract addresses in Fireblocks ## How to Whitelist OpenTrade Contracts in Fireblocks One of the first things you should do before connecting to OpenTrade via your Fireblocks workspace is to whitelist the OpenTrade contract addresses. By default, Fireblocks blocks interactions with non-whitelisted wallets, so doing this first can avoid your Fireblocks workspace blocking transactions with OpenTrade contracts. {% embed url="" %} # Configuring Your Policies Learn how to configure your Fireblocks TAP to interact with OpenTrade ## Configuring Policies for OpenTrade Vaults Fireblocks has a powerful Policy engine which sets rules governing your interactions with both internal and external addresses and contracts. At a minimum, most Fireblocks workspaces prohibit interactions with non-whitelisted addresses, so you must first whitelist OpenTrade contract addresses via the process above. Once whitelisted, you can configure Policies that governs interactions with those whitelisted addresses. Fireblocks will consider interactions with OpenTrade as Contract Calls. At a minimum, your Policies must allow for Approve Transactions and Contract Calls with the OpenTrade contract addresses you've whitelisted. The guide below shows a basic rule configuration for interacting with OpenTrade Loan Vaults. {% hint style="warning" %} There are many other possible rules and combinations of rules you could configure which depend largely on other Policies you may have already configured in your workspace. **It is your sole responsibility to ensure the safety and security of your workspace's Policies.** {% endhint %} {% embed url="" %} # Connecting via WalletConnect Learn how to connect Fireblocks to OpenTrade via WalletConnect ## Connecting Fireblocks via WalletConnect Once you've whitelisted OpenTrade contract addresses and configured your TAP, you're now ready to connect your Fireblocks account(s) to OpenTrade via WalletConnect. {% hint style="warning" %} To connect, you must use the Fireblocks mobile app to connect via WalletConnect, which involves scanning the QR code in the WalletConnect pop up using your Fireblocks mobile app. We currently do not support connections via the Fireblocks chrome extension. {% endhint %} {% embed url="" %} # Listing a Vault Token Learn how to list vault tokens in your Fireblocks workspace and wallets. ## Listing an OpenTrade Vault Token in your Fireblocks Wallet If you'd like to track your [vault token](/stablecoin-yield-vaults/product-overview/vault-tokens) balances in you Fireblocks wallet(s), follow this guide. {% embed url="" %} # Making an Investment Learn how to make an investment in OpenTrade using Fireblocks ## Making an investment using Fireblocks Learn the steps required to make an investment in OpenTrade using Fireblocks. {% hint style="info" %} Before making an investment, you must first be [onboarded](/getting-started/onboarding) and have your Fireblocks wallet address(es) whitelisted by OpenTrade. {% endhint %} {% embed url="" %} # Making a Withdrawal Request Learn how to make a Withdrawal Request with Fireblocks {% embed url="" %} # Safe{Wallet} Users View user guides for connecting and interacting with OpenTrade via a Safe{Wallet} ## Important Note {% hint style="warning" %} Safe{Wallet} has notified users [via X](https://x.com/safe/status/1893797070236188729) that they are undertaking major upgrades as a result of the ByBit hack. These upgrades appear to be being rolled out incrementally. As a result (1) not all networks are available via the Safe UI, including Avalanche (2) we've noticed issues with Safe{Wallet} where the UI is failing to update or miscellaneous errors are thrown even where the transaction is successful. In these instances, please disconnect in both the OpenTrade Web App and Safe{Wallet}, refresh your browsers, and reconnect. {% endhint %} ## Making a Loan {% embed url="" %} ## Making a Withdrawal Request {% embed url="" %} # Product Overview Learn more about how OpenTrade's Stablecoin Yield Products work ## Summary OpenTrade's stablecoin yield products provides a technology platform, blockchain protocol, API, legal framework, and bankruptcy remote banking and custody infrastructure that enable three primary use cases: 1. Enables other Web2 and Web3 Fintechs to build and deploy white-labeled and fully embedded yield products for their customers 2. Enables companies and institutional investors too better manage their own treasury cash 3. Provides programmable yield infrastructure for developers to build next generation financial markets applications, including stablecoin issuers, yield token issuers, DAOs, DeFi markets, and more. ## How it works {% embed url="" %} Learn more about how OpenTrade stablecoin yield products work {% endembed %} ## Key Information {% content-ref url="/pages/eG7HsBpm3RGKDxju05vE" %} [Vaults](/stablecoin-yield-vaults/product-overview/vaults) {% endcontent-ref %} {% content-ref url="/pages/Y51u8U3BRzWpu81v5Jyo" %} [Key Parties](/stablecoin-yield-vaults/product-overview/key-parties) {% endcontent-ref %} {% content-ref url="/pages/U1LwY80pFFlkmdZ8K9Qo" %} [Loan Collateral](/stablecoin-yield-vaults/product-overview/loan-collateral) {% endcontent-ref %} {% content-ref url="/pages/1nzMqIa759KDemHLsYxo" %} [Vault Tokens](/stablecoin-yield-vaults/product-overview/vault-tokens) {% endcontent-ref %} {% content-ref url="/pages/RWzGfO7mXnKX5fli2e2v" %} [Exchange Rates](/stablecoin-yield-vaults/product-overview/exchange-rates) {% endcontent-ref %} {% content-ref url="/pages/J1YoOSiNKMAp0dqYi2XB" %} [Legal](/stablecoin-yield-vaults/product-overview/legal) {% endcontent-ref %} ## Benefits ### **Commercial** * Stable, safe returns backed by high quality financial assets with bank-grade legal safe guards and protections * Power seamless two-click stablecoin yield experiences, embedded in your existing interfaces and user experiences * Incentivise stickiness and engagement from existing users, while also attracting new customers * Generate significant new revenue streams * Control your economics; charge what you want, when you want ### **Product / Technical / Ops** * Provide a suite of products with different yields and risk profiles. * Begin earning interest immediately, withdraw same day * Simple, secure integration via API or protocol * Provide a Web2 experience - crypto complexity is abstracted away entirely * Access granular historical reporting data ### **Trust / Transparency / Safety** * Provide complete transparency on backing assets down to the ISIN level * Collateral managed by FCA regulated asset manager * Leveraging Tier 1 banks, custodians, and brokers * Bankruptcy remote SPVs with fully segregated assets * Independent Security Trustee with step-in rights # Vaults Learn more about the different vault types in OpenTrade's Treasury Management & Yield Product. ## Loan Vaults Each Loan Vault is a unique smart-contract based on the ERC-4626 standard that has specific parameters, including: * Loan Type (e.g. open-ended or fixed term) * Eligible Collateral * ERC-20 Vault Token * Liquidity Asset (e.g. USDC, EURC) * Interest Rate * Exchange Rate * [Exchange Rate Method](/stablecoin-yield-vaults/product-overview/exchange-rates) * Cut-Off Times * Processing Times * Fees * User permissions For a list of active loan vaults and more information, see [here](/stablecoin-yield-vaults/stablecoin-yield-vaults). # Key Parties Learn more about key parties involved in the Treasury Management Product Below is a list of all the key parties involved in OpenTrade Treasury Management & Yield Product and their roles and responsibilities. You can learn more about the legal relationships between these entities [here.](/stablecoin-yield-vaults/product-overview/legal)
Entity NameRole
Open Trade Technology Ltd. ("Platform Provider")London headquartered software firm responsible for developing & maintaining the OpenTrade Platform including the web app & blockchain protocol.
OpenTrade SPC ( "Borrower")A bankruptcy remote Cayman Segregated Portfolio Company (SPC) operated by an independent board of directors. OpenTrade SPC is currently the only Borrower approved for the Treasury Management Product. OpenTrade SPC is the financial counter-party for Lenders and broker/dealers, banks, and custodians.
OpenTrade FoundationOpenTrade Foundation is the sole shareholder of OpenTrade SPC. It serves to make OpenTrade SPC bankruptcy remote by ensuring that Five Sigma and Open Trade Technology Ltd have no ownership stake in OpenTrade SPC, meaning its assets would not form part of their bankruptcy estates in the event either party were to become insolvent. The OpenTrade Foundation's supervisor is Leeward Management, a leading corporate service provider in the Cayman Islands.
Five Sigma Finance Ltd. ("Investment Advisor")Five Sigma Finance Ltd. ("Five Sigma") serves as the Investment Advisor. Five Sigma is a London-based, FCA regulated investment firm with over $800M AUMA. They are responsible for managing the day to day operations of OpenTrade SPC and its segregated portfolios, including its trading activity and the purchase and sale of loan collateral, managing the underlying portfolio of real world financial assets, maintaining cash flow models, and assisting in the processing of fund transfers, loan draws, and loan repayments. Five Sigma is an appointed representative of Capricorn Fund Managers, which is authorised and regulated by the Financial Conduct Authority (FCA).
Mulvaney Trustees (UK) Ltd. dba Vantru ("Security Trustee")Vantru serves as the Security Trustee, which holds a master security interest in the underlying loan collateral on behalf of Lenders. In the event of a default, Lenders can instruct the Security Trustee to take ownership of loan collateral to be liquidated or held to maturity so as to repay loans in default, pursuant to the Security Trust Deed executed between OpenTrade SPC and Vantru and as referenced in the Master Lending Agreement signed between OpenTrade SPC and Lenders.
Circle Internet Financial LLC ("Circle")Circle is the issuer of USDC, the world's second largest stablecoin by market capitalisation. Circle serves as the custodian for USDC the Borrower receives from loans and provides the ability to always mint and redeem USDC 1:1 with USD. Circle is a regulated and licensed money transmitter in the US.
Cash Management Bank(s)Regulated financial institutions that provide USD accounts, payments, and settlement for OpenTrade SPC. These USD bank accounts are used to mint and redeem USDC for USD and to settle the purchase and sale of loan collateral.
Broker / Dealer(s) A network of regulated broker/dealers through which OpenTrade executes trades for the purchase and sale of loan collateral, such as US Treasury Bills.
Custodian(s)All loan collateral is held in custody accounts with regulated custodians. Collateral is held in segregated accounts in the name of the Segregated Portfolio.
Reed Smith LLPReed Smith LLP is a global law firm with more than 1,500 lawyers in 30 offices throughout the United States, Europe, the Middle East and Asia. Reed Smith is lead counsel to OpenTrade, responsible for developing and maintaining the legal and regulatory framework underpinning the Treasury Management Product.
KrollKroll is the leading independent provider of Financial and Risk Advisory services. It was established in 1932 and is headquartered in New York City. Kroll is the developer of OpenTrade's KYC/AML framework and provides outsourced due diligence and compliance services, ensuring that KYC/AML activities are performed to a high standard during onboarding and on a continuous basis.
# Loan Collateral Learn more about the use of collateral in the stablecoin yield vaults. ## Loan Collateral Every loan made via the Treasury Management & YieldProduct is fully collateralised by eligible loan collateral. At all stages of the transaction, loans are fully collateralised at 100% LTV. At no point are loans under or uncollateralized. The Borrower is legally restricted to use loan proceeds solely to acquire the applicable collateral and to have acquired the collateral before or on the Loan Commencement Date. {% hint style="success" %} For information on each vault and its specific eligible loan collateral, see [here](/stablecoin-yield-vaults/stablecoin-yield-vaults). {% endhint %} ## Purchase and Sale of Collateral OpenTrade SPC, as advised by the Investment Advisor (Five Sigma Finance Ltd), engages in trading activity including the purchase and sale of loan collateral to ensure all loans are fully backed with eligible collateral and that withdrawal requests are processed according to the Lender's instructions. The purchase and sale of loan collateral is done through a network of regulated financial institutions and broker/dealers based in the United Kingdom and Switzerland. OpenTrade SPC pays a fee to the financial institutions and broker/dealers based on the amount of collateral purchased and sold through them. ## Custody of Collateral All collateral is held in segregated accounts in the name of OpenTrade SPC, Treasury Management Segregated Portfolio 1 at regulated custodians in the United Kingdom and Switzerland. OpenTrade SPC pays a fee to these regulated custodians based on the value of the collateral held with them. ## Lender's Security Interest over Collateral The Borrower has granted a valid and fully perfected security interest in the accounts in which the collateral will be held pursuant to the [Security Trust Deed](/stablecoin-yield-vaults/product-overview/legal/security-trust-deed). The Security Trust Deed is a legal agreement that arranges for a [Security Trustee](https://uk.practicallaw.thomsonreuters.com/1-107-7234?transitionType=Default\&contextData=\(sc.Default\)\&firstPage=true#:~:text=A%20security%20trustee%20is%20the,would%20be%20costly%20and%20impractical.) to hold a master security interest in the collateral held in the Borrower's accounts on behalf of the Lenders. In a default event, each Lender can enforce their individual right to the collateral securing their loans through the Security Trustee and instruct the Security Trustee to either liquidate the collateral or hold the collateral to maturity. The proceeds of either would be then used to repay lenders for loans in default. # Vault Tokens Learn more about Vault Tokens and their role in OpenTrade's Treasury Management & Yield Product. ## Vault Tokens Vault Tokens are ERC-20 tokens that are unique to each Loan Vault. Lender's mint vault tokens when loans are made and redeem vault tokens when loans are terminated via a withdrawal. Each vault token is fungible within the loan vault it was issued from, but at this time they are not fungible across vaults. Tokens represent units of ownership in secured loans issued through the Loan Vault. {% hint style="info" %} Tokens confer no legal rights or obligations on either the holder or issuer and are used only as a means of automating the accounting, authentication, and settlement process in a way that is interoperable and composable with Web3 tooling and infrastructure. The legal rights and obligations of the parties are governed by the[ Master Lending Agreement. ](/stablecoin-yield-vaults/product-overview/legal/master-lending-agreement) {% endhint %} ### Adding the Vault Token to Your Wallet If you'd like to view your vault token balances directly from within your wallet, you simply need to add the token address to your wallet. This is varies by wallet but is generally done by copying the Loan Vault contract address and inputing it into your wallet under "Add Token". Once done, the token symbol and your token balance will automatically be imported into your wallet. Please reference your wallet providers instructions for adding a token for further details. # Exchange Rates Learn more about the exchange rate between vault tokens and liquidity assets (eg. stablecoins) ## Vault Token Exchange Rate Vault Tokens and the Liquidity Asset (e.g. USDC, USDT) are exchanged during investments and withdrawals at a defined exchange rate. This exchange rate translates interest accrued / gains / losses into an on-chain value. #### *Simple Example:* On Day 1, the exchange rate between the Vault Token and USDC is 1.00. You invest 1.00 USDC and receive 1.00 Vault Token. The vault has an interest rate of 5% APY for 365 days. On Day 366, the exchange rate will be 1.05 This means you can redeem 1 Vault Token for 1.05 USDC; 1.00 USDC being your original principal, and 0.05 USDC being your accrued interest. ## **Exchange Rate Methods** Vaults have multiple different exchange rate calculation methods which correspond to the type of yield product the vault is supporting. ### **Compounding** A variable annualised interest rate is converted into a daily exchange rate and compounded each day. It is designed to support flexible term loan products pegged to a variable benchmark rate or index rate such as SOFR. It is calculated by taking the Loan Fee Rate for that day, calculating the Daily Interest Rate by taking 1 day of interest (compounded daily), and adding it to the prior days exchange rate. {% hint style="info" %} **Simple Example:** On Day 1, a Lender would receive 1 Vault Token for every 1 USDC lent. If the Loan Fee Rate was 4.50% APR for that day, they could exchange 1 Vault Token for 1.000122 USDC the following day, which reflects a daily compounded interest rate of 0.01223%. {% endhint %} ### **Dynamic** The exchange rate rises and falls according to the price of the underlying collateral or benchmark. This method is used in the [High Yield Corporate Bond Vault,](broken://spaces/XB36F8w05PtbxlF2D9IN/pages/FchDqvNRQrFe7oKWcomU) where the exchange rate will track the daily gains and losses of the underlying Blackrock SHYG ETF share collateral. The calculation for a dynamic exchange rate is as follows: Exchange Rate = \[ (Total Number of Collateral Shares / Units ) x ( Collateral Share / Unit Price) ] + (Cash) ]-(Daily Fees) / Total Tokens Outstanding {% hint style="info" %} See [here](broken://pages/emypL1NpOoSqCCcCrPkE) for an example of how a dynamic exchange rate is used in an active vault. {% endhint %} ### **Linear** A variable annualised interest rate that is not compounded. The annualised interest rate is converted into a rate which increases linearly each day. It is designed to support products that maintain a fixed interest rate where principal and interest does not compound daily. ### **Term** A fixed annualised interest rate for fixed term loan products. The fixed annualised interest rate is converted into a rate which increases linearly each day until the maturity date. It is designed to support products that maintain a fixed interest rate where principal and interest does not compound daily and there is specific maturity date where principal and interest are due to be repaid. This mirrors the exchange rate method currently used in our [V4 Fixed Term Vaults](broken://spaces/XB36F8w05PtbxlF2D9IN/pages/Nv4JjvdJ1EsMjERVbtsl) For Fixed Term Vaults, the exchange rate is calculated as: *Value of Principal and Interest at Maturity / Outstanding Vault Tokens* The exchange rate is updated at the beginning of each loan cycle based on the Loan Principal Amount and the Confirmed Loan Fee Rate. {% hint style="info" %} **Simple Example:** For a 360 day fixed term loan at 5.00% APR, on Day 1 the lender would receive 1 Vault Token for every 1 USDC in loan principal. On Day 360, the exchange rate will be 1.05 and the Lender can redeem 1 Vault Token for 1.05 USDC. {% endhint %} # Calendar & Business Days Learn more about calendar and business days. ### **Calendar Days** Calendar Day means any day on which USDC can be transferred, including Saturday, Sunday and public holidays. ### **Business Days** Business Day means any day other than a Saturday or a Sunday on which banks are open for business generally in London, New York, and Cayman Islands. ### **Close of Business** Close of Business means 6pm GMT/BST (Greenwich Mean Time/British Summer Time); # Interest Rate & Fees Learn more about interest rates and fees for Flexible Term USD Vaults. ## Interest Rate & Fees The interest rate, known as the **Loan Fee Rate**, is the annual rate of interest used to calculate the amount of interest payable to the Lender. In other words, this is the annual interest rate accrued by Lenders each day for Loans made to the Borrower (OpenTrade SPC). In the Flexible Term USDC Vault, the interest rate is set to a public benchmark. Principal and interest is compounded daily.
TermDefinitionPayable By / To
Benchmark RateAn index rate published by trusted source that track the “risk free” rate of return / cost of overnight lending secured by US Treasury securities. This is currently the Daily Treasury Bill Rates published by the Federal Reserve Bank of New York. NA
Loan Fee RateThe annual rate of interest earned by Lenders for each day their loan remains outstanding.
  • Payable by the Borrower
  • Paid to the Lender
Advisor FeeA fee charged by the Advisor to cover the costs of advising OpenTrade SPC in buying / selling and managing the portfolio of Loan Collateral.
  • Payable by the Borrower
  • Paid to the Advisor
Platform FeeA fee charged by the Platform Provider to cover the costs of developing and maintaining the OpenTrade Platform and related expenses.

  • Payable by the Borrower
  • Paid to the Platform Provider
Liquidity FeePaid to the Platform Provider to cover the cost of providing liquidity as required to ensure interest is payable immediately.

  • Payable by the Borrower
  • Paid to the Platform Provider
### Calculating the Loan Fee Rate The Loan Fee Rate is calculated by subtracting the Benchmark Rate from Fees, where Fees are defined as the sum of the Advisor Fee, Platform Fee, and Spread. {% hint style="info" %} The Benchmark Rate is updated daily at the Withdrawal Cut-Off Time based on the [Daily Treasury Bill Rates ](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates\&field_tdr_date_value=1\&page=6)published by the Federal Reserve Bank of New York. This means the Loan Fee Rate will change in line with any fluctuations in the Benchmark Rate. {% endhint %} #### Example
Benchmark RateAdvisor FeePlatform FeeLiquidity FeeLoan Fee Rate
5.25%0.10%0.20%0.20%4.75%
```json .0525 - (0.001 + 0.002 + 0.002) = 0.0475 ``` ### Calculating the Daily Interest Rate The Loan Fee Rate is transformed into a Daily Interest Rate each day by taking 1 day of the Loan Fee Rate, compounded daily #### Example Where the Loan Fee Rate = 0.0475 (4.75% APR), ```json (1 + .0475) ^ 1/365 - 1 = 0.01074598% ``` This daily interest rate is added to the prior days [exchange rate](/stablecoin-yield-vaults/product-overview/vault-tokens#flexible-term-vault-exchange-rate) to calculate the exchange rate for the next day.
# Understanding APY vs. APR While APR (Annual Percentage Rate) and APY (Annual Percentage Yield) sound similar, they are used for different types of products and measure different things. ### What is APR? APR represents the annual cost of borrowing money. It is commonly used for products such as: * Credit cards * Mortgages * Personal loans * Auto loans APR shows the interest rate charged over a year but generally does not account for the effects of compounding. When you borrow money, APR helps you understand the cost of that borrowing. ### What is APY? APY represents the annual return earned on money that you deposit or invest. It is commonly used for products such as: * Savings accounts * High-yield savings accounts * Money market accounts * Certificates of Deposit (CDs) * Yield-generating investment products Unlike APR, APY includes the effect of compounding, meaning it reflects not only the yield earned on your principal balance but also the yield earned on previously accrued returns. ### **Why We Use APY?** Our product is designed to help users earn yield on their assets. Because users are depositing assets and earning returns rather than borrowing money, APY is the most appropriate measure for communicating expected performance. APY provides a more complete picture of potential annual returns because it accounts for the effects of compounding. This makes it the industry-standard metric used by banks, fintechs, and yield-generating investment products. ### Important Note APY reflects an annualized return based on current rates and assumptions about compounding. Actual returns may vary depending on market conditions, changes in underlying yields, and the timing of deposits and withdrawals. In simple terms: APR tells you what you pay to borrow money.\ APY tells you what you earn on money you deposit or invest. **Example:** Suppose a product advertises a 5.50% APY and compounds returns daily. What annual rate is actually being earned before the effects of compounding? * APY: 5.50% * APR: 5.35% The APY is higher because each day's earnings are added to the balance and begin earning returns themselves. For a product with daily compounding:
# Legal Learn more about the legal framework behind OpenTrade and view important legal agreements like our Terms & Conditions and Privacy Policy. ## Summary The legal structure for OpenTrade’s Stablecoin Yield products is secured lending to a bankruptcy remote Cayman Segregated Portfolio Company (SPC), OpenTrade SPC, which is operated by an independent board of directors and an FCA regulated investment firm. ## Legal Architecture Below is an overview of the key entities involved and the legal agreements between them.
## Key Legal Agreements ### **Master Lending Agreement** The agreement governing lending activity made through the OpenTrade Platform. It is executed between the Borrower and each Lender during the onboarding process. Learn more about the Master Lending Agreement below: {% content-ref url="/pages/vR8C9gdjVChBVFSi4kSD" %} [Master Lending Agreement](/stablecoin-yield-vaults/product-overview/legal/master-lending-agreement) {% endcontent-ref %} ### **Loan Confirmation(s)** Issued pursuant to the Master Lending Agreement for each individual loan made through the platform. Each Loan Confirmation specifies the legally binding terms of each loan. Learn more about Loan Confirmations below: {% content-ref url="/pages/6iBfGdjrMpMnbq8YfhfM" %} [Loan Confirmations](/stablecoin-yield-vaults/product-overview/legal/loan-confirmations) {% endcontent-ref %} ### **Security Trust Deed** All loans made via the Stablecoin Yield products are fully collateralised with specified eligible loan collateral. A Security Trustee holds a security interest on behalf of Lenders in all collateral and the accounts in which collateral is held pursuant to a Security Trust Deed. Read the Security Trust Deed below: {% content-ref url="/pages/Ub4f1AWfwZeV9JAqxtyE" %} [Security Trust Deed](/stablecoin-yield-vaults/product-overview/legal/security-trust-deed) {% endcontent-ref %} ### **Platform Terms and Conditions** An agreement between Lenders, the Borrower (OpenTrade SPC), and Open Trade Technology Ltd (the Platform Provider) governing use of the OpenTrade Platform. You agree to these Terms & Conditions by accessing the OpenTrade Platform. Read the Terms and Conditions below: {% content-ref url="/pages/qilsRaTTkYygMIIMLZY9" %} [Platform Terms of Service](/terms-and-conditions/platform-terms-of-service) {% endcontent-ref %} ### **Privacy Policy** The Privacy Policy will inform you as to how we look after your personal data when you use our “Services” (our website(s), app(s), protocols, tools, and systems) or interact with us in any other way. Read the Privacy Policy here: {% content-ref url="/pages/cApkaoxMKrToA2hhQ9Q1" %} [Privacy & Cookie Policies](/terms-and-conditions/privacy-and-cookie-policies) {% endcontent-ref %} # Bankruptcy Remote Structure More detail on the bankruptcy remote structure behind OpenTrade products. ## Summary Currently, all loans made via OpenTrade's stablecoin yield products are made to a single Borrower, OpenTrade SPC, a segregated portfolio company registered in the Cayman Islands. OpenTrade SPC has been designed to be "bankruptcy remote" meaning its assets would not form part of the bankruptcy estate of any other entity involved in supporting the OpenTrade Platform. This is to ensure that loan collateral is protected and, in an extreme case, can be recovered by Lenders as secured creditors of the Borrower in a default event. ## What is a Segregated Portfolio Company (SPC)? The **segregated portfolio company** (**SPC**) is a type of exempted company in the Cayman Islands established under the Companies Act. An SPC is single legal entity that can create **Segregated Portfolios (**"**SP"**) such that the assets and liabilities of each Portfolio are legally separate from the assets and liabilities of any other Portfolio and from the SPC's general assets and liabilities. This is known as the segregation principle. The central tenets of the segregation principle, as prescribed by the Companies Act, are these: As regards each Portfolio's assets: * those assets are only available and may only be used to meet liabilities to the creditors and shareholders of the SPC who are, respectively, creditors in respect of that Portfolio and are entitled to recourse to those assets for that purpose; and * those assets are not available and may not be used to meet liabilities to creditors of the SPC who are not creditors in respect of that Portfolio As regards each Portfolio's liabilities (being liabilities in respect of or attributable to that Portfolio): * each such liability extends only to, and the person in respect of that liability is entitled to have recourse only to: * firstly, that Portfolio's assets; and * secondly, unless the SPC's articles specifically prohibit, the SPC's general assets to the extent that Portfolio's assets are insufficient to meet the liability (and to extent that the SPC's general assets exceed any minimum capital amount lawfully required by a regulatory body in the Cayman Islands). * each such liability does not extend to, and the person in respect of that liability is not entitled to have recourse to, any other Portfolio's assets. The segregated-portfolio concept also exists in various other jurisdictions (such as Delaware, Bermuda, British Virgin Islands, Guernsey and Jersey) and has become increasingly well understood and recognised. In May 2012, the Cayman Islands Court of Appeal, in *ABC Company (SPC) v J & Co. Ltd* (this was the first Cayman case to consider the SPC provisions), acknowledged the separateness of segregated portfolios while emphasising that the SPC’s status as a single legal entity. ## OpenTrade SPC, Treasury Management Segregated Portfolio 1 OpenTrade SPC holds segregated accounts for each portfolio and each product so that the assets and liabilities of each segregated portfolio are ring fenced from the assets and liabilities of its other segregated portfolios, and the Cayman SPC overall is ring fenced from the assets and liabilities of other entities involved in the OpenTrade ecosystem. The segregated portfolio of OpenTrade SPC which collateral for loans made via the Treasury Management & Yield Product is **OpenTrade SPC, Treasury Management Segregated Portfolio 1.** The assets in this segregated portfolio are only available to and may only be used to meet liabilities to Lenders who have made loans via the platform. # Master Lending Agreement Learn more about the Master Lending Agreement. OpenTrade's **Master Lending Agreement (MLA)** is a master agreement governing secured lending between Lenders and Borrowers on the OpenTrade Platform. {% hint style="info" %} For the Treasury Management Product, currently the only approved Borrower is OpenTrade SPC. The MLA will be executed between Lenders and OpenTrade SPC during the [onboarding process](/getting-started/onboarding). {% endhint %} ### What is the Master Lending Agreement (MLA)? The MLA is an umbrella agreement that defines lending mechanics, rights and obligations of the parties, roles and responsibilities of the parties, definitions, and more. Each individual Loan made under the MLA is documented via a [Loan Confirmation](/stablecoin-yield-vaults/product-overview/legal/loan-confirmations) which is a legally binding agreement specifying the amount and key terms of the loan. The OpenTrade MLA has been adapted for digital asset lending from the [Global Master Securities Lending Agreement (GMLSA)](https://www.islaemea.org/gmsla-title-transfer/), a widely used standard legal framework published and maintained by the International Securities Lending Association (ISLA). ### Key Terms of the MLA * Definitions & Parties * [Loan Mechanics](broken://pages/Nm5jUyJvzSKLQhBvVTdU) (timing, events, payment dates, early withdrawals, rollovers etc) * Calculation and payment of [rates and fees](broken://pages/7EuKOfQ7WQadsxbVUyOI) * Borrower warrants that it has acquired or will acquire the [Collateral](/stablecoin-yield-vaults/product-overview/loan-collateral) on the [Loan Commencement Date](broken://pages/Nm5jUyJvzSKLQhBvVTdU#loan-commencement-and-confirmation) and has granted a valid and fully perfected security interest in the accounts in which the Collateral will be held pursuant to the [Security Trust Deed](/stablecoin-yield-vaults/product-overview/legal/security-trust-deed) * Borrower agrees that the Loans (and any proceeds thereof) will be used solely to acquire the applicable Collateral and pay amounts due including fees. * Borrower and lender warranties * Default event(s) and consequences * Termination, Notices, and Assignment * English Law as the governing law and jurisdiction
# Loan Confirmations Learn more about Loan Confirmations. The purpose of a Loan Confirmation is to confirm the terms and condition of the Loan entered into under the Master Loan Agreement. Loan Confirmations are legally binding documents issued to each Lender via email on the day of Loan Commencement. Loan Confirmations contain the key terms of loans made through the platform, including:
Field Description
Loaned AssetThe digital asset being lent; only USDC at this time.
Loan AmountThe principal of the loan in USDC.
Confirmed Loan Fee RateThe fixed rate of interest payable to Lenders
Advisory Fee RateThe % per annum paid by the Borrower to the Advisor, Five Sigma Finance Ltd
Platform Fee RateThe % per annum paid by the Borrower to the Platform Provider, OpenTrade Technology Ltd
Contractual CurrencyThe underlying contractual currency in which assets and liabilities are denominated for audit and accounting purposes.
CollateralThe collateral securing the loan
Settlement DateThe date by which the Lender must deliver Loaned Assets to the Borrower
Loan Commencement DateThe date on which the Loan commences and interest and fees begins accruing.
Payment DateThe date on which the Borrower will deliver back to the Lender the Loan Amount plus Confirmed Loan Fee accrued in USDC, as well as when the Borrower will pay other fees specified under the Loan Confirmation.
Early Withdrawal Processing PeriodThe number of business days required to process Early Withdrawal Request(s) and deliver back to the Lender the Early Withdrawal Amount in USDC.
Early Withdrawal Request Fee PercentageWhen the Lender requests to terminate a Loan (in part or in whole) via an Early Withdrawal Request, a fee equal to the amount of the Loan multiplied by the Early Withdrawal Request Fee Percentage will be deducted from the amount of the Loan to be terminated and paid to the Platform Provider.
Loan Maturity DateThe date on which the Loan terminates.
Automatic Roll-OverBy default, all loans have Automatic Roll-Over selected. Should a lender wish to change this, they can submit a Roll-Over Termination Notice via the Platform and the Loan will be repaid by the Payment Date.
Roll-Over CollateralThe eligible collateral to be used for the Roll-Over Loan.
Roll DateThe date on which the Rollover Loan commences, which is always the same business day as the Loan Maturity Date of the prior Loan(s).
# Security Trust Deed Learn more about the security interest Lenders have in collateral for loans made via OpenTrade's Treasury Management Product. All loans made via the OpenTrade Treasury Management & Yield Product are collateralised on a 1:1 basis with eligible loan collateral. A Security Trustee holds a security interest on behalf of Lenders in all collateral and the accounts in which collateral is held pursuant to a Security Trust Deed. ## What is the Security Trust Deed? The Security Trust Deed is a legal agreement that arranges for a [Security Trustee](https://uk.practicallaw.thomsonreuters.com/1-107-7234?transitionType=Default\&contextData=\(sc.Default\)\&firstPage=true#:~:text=A%20security%20trustee%20is%20the,would%20be%20costly%20and%20impractical.) to hold a master security interest in the collateral and accounts in which the collateral is held on behalf of the Lenders. The Security Trust Deed and Security Trustee's objective is to protect Lenders by ensuring all loan proceeds and collateral is held in accounts over which the Security Trustee has a full security interest in so that in the event of a default, the collateral can be recovered to repay lenders. As part of the MLA, the Borrower warrants that it has acquired or will acquire the collateral on the Loan Commencement Date and has granted a valid and fully perfected security interest in the collateral and the accounts in which the collateral is held pursuant to the Security Trust Deed. ## **Why use a Security Trust Deed and Trustee?** The use of a Security Trust Deed and Security Trustee is very common in the financial markets, especially in loan syndications and securitisation. It is done for the sake of efficiency, as it avoids the need to grant security separately to all creditors, which is costly and impractical for all parties. ## What happens in the event of default? In event of a Default under the MLA, each Lender can enforce their individual right to the collateral securing their loans by instructing the Security Trustee to either liquidate the collateral or hold the collateral to maturity. The Security Trustee will take control over the Secured Accounts and follow instructions of the creditors, including liquidating loan collateral to repay lenders. ## Key Terms of the Security Trust Deed **Assignment of Security Interest to the Security Trustee** The Borrower assigns a continuing security interest to the Security Trustee all of its rights, title, interest and benefit, existing now and in the future, to each secured account (the digital asset wallets, cash, and securities accounts in which collateral is held) and the secured assets they hold (assets used as collateral for loans). **Restriction on movement of secured assets** Secured assets may only be moved from a secured account in order to discharge the obligations of the Borrower to the Secured Creditors (the Lenders) in accordance with the terms of the MLA. This includes: * Minting USDC with USD * Redeeming USDC for USD * Transferring USD to purchase collateral (e.g. US Treasury Bills) * Selling collateral to meet withdrawal requests. This ensures that the Borrower can only move funds and assets as required to repay loans for the purposes of fulfilling its obligations under the MLA. **Other Key Terms include:** * Notice of assignment to banks/custodians where collateral is held * Application of proceeds (aka the waterfall) * Receipt and execution of instructions from Lenders * Restrictions on changes the Borrower can make to its agreements to protect Lenders ## **Who is the Security Trustee?** OpenTrade SPC has appointed Mulvaney Trustees (UK) Ltd (dba Vantru) as Security Trustee. # Stablecoin Yield Vaults Learn more about the range of Stablecoin Yield Vaults offered on OpenTrade ## Available Vaults See below a list of available vaults {% hint style="success" %} ### Bespoke Yield Products Available Don't see what you're looking for? We work with leading asset managers, brokers, and financial institutions to originate, structure, and underwrite a wide variety of products across the risk curve which can be tailored to your specific needs. Our flexible platform enables us to get your product to market quickly and efficiently. Interested in creating your own yield product? Reach out [here](https://www.opentrade.io/contact) {% endhint %} {% content-ref url="/pages/VqY5cohN1HsgKTBEq30g" %} [Prime+ Vault](/stablecoin-yield-vaults/stablecoin-yield-vaults/prime+-vault) {% endcontent-ref %} {% content-ref url="/pages/dg8VSRk2sojFzDr6O0oU" %} [USDC Money Market Fund Fidelity (V5) Vault](/stablecoin-yield-vaults/stablecoin-yield-vaults/usdc-money-market-fund-fidelity-v5-vault) {% endcontent-ref %} {% content-ref url="/pages/lsOpi92gOlI4fgI7CvHP" %} [EURC Money Market Fund Fidelity (V4) Vault](/stablecoin-yield-vaults/stablecoin-yield-vaults/eurc-money-market-fund-fidelity-v4-vault) {% endcontent-ref %} {% content-ref url="/pages/pGjYsatpzrNgqlJfw6LA" %} [EURC Collateralised Loan Obligations Vault](/stablecoin-yield-vaults/stablecoin-yield-vaults/eurc-collateralised-loan-obligations-vault) {% endcontent-ref %} {% content-ref url="/pages/jDQgQGBKgfDes7nInA4b" %} [Sierra LP Strategy Vault](/stablecoin-yield-vaults/stablecoin-yield-vaults/sierra-lp-strategy-vault) {% endcontent-ref %} # Prime+ Vault Let clients who seek to earn attractive yield on their balances while maintaining the flexibility to access their funds at any time. ## Summary The investment strategy aims to deliver the fixed rate while maintaining sufficient liquidity to meet deposits and withdrawals at all times, and to generate excess return through active asset–liability management (ALM). The strategy will be deliberately conservative, with the majority of assets allocated to highly liquid instruments such as money market funds. As balance behavior becomes better understood and stable client deposits are established, OpenTrade may progressively allocate a portion of the portfolio to slightly longer-duration or higher-yielding credit instruments, within the approved set of eligible collateral. This phased approach allows the strategy to prioritize liquidity and capital stability initially, while progressively building a more optimized portfolio that supports the vault’s fixed-rate structure.
VaultDetails
Vault NamePrime+ Vault
Token SymbolXPPV
Base CurrencyUSDC
Loan Term (number of days)Open-ended
Interest AccrualInterest begins accruing immediately and compounds daily.
InvestmentsInvest anytime, vault tokens minted immediately
Withdrawals Request anytime; T+0/1 if made before the cut-off time of 18:00 GMT, up to a maximum of T+2
Legal StructureLeverages the same institutional grade legal framework, bankruptcy remote structure, and regulated service providers and counter-parties as our other OpenTrade Treasury Management & Yield Product.
## Eligible Collateral
TypeRating (if applicable)Target Allocation Weight (if applicable)
Fidelity Institutional Liquidity USD FundAAAN/A
BlackRock iShares 1-3 Year Treasury Bond ETF (SHY)AAN/A
BlackRock iShares iBonds Dec Investment Grade Corporate ETF (IBDW)Min BBB- (IG)N/A
BlackRock iShares 0-5 Year High Yield Corporate Bond ETF (SHYG)~B-BBN/A
Janus Henderson BBB CLO ETF (JBBB)BBBN/A
Commercial PaperMinimum BBB- (IG)N/A
Private Credit InstrumentsMinimum BBB- (IG)N/A
Corporate Loans / Loan ParticipationsMinimum BBB- (IG)N/A
Asset-backed or Structured Credit InstrumentsMinimum BBB- (IG)N/A
## Key Service Providers
Service ProvidersNames
Portfolio ManagerFive Sigma Finance
Asset Issuer(s)Fidelity, BlackRock (iShares), Janus Henderson, TradeFlow Capital, Commercial Paper issuers including, but not limited to John Deere, Hyundai, and more
Broker(s)Barclays, DMBL
Asset Custodian(s)Wilmington Trust
Cash Management and Transaction Bank(s)Wilmington Trust, DMBL, JP Morgan Transfer Agency
Transfer Agent(s)JP Morgan Transfer Agency
Stablecoin Custodian(s)Circle, Anchorage, Sygnum
# USDC Money Market Fund Fidelity (V5) Vault Exclusively backed by investments in the Fidelity Institutional Liquidity USD Fund, USD, and USDC/USDT. ## Summary OpenTrade’s USDC Money Market Fund Fidelity (V5) Vault generates yield, which is exclusively backed by the Fidelity Institutional Liquidity USD Fund, USD and USDC/USDT. Its objective is to provide lenders with the risk-free rate of return for USD. Loans are fully collateralised at all times by the eligible collateral. No securities lending or leverage is permitted. Interest is benchmarked to the Daily Treasury Bill Rates published by the Federal Reserve Bank of New York.
VaultDetails
Vault NameUSDC Money Market Fund Fidelity (V4) Vault
Token SymbolXTBT
Protocol Version5.0
Eligible CollateralFidelity Institutional Liquidity USD Fund, USD, USDC
Base CurrencyUSDC
Loan Term (number of days)Open-ended
Interest AccrualInterest begins accruing immediately and compounds daily.
InvestmentsInvest anytime, vault tokens minted immediately
Withdrawals Request anytime; T+0 if made before the cut-off time of 18:00 GMT, up to a maximum of T+2.
Legal StructureLeverages the same institutional grade legal framework, bankruptcy remote structure, and regulated service providers and counter-parties as our other OpenTrade Treasury Management & Yield Product.
## Eligible Collateral
TypeRating (if applicable)Target Allocation Weight (if applicable)
Fidelity Institutional Liquidity USD FundAAA99%
USDCN/A<1%
USDN/A<1%
## Key Service Providers
Service ProvidersNames
Portfolio ManagerFive Sigma Finance
Asset Issuer(s)Fidelity Institutional
Transfer Agent(s)JP Morgan Transfer Agency
Stablecoin Custodian(s)Circle, Coinbase Prime, Fireblocks, Sygnum
Cash Management and Transaction Bank(s)Circle, JP Morgan Transfer Agency, Coinbase Prime, Sygnum, FV Bank
# EURC Money Market Fund Fidelity (V4) Vault Exclusively backed by investments in the Fidelity Institutional Liquidity EUR Fund, EUR, and EURC. ## Summary OpenTrade’s EURC Money Market Fund Fidelity (V4) Vault generates yield, which is exclusively backed by the Fidelity Institutional Liquidity EUR Fund, EUR and EURC. Its objective is to provide lenders with the risk-free rate of return for EUR. Loans are fully collateralised at all times by the eligible collateral. No securities lending or leverage is permitted. Interest is benchmarked to the yield curve spot rate, 3-month maturity Euro Government bond, published by the European Central Bank.
VaultDetails
Vault NameEURC Money Market Fund Fidelity (V4) Vault
Token SymbolXEVT
Protocol Version4.0
Eligible CollateralFidelity Institutional Liquidity EUR Fund, EUR, EURC
Base CurrencyEURC
Loan Term (number of days)Open-ended
Interest AccrualInterest begins accruing immediately and compounds daily.
InvestmentsInvest anytime, vault tokens minted immediately
Withdrawals Request anytime; T+0 if made before the cut-off time of 18:00 GMT, up to a maximum of T+2.
Legal StructureLeverages the same institutional grade legal framework, bankruptcy remote structure, and regulated service providers and counter-parties as our other OpenTrade Treasury Management & Yield Product.
## Eligible Collateral
TypeRating (if applicable)Target Allocation Weight (if applicable)
Fidelity Institutional Liquidity EUR FundAAA99%
EURCN/A<1%
EURN/A<1%
## Key Service Providers
Service ProvidersNames
Portfolio ManagerFive Sigma Finance
Asset Issuer(s)Fidelity Institutional
Transfer Agent(s)JP Morgan Transfer Agency
Stablecoin Custodian(s)Circle, Coinbase Prime, Fireblocks, Sygnum
Cash Management and Transaction Bank(s)Circle, JP Morgan Transfer Agency, Coinbase Prime, Sygnum
# EURC Collateralised Loan Obligations Vault ## Summary This vault generates returns that track the performance of the Janus Henderson JCLO AAA-rated CLO ETF, offering a premium over the EURC Money Market Fund Vault returns without materially changing the risk profile of the underlying collateral. JCLO was chosen as the best investment product to gain exposure to EUR AAA-rated CLO tranches, as it is the largest ETF in this strategy with one of the longest track records, offering the most attractive liquidity and diversification characteristics, with fees and yield competitive compared to other available ETFs.
VaultDetails
Vault NameEURC Collateralised Loan Obligations Vault
Token SymbolXECLO
Base CurrencyEURC
Loan Term (number of days)Open-ended
Interest AccrualInterest begins accruing immediately and compounds daily.
InvestmentsInvest anytime, vault tokens minted immediately
Withdrawals Request anytime; T+1 if made before the cut-off time of 18:00 GMT, up to a maximum of T+2
Legal StructureLeverages the same institutional grade legal framework, bankruptcy remote structure, and regulated service providers and counter-parties as our other OpenTrade Treasury Management & Yield Product.
## Eligible Collateral
TypeRating (if applicable)Target Allocation Weight (if applicable)
Janus Henderson EUR AAA CLO Active Core UCITS ETF (JCLO)AAA99%
EURCN/A<1%
EURN/A<1%
## Key Service Providers
Service ProvidersNames
Portfolio ManagerFive Sigma Finance
Asset Issuer(s)Janus Henderson
Broker(s)DMBL
Asset Custodian(s)DMBL
Cash Management and Transaction Bank(s)DMBL
Listing ExchangeLondon Stock Exchange
Stablecoin Custodian(s)Circle
# Sierra LP Strategy Vault Addressing the Demand for High-Yield, Accessible and Managed DeFi Yield Strategies. ## Summary The vault generates yield from a diversified portfolio of SIERRA ecosystem strategies including direct token holdings, concentrated liquidity provision on leading DEXs, and fixed-rate and LP positions on Pendle without requiring active management or deep DeFi expertise. This multi-strategy approach provides attractive risk-adjusted returns while maintaining professional management and regular rebalancing across Avalanche and Ethereum networks.
VaultDetails
Vault NameSierra LP Strategy Vault
Token SymbolXSLP
Base CurrencyUSDC
Loan Term (number of days)Open-ended
Interest AccrualInterest begins accruing immediately and compounds daily.
InvestmentsInvest anytime, vault tokens minted immediately
Withdrawals Request anytime; T+0/1 if made before the cut-off time of 18:00 GMT, up to a maximum of T+3
Legal StructureLeverages the same institutional grade legal framework, bankruptcy remote structure, and regulated service providers and counter-parties as our other OpenTrade Treasury Management & Yield Product.
## Eligible Collateral
TypeRating (if applicable)Target Allocation Weight (if applicable)
SIERRA Liquid Yield TokenN/AVariable
Concentrated liquidity provision on the SIERRA/USDC pool on LFJ (Avalanche)N/AVariable
Concentrated liquidity provision on the SIERRA/USDC pool on Uniswap (Ethereum)N/AVariable
SIERRA Principal Tokens (PTs) on PendleN/AVariable
Liquidity provisions in Pendle's SIERRA market using Standardized Yield (SY) and PTsN/AVariable
USDCN/A<1%
## Key Service Providers
Service ProvidersNames
Portfolio ManagerFive Sigma Finance, Sierra
Asset Issuer(s)Sierra
BridgeStargate
Trading Venue(s)Pendle, Unisawp, LFJ, Cowswap
Stablecoin Custodian(s)Circle, Fireblocks
# Introduction OpenTrade Stablecoin Staking Yield, powered by Figment ## Summary **OpenTrade Stablecoin Staking Yield, powered by Figment** provides investors excellent risk adjusted returns generated from Solana (SOL) staking rewards and SOL perp future funding rates. The strategy is a delta-neutral strategy, meaning investors are protected from SOL price volatility. * Yield is derived from a delta-neutral portfolio of staked SOL and offsetting future positions. * Invest stablecoins, begin earning interest immediately and withdraw any amount, anytime. * All accessible via the Figment platform and APIs, and powered by a Figment run Solana validator. * Leveraging bankruptcy remote SPV, regulated asset managers, and Tier 1 financial counterparties. The product is made available via both OpenTrade and Figment's APIs and web application, meaning OpenTrade and Figment customers can access a stablecoin yield product providing excellent risk adjusted returns through the same trusted infrastructure they depend on today for protocol staking. ### Benefits * Earn excellent risk-adjusted returns on stablecoins * No exposure to SOL price volatility. * Easy to integrate and white-label the product; composable, automate-able, embeddable. ### Key Details
VaultDetails
Vault NameStablecoin Staking Yield Vault
Token SymbolxSOLY
Eligible CollateralUSDC, SOL, Staked SOL (Figment Validator), SOL Perp Futures
Stablecoins AcceptedUSDC
Networks SupportedEthereum
InvestmentsAnytime, vault tokens minted immediately
WithdrawalsAnytime, repaid on business days once Solana is unstaked
Minimum Investment1000 USDC
Term / LockupNone
FeesAdvisor Fee = 60 bps per annum; OpenTrade's Platform Fee = 50 bps per annum. Fees are deducted from the gross yield generated on the underlying collateral.
Interest AccrualInterest accrues daily.
Indicative Interest RateBased on the realised prior 30 day annualised return. Past results are not indicative of future returns.
Exchange Rate SettingSet by Investment Advisor each business day at 9.30am GMT based on the value of the underlying collateral at closing for the prior business day.
Legal StructureLeverages the same institutional grade legal framework, bankruptcy remote structure, and regulated service providers and counter-parties as our other OpenTrade Treasury Management & Yield Products.
## Yield Strategy Details The strategy is a delta-neutral SOL carry trade designed to generate stable USD-based yield by staking SOL while fully hedging out price risk. ### Core Structure * Buy SOL spot on an exchange. * Stake SOL to earn rewards * Use the same staked SOL as 1:1 collateral for an equal-size short SOL perpetual futures position on the same exchange. This ensures that the collateral automatically offsets mark-to-market risk on the short position. ### Collateral & Staking Allocation * Approx 100% of the SOL purchased is staked, any remaining is held in USDC in secure custody. * The staked SOL is recognized by the exchange as eligible collateral for the short perp positions. * 100% of staked SOL is used as collateral which maximizes yield. ### Yield Drivers * Primary return driver is SOL staking rewards. SOL staking rewards are hedged as they are earned. * Additional returns provided by funding rate on short SOL perp futures. * Perp funding rates may slightly increase or decrease yield, but are expected to remain low single digits annualized. ### Risk Management * The short perp fully hedges SOL price risk, making the position market neutral. * Because collateral is in staked SOL, the exchange has “right-way risk”: if SOL rises and the short position loses, the collateral (staked SOL) gains USD value proportionally. * This structure minimizes liquidation risk and maximizes staking efficiency. * Execution is optimized by market-making/legging into the long + short simultaneously to avoid slippage and excess delta exposure. * Only Tier 1 financial counterparties are utilised (Circle, Crypto.com, OKX). * Investments are made through a bankruptcy remote SPV which is operated by FCA regulated asset manager and overseen by independent directors and trustee. * Trading is conducted programatically by quant hedge fund with long track record operating the strategy successfully. ### Key Service Providers | Service Providers | Names | | ----------------------- | ---------------------------------------------- | | Portfolio Manager | Five Sigma Finance | | Trading Firm | AWR Capital | | Staking Provider | Figment | | Trading Venue(s) | Crypto.com, OKX | | Asset Custodian(s) | Crypto.com Custody, OKX | | Stablecoin Custodian(s) | Crypto.com, Circle, Fireblocks, Coinbase Prime | # How it works Learn more about OpenTrade Stablecoin Staking Yield, powered by Figment {% hint style="info" %} ## Disclaimer *OpenTrade Stablecoin Staking Yield powered by Figment is an OpenTrade product.* *The information provided in this document is for informational purposes only and has been sourced from publicly available information, or directly from the issuer or arranger of the investment product described herein. This document does not constitute, and should not be construed as, an offer, solicitation, recommendation, or advice to invest, buy, or sell any securities or financial products. We make no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information provided. This document reflects only the information available to us at the time of publication and does not necessarily represent our views, opinions, or assessments of the investments discussed.*\ \ *Potential clients are advised to conduct their own due diligence, seek independent financial advice, and consider their individual investment objectives, financial situation, and risk tolerance before making any lending decisions. Past performance is not indicative of future results. Any investment in financial products carries inherent risks, and lenders should be aware that they may lose part or all of their invested capital.*\ \ *We disclaim any liability for decisions made based on the information contained in this document and assume no responsibility for updating this information in the event of changes. By reviewing this document, you acknowledge and accept these limitations.*\ \ **Product Specific Risk Disclosure**\ *OpenTrade Stablecoin Staking Yield powered by Figment is not a bank deposit, is not FDIC-insured, and does not guarantee returns. Your principal is at risk. Yields generated by this product are variable and depend on market conditions, including funding rates. Any yield figures referenced represent historical or recent realized performance and are not indicative of future results. Actual returns may vary materially over time and may be higher or lower than prior periods. This product involves market, protocol, counterparty, and operational risks.*\ \ *Withdrawal times may vary depending on protocol conditions. The product is designed to provide access to yield on stablecoins using staking rewards paired with delta-neutral strategies and is structured with enhanced infrastructure safeguards (custody controls, asset segregation, and known counterparties). However, users must remain aware of the inherent risks of digital asset markets. This product is intended for institutional clients only. Staking infrastructure is provided by Figment and/or other qualified venues. Figment provides the access platform (including the Figment App and APIs). OpenTrade manages yield strategies along with reputable partners.* **Information up-to-date as of 12 March 2026 and subject to change.** **This site is authored and maintained by OpenTrade.** {% endhint %}
Interest AccrualLearn how interest accrual and exchange rates work.
FeesLearn more about fees for the Stablecoin Staking Yield Vault
InvestmentsLearn more about how to making loans into the Stablecoin Staking Yield Vault
WithdrawalsLear more about how to withdraw loan principal from the Stablecoin Staking Yield Vault
# Interest Accrual Learn more about interest accrual, exchange rates, and fees for OpenTrade Stablecoin Staking Yield, powered by Figment ## Summary In the Stablecoin Staking Yield Vault, client returns are determined by the performance of the underlying delta-neutral SOL Strategy, and begin accruing following each deposit. Each day, the total income generated by the strategy is translated into an Interest Rate (expressed as an annual percentage rate (APR)). The Interest Rate for each day is also translated into the [exchange rate ](#exchange-rate)between USDC and vault tokens (xSOLY) which you receive following a deposit (if you deposit $100 USDC, you receive 100 xSOLY) and allow you to track the value of your position over time. The vault also provides an indicative interest rate, which is the trailing 30-day annualised return on the strategy. The indicative interest rate is used to provide Lender's with an idea of the types of returns the vault could experience but are not a guarantee of future results. ### Calculating net client returns based on the strategy's performance The net returns from the strategy are calculated using the following formula: `Net Strategy Value = Long Value + Short Value - Daily Fees` Where: `Long Value = (Quantity of staked SOL (Q) + quantity of SOL rewards paid (R)) x spot price in USD on Day (P)` `Short value = (Q) ×(entry price (P0)​− ( P) ) + (R ) x (entry price (P0)​− ( P) ) if hedged` `Daily Fees = [ 0.9% x Total Principal Earning Interest + 0.2% x Long Value] / 365` ***Example:*** * *Total Principal Earning Interest (PEI): 1,000,000 USDC* * *Entry Price in USD (P0): 180* * *Spot Price in USD (P): 190* * *Quantity of Staked SOL (Q): 5555.56* * *Quantity of Rewards Paid (R): 1.5* **Long Value** = (5555.56 (Q) + 1.5 (R)) \* 190 (P) = USD 1055841.40 **Short Value** = (5555.56 (Q) x (180 (P0) - 190 (P))) + (1.5 (R) \* (180 (P0) - 190(P))) = USD -55570.6 **Daily Fees** = 0.9% x 1,000,000 (PEI) + 0.2% x 1055841.40 (Long Value) / 365 = 30.44 **Net Strategy Value** *=* USD 1055841.40 (Long Value) + USD -55570.6 (Short Value) - USD 30.44 (Daily Fees) = 1000240.36 Valuations are made using publicly available data sourced from the exchange on which the collateral is held. ### Translating the strategy's performance into an interest rate The interest rate is an expression of net returns as an APR. The following calculation is used to determine the Interest Rate: *Daily Interest Rate\* =*
*(Net Strategy Value T1 -* Net Strategy Value T*0*) + Net Income\* *—------------------------------------------------------------------— x100 - Daily Fee* *Strategy value T0* *\*Income refers to yield payments actually paid onto the strategy management account* ***Example:*** * *Net Strategy Value T0 = USD 1,000,000* * *Net Strategy Value T1 = USD 1,000,500* * *Net Income = 250* * *Daily Fee = 0.003%* **Daily Interest Rate =** ((1,000,500 - 1,000,000 + 250)/1,000,000) x 100 - 0.003 = 0.072% ## Exchange Rate The exchange rate between xSOLY and USDC can be used to determine the value of a given position and calculate returns time. For more on exchange rates, read [here](/stablecoin-yield-vaults/product-overview/exchange-rates). {% hint style="warning" %} Vault tokens (xSOLY) are purely 'receipt' tokens and are not transferrable {% endhint %} #### Calculation and Setting the Exchange Rate The Investment Advisor, Five Sigma, updates the exchange rate at 9:30am GMT each day (T0). The calculation for the exchange rate is as follows: `Net Strategy Value / Total Vault Tokens Outstanding` #### The exchange rate can be used to determine several important data points: **Current value of your position in USDC (including net returns)** ```javascript Vault Token Balance * Exchange Rate ``` **Net returns over time expressed as an absolute %** ``` ΔE =Et−Et0 ``` Where: * Et = exchange rate at the later time t * Et0​​ = exchange rate at the earlier time t0 * ΔE = absolute change in the exchange rate If you want the **percentage change (relative change)** instead of the absolute difference: ```json %ΔE= [(Et−Et0) / Et0] * 100 ``` *Example* On Day 1, the exchange rate between xSOLY and USDC will be 1.00000. The collateral returns 15.00% APR in 12 months. The exchange rate after 12 months will be 1.150000, meaning 1 xSOLY can be redeemed for 1.15 USDC. When the lender redeems 1 xSOLY, they receive 1.15 USDC representing a return of their principal (1.00 USDC) and their accrued interest (0.15 USDC). # Fees Learn more about fees for OpenTrade Stablecoin Staking Yield, powered by Figment ## Fees The total fees charged for the product is 1.10% per annum. This is translated into a Daily Fee and deducted from the exchange rate each day, such that fees are accrued off-chain and not explicitly paid by Lenders. The breakdown is as follows
TermDefinitionPayable By / ToAmount
Advisor FeeA fee charged by the Advisor (AWR) to cover the costs of advising OpenTrade SPC in buying / selling and managing the portfolio of Loan Collateral.
  • Payable by the Borrower
  • Paid to the Advisor
0.60% per annum
Platform FeeA fee charged by the Platform Provider (Open Trade Technology Ltd) to cover the costs of developing and maintaining the OpenTrade Platform and related expenses.
  • Payable by the Borrower
  • Paid to the Platform Provider
0.50% per annum
# Investments ## Investing in the vault Investing into the Stablecoin Staking Yield Vault is a simple process. After you've been onboarded, the steps are as follows: 1. Select the blockchain network you want to access the vault on 2. Connect your whitelisted wallet 3. Select the Stablecoin Staking Yield Vault 4. Click "Invest" 5. Input an amount you'd like to lend and click "Approve Spending Cap" 6. Approve the spending cap in your wallet 7. Confirm the amount and click "Invest" 8. USDC will be transferred from your wallet & you will receive xSOLY vault tokens at the current Exchange Rate. ## Exchange Rate Calculations - Investments When stablecoins are lent into the vault, xSOLY will be issued to the Lender at the most recent exchange rate based on the following calculation: ```javascript Vault Tokens Issued = Loan Amount / Exchange Rate ``` # Withdrawals ## Making a Withdrawal Request Making a withdrawal request from the Stablecoin Staking Yield Vault is a simple process. 1. Connect your whitelisted wallet to the OpenTrade app 2. Select the Stablecoin Staking Yield Vault 3. Click "Withdraw" 4. Input the amount you'd like to withdraw 5. Click "Submit Withdrawal Request" 6. Approve in your wallet 7. After the Withdrawal Processing Time, USDC will automatically be sent back to your wallet and the corresponding amount of xSOLY tokens will be burned. ## Withdrawal Processing Time The Withdrawal Processing Time is the number of business days before a withdrawal will be repaid into your wallet. {% hint style="info" %} The current Withdrawal Processing Time is equivalent to the time required to unstake Solana, withdrawals are typically repaid within 3-5 business days. Express liquidity facilities are available on request for customers that meet certain eligibility criteria. For more information on the Solana Stake account lifecycle, see [here](https://docs.figment.io/docs/sol-staking-101). {% endhint %} ## Withdrawal Cut-Off Time The Withdrawal Cut-Off Time is the time in UTC before which withdrawal requests must be made to be considered same day. For withdrawals requests made before the cut-off time, they will be considered same day requests. For withdrawal requests made after the cut-off of time, they will be considered to have been made the next business day. For withdrawal requests made on Non-Business Days (e.g. weekends and bank holidays), they will be considered to have been made on the next business day. {% hint style="info" %} The Current Withdrawal Cut-Off Time is 6pm GMT. {% endhint %} {% hint style="info" %} **Withdrawal requests can be made anytime.** The Withdrawal Cut-Off time is used to calculate when the withdrawal processing time starts and thus when it is due to be repaid. {% endhint %} ## Exchange Rate Calculations - Withdrawals The lender issues a withdrawal request by indicating an amount of vault tokens to be redeemed. This will provide an indicative withdrawal amount. ```javascript Vault Tokens to be Redeemed * Exchange Rate = Withdrawal Request Amount ``` The amount of vault tokens specifies the portion of the collateral to be liquidated. ```javascript Vault Tokens to be Redeemed / Total Outstanding Vault Tokens = % Collateral to be Liquidated ``` The Investment Advisor will liquidate the portion of the collateral corresponding to the withdrawal request and confirm the net sale proceeds. The final withdrawal repayment will equal the net sale proceeds of the sale of your collateral. ```javascript Withdrawal Amount = Net Sale Proceeds of Liquidated Collateral ``` ### Example Example: Client A wants to withdraw 50 xSOLY (out of a total of 200) on T0. The value of the collateral on T0 is 1000 USD. The exchange rate on the platform is 1.5. The indicative withdrawal amount is: 50 x 1.5 = 75 USDC. Upon receipt of the withdrawal request, the Advisor will request the unstaking \[50/200] x 1000 = 25 % of the staked SOL and convert it back to USDC. Once unstaked, 25% of the SOL is liquidated on exchange. Net sale proceeds for the SOL are 74.5 USDC. At repayment, 50 xSOLY will be burned and the lender will receive 74.5 USDC. # FAQ Read our Frequently Asked Questions for OpenTrade Stablecoin Staking Yield, powered by Figment {% hint style="info" %} ## Disclaimer *OpenTrade Stablecoin Staking Yield powered by Figment is an OpenTrade product.* *The information provided in this document is for informational purposes only and has been sourced from publicly available information, or directly from the issuer or arranger of the investment product described herein. This document does not constitute, and should not be construed as, an offer, solicitation, recommendation, or advice to invest, buy, or sell any securities or financial products. We make no representation or warranty, express or implied, as to the accuracy, completeness, or reliability of the information provided. This document reflects only the information available to us at the time of publication and does not necessarily represent our views, opinions, or assessments of the investments discussed.*\ \ *Potential clients are advised to conduct their own due diligence, seek independent financial advice, and consider their individual investment objectives, financial situation, and risk tolerance before making any lending decisions. Past performance is not indicative of future results. Any investment in financial products carries inherent risks, and lenders should be aware that they may lose part or all of their invested capital.*\ \ *We disclaim any liability for decisions made based on the information contained in this document and assume no responsibility for updating this information in the event of changes. By reviewing this document, you acknowledge and accept these limitations.*\ \ **Product Specific Risk Disclosure**\ *OpenTrade Stablecoin Staking Yield powered by Figment is not a bank deposit, is not FDIC-insured, and does not guarantee returns. Your principal is at risk. Yields generated by this product are variable and depend on market conditions, including funding rates. Any yield figures referenced represent historical or recent realized performance and are not indicative of future results. Actual returns may vary materially over time and may be higher or lower than prior periods. This product involves market, protocol, counterparty, and operational risks.*\ \ *Withdrawal times may vary depending on protocol conditions. The product is designed to provide access to yield on stablecoins using staking rewards paired with delta-neutral strategies and is structured with enhanced infrastructure safeguards (custody controls, asset segregation, and known counterparties). However, users must remain aware of the inherent risks of digital asset markets. This product is intended for institutional clients only. Staking infrastructure is provided by Figment and/or other qualified venues. Figment provides the access platform (including the Figment App and APIs). OpenTrade manages yield strategies along with reputable partners.* {% endhint %} {% hint style="info" %} **Information up-to-date as of March 12 2026 and subject to change.** **This site is authored and maintained by OpenTrade.** {% endhint %}
What happens when I invest in the vault? When an investor deposits USDC, the stablecoins are transferred into the wallet of a bankruptcy-remote SPV (OpenTrade SPC). This wallet is hosted by Circle. The investor receives xSOLY vault tokens, which represent their share in the vault and accrue value as staking rewards accumulate. USDC is then converted to SOL on the designated exchange. Simultaneously, an equal and opposite short position is opened in SOL perpetual futures to hedge price exposure. The SOL is held with a qualified custodian and aims to stake exclusively with Figment, a validator with strong uptime and efficient reward distribution. This ensures the vault consistently earns yields near the upper end of the Solana network average.
Who are the key counterparties and service providers involved in the transaction lifecycle? **Open Trade Technology Ltd. ("Platform Provider")** London headquartered software firm responsible for developing & maintaining the [OpenTrade Platform](https://docs.opentrade.io/welcome-to-opentrade/platform-overview) including the web app & blockchain protocol. **OpenTrade SPC ( "Borrower")** A bankruptcy remote Cayman Segregated Portfolio Company (SPC) operated by an independent board of directors. OpenTrade SPC is currently the only Borrower approved for the Treasury Management Product. OpenTrade SPC is the financial counter-party for Lenders and broker/dealers, banks, and custodians. **OpenTrade Foundation** OpenTrade Foundation is the sole shareholder of OpenTrade SPC. It serves to make OpenTrade SPC bankruptcy remote by ensuring that Five Sigma and Open Trade Technology Ltd have no ownership stake in OpenTrade SPC, meaning its assets would not form part of their bankruptcy estates in the event either party were to become insolvent. The OpenTrade Foundation's supervisor is Leeward Management, a leading corporate service provider in the Cayman Islands. **AWR Capital ("Investment Advisor")** AWR Capital is a London-based algorithmic trading hedge fund and financial services company founded by leading financial executives and portfolio managers. It advises OpenTrade SPC and is responsible for execution of the the delta-neutral SOL carry trade. **Five Sigma Finance Ltd. ("Investment Advisor")** [Five Sigma Finance Ltd. ](https://www.fivesigma.co.uk/)("Five Sigma") serves as an Investment Advisor. Five Sigma is a London-based, FCA regulated investment firm with over $800M AUM. They are responsible for managing the day to day operations of OpenTrade SPC. Five Sigma is an appointed representative of [Capricorn Fund Managers](https://capricornfundmanagers.com/), which is authorised and regulated by the Financial Conduct Authority (FCA). For the Stablecoin Staking product, Five Sigma performs two functions (1) update the exchange rate daily and (2) issuing weekly attestations that show the assets and liabilities of the vault. **Figment** Figment is a Toronto-based blockchain infrastructure firm, founded in 2018, specializing in institutional-grade staking solutions for proof-of-stake (PoS) blockchains. They provide staking infrastructure for over 700 institutional clients (asset managers, exchanges, custodians, foundations) across multiple networks. In the scope of this product, Figment provides technical infrastructure required for SOL staking. It also provides access to the vault via Figment APIs and its web platform. **Crypto.com** Crypto.com is one of the world’s leading digital asset platforms, empowering over 100 million users globally to access, trade, and spend cryptocurrency with confidence. Founded in 2016 and headquartered in Singapore, the company has built a trusted, fully regulated ecosystem that bridges traditional finance and Web3 through its exchange, mobile app, Visa card, and secure DeFi wallet. In this product, Crypto.com is a venue on which SOL and perp futures are traded. Crypto.com additionally provides qualified custody through which SOL can be staked. **OKX** OKX is one of the world’s leading cryptocurrency exchanges and Web3 technology platforms, serving millions of users across more than 100 countries. Founded in 2017, the company provides a comprehensive suite of products that enable users to trade, earn, and build with digital assets through its advanced exchange, self-custody Web3 wallet, and decentralized services. With a strong focus on innovation, security, and transparency, OKX bridges centralized finance and the decentralized economy, empowering individuals and institutions to participate confidently in the evolving digital asset ecosystem. In this product OKX is a venue on which SOL and perp futures are traded. **Mulvaney Trustees (UK) Ltd. dba Vantru ("Security Trustee")** [Vantru](https://vantru.com/) serves as the Security Trustee, which holds a master security interest in the underlying loan collateral on behalf of Lenders. In the event of a default, Lenders can instruct the Security Trustee to take ownership of loan collateral to be liquidated or held to maturity so as to repay loans in default, pursuant to the [Security Trust Deed](https://docs.opentrade.io/stablecoin-yield/product-overview/legal/security-trust-deed) executed between OpenTrade SPC and Vantru and as referenced in the [Master Lending Agreement](https://docs.opentrade.io/stablecoin-yield/product-overview/legal/master-lending-agreement) signed between OpenTrade SPC and Lenders. **Circle Internet Financial LLC ("Circle")** [Circle](https://www.circle.com/en/transparency) is the issuer of USDC, the world's second largest stablecoin by market capitalisation. Circle serves as a custodian for USDC. USDC invested in the product is initially transferred to a Circle Mint account before being transferred to an exchange account. For withdrawal repayments, USDC is transferred from an exchange to the same Circle Mint account before being repaid to Lenders. Circle provides the ability to always mint and redeem USDC 1:1 with USD. Circle is a regulated and licensed money transmitter in the US.
What if funding rates differ across exchanges? The strategy will seek to optimise for funding rates across exchanges, currently the exchanges used are OKX and Crypto.com.
What is the role of the Investment Advisor, AWR Capital? AWR Capital is a London-based algorithmic trading hedge fund and financial services company founded by leading financial executives and portfolio managers. As the Investment Advisor, AWR's mandate is to oversee the execution of the algorithmic delta-neutral SOL strategy. It does not have discretion to deviate outside the parameters of this strategy and it is contractually bound to always act in ways that ensure OpenTrade SPC can meet its obligations to investors at all times. Practically speaking this means it is either 1) moving into a delta-neutral staked SOL position following an investment or 2) moving out of the delta neutral position into USDC so the SPV can repay investor withdrawals and fulfil its obligations under the MLA.
What are xSOLY tokens and how do they work? When a user invests USDC into the vault, they receive xSOLY ERC-20 vault tokens. Vault tokens represent the users position in the vault. As interest accrues, the exchange rate between xSOLY and USDC increases, reflecting yield earned. When the investor redeems, the xSOLY tokens are burned, and an equivalent amount of USDC is returned at the latest exchange rate. For more information on vault tokens, see [here](https://docs.opentrade.io/stablecoin-yield/product-overview/vault-tokens).
When do I start earning yield? You start earning yield immediately when you invest.
How are withdrawals processed? The investor submits a [withdrawal request](https://opentrade.gitbook.io/stablecoin-staking-yield/opentrade-stablecoin-staking-yield-powered-by-figment/how-it-works/withdrawals) via the FigApp, OpenTrade Web App, or by calling the contract directly. OpenTrade will then unstake the corresponding portion of SOL (incl. any rewards received) based on the amount requested for withdrawal. The short perp position is closed simultaneously to maintain delta-neutrality. The SOL is converted back into USDC, which is repaid to the investor's wallet. Withdrawal processing times are determined by the time required to unstake SOL, withdrawals are typically repaid within 3-5 business days. For more information on [Withdrawals](https://opentrade.gitbook.io/stablecoin-staking-yield/opentrade-stablecoin-staking-yield-powered-by-figment/how-it-works/withdrawals). Instant liquidity facilities are available on a case by case basis. Please enquire with your account manager.
How can I verify the collateral exists? Five Sigma, an FCA regulated asset manager produces a weekly “vault report” that attests to the vault's collateral (USDC, Staked SOL and perp futures of the vault) and liabilities (total outstanding loan principal).
What happen if OpenTrade, AWR, or Five Sigma ceases operations? The vault is held inside a bankruptcy-remote Special Purpose Vehicle (SPV) meaning the assets in the vault are legally segregated from Open Trade Technology Ltd, AWR, and Five Sigma's own balance sheet. If these parties were to shut down or cease to operate, your funds would not form part of its assets and cannot be claimed by creditors. A licensed Security Trustee (Vantru) holds a master security interest over all wallets and accounts on behalf of investors. In the event of default or enforcement, the Trustee can take control of the assets directly and return them to investors. All assets are held with regulated counterparties who have been notified of the assignment to the Trustee. Wallets are whitelisted and controlled by multi-signature access, ensuring no single party can move funds unilaterally.
What are the fees? The vault charges a total fee of 1.10% per annum on the total amount invested in the vault. This fee covers: * Platform fees – for operating the vault infrastructure and smart contracts. * Liquidity and execution costs – for trading, hedging, and maintaining exchange positions. * Advisory and management fees – for oversight, strategy management, and reporting. All fees are netted from performance automatically, so investors see the yield after all fees are deducted.
What is the exchange rate? How are fees deducted from it? The exchange rate between xSOLY and USDC is a number that can be used to determine the value of a given position and calculate returns time. As the collateral increases (or decreases) in value, the exchange rate increases (or decreases). For more on exchange rates, read [here](https://docs.opentrade.io/stablecoin-yield/product-overview/exchange-rates). Fees are deducted from the exchange rate so that investors see the net performance.
How does staking work and generate yield? Staking on Solana means helping to secure the network and earning SOL rewards in return. When OpenTrade stakes SOL, it is delegating its tokens to a validator (like Figment) who helps confirm and add new blocks to the Solana blockchain. OpenTrade SPC keeps ownership of your SOL and it never leaves its account. The validator uses our delegated stake to increase its voting weight in the network’s Proof-of-Stake consensus system. Solana’s blockchain is divided into time periods called epochs. Each epoch is when the network calculates staking rewards, activates new stake, and deactivates unstaked tokens. When OpenTrade stakes SOL, it becomes active in the next epoch and when OpenTrade unstakes, it’s released after the current epoch ends. Every epoch, the Solana protocol issues new SOL tokens (inflation) as rewards for validators who confirm blocks correctly. Validators receive these rewards and share them proportionally with the delegators (OpenTrade) who staked SOL with them. The more SOL a validator has delegated to it and the better its performance, the higher the rewards it earns. These rewards are immediately re-staked by OpenTrade.
What are the risks associated with staking, and how are they mitigated While staking SOL is considered a low-risk yield-generating activity, it still carries a few operational and protocol-level risks. If the validator goes offline, misses blocks, or performs poorly, the vault may earn lower rewards during that epoch. **Mitigation:** * The vault aims to stake exclusively with Figment, a top-performing validator with strong uptime and efficient reward distribution. * Figment uses redundant infrastructure and real-time monitoring to maintain consistent performance.
How volatile are staking rewards? While staking SOL is considered a low-risk, Staking rewards on Solana, particularly through Figment’s validator, have been remarkably stable over time. Based on historical data from September 2023 to 2025, Figment’s staking reward rate (SRR) averaged around 8.2% annualised. In general, staking yields have fluctuated within a narrow 7–9% band for most epochs, making them one of the most predictable sources of on-chain income compared with trading or funding-rate-based returns.
How fast can you unstake SOL? When SOL is unstaked, it must go through a cooldown period before becoming liquid. Once its unstaked, OpenTrade will unwind the corresponding perp future position and convert the SOL to USDC to repay the investor. Withdrawals are are typically repaid within 3-5 business days.
What are SOL PERPs and how do they work? SOL PERPs (short for Solana Perpetual Futures Contracts) are derivative instruments that track the price of SOL, allowing traders to take long or short exposure to Solana without owning the underlying tokens. A perpetual contract is similar to a traditional futures contract — except that it never expires.\ Instead of settling on a fixed date, PERPs are designed to track the spot price continuously through a funding rate mechanism between longs and shorts. Because PERPs have no expiry, they rely on a periodic cash flow (the funding rate) to keep prices aligned with the spot market: * When the PERP price trades above spot, longs pay shorts (positive funding). * When the PERP trades below spot, shorts pay longs (negative funding). The funding rate is reset every hour on **Crypto.com** and every 8 hours on **OKX**. Every exchange requires margin before OpenTrade can trade a perpetual futures (PERP) contract. While certain exchanges offer leverage and cross margining (where the collateral is a pool of assets), OpenTrade will margin the SOL PERP with 100% SOL (staked SOL).
How deep is the PERP market? The SOL PERP market is very deep and liquid, with billions of dollars in active positions and daily volume. As of October 2025, there was in aggregate across the top 20 exchanges: \~$3.9 billion in perpetual open interest \~$34 billion per day in volume
Do you use any leverage? **No. The product is not leveraged, as we maintain 100% asset backing to fully collateralize any short positions.** While the hedge (perp) may be executed with leverage on a single exchange, the overall strategy remains fully collateralized because the corresponding assets are held across multiple venues.
How do you make sure that you are always hedged? OpenTrade, in partnership with AWR, uses an algorithmic legging process to enter the delta-neutral position efficiently and safely. When investor USDC is converted into SOL, the system simultaneously executes a long SOL spot trade and an equal-notional short SOL-PERP on the exchange. Both legs are placed near-simultaneously through AWR’s execution engine, which continuously monitors order-book depth, spreads, and volatility to determine the optimal timing and size for each order. The algorithm dynamically adjusts orders in milliseconds to keep the vault’s net SOL exposure (delta) as close to zero as possible, ensuring minimal slippage or temporary price risk during entry. This automated legging process allows OpenTrade to deploy capital efficiently, maintain precise hedging accuracy, and ensure that each investor’s capital is fully protected from SOL price movements from the moment it is invested.
How is the funding rate calculated? On **Crypto.com**, the funding for perpetual contracts is settled hourly. The funding rate is based on a “premium rate”, which is derived from the difference between the mark price of the perpetual contract and the index price (i.e. the spot/reference price) over a 4-hour interval. The “Average Premium Rate” is calculated as the mean of the premium rate per minute over that 4-hour window. Then the hourly funding rate = Average Premium Rate ÷ 4 (i.e. distributing that 4-hour premium across each hour). During each hour end (session settlement), funding is transferred between longs and shorts:\  • If the funding rate is positive, longs pay shorts.\  • If the funding rate is negative, shorts pay longs. On **OKX**, the funding for perpetual contracts is settled every 8 hours, 3 times a day. OKX uses a "premium index" that measures the gap between the perpetual futures price and the real spot price every minute. The weighted moving average of the premium index over the entire settlement interval is then calculated, where more recent minutes are given higher weight, this smooths our short-term spikes. By default, funding fees are charged or paid every 8 hours (at 00:00, 08:00, and 16:00 UTC), though some contracts settle every 1, 2, or 4 hours. You are only obligated to pay or receive the fee if you hold an open position at the exact moment of settlement.
How volatile is the funding rate? Can it generate an overall negative return? In normal conditions, funding rates are typically around ±0.01% per 8 hours, but they can fluctuate more widely depending on market sentiment, commonly ranging from -0.02% to +0.03% per 8 hours, with occasional spikes above 0.05% during periods of crowded long positioning. In certain extreme market conditions the funding rate can turn negative, however, such periods are usually temporary and tend to occur during sharp market sell-offs or when short positioning becomes crowded. Negative funding episodes typically last from a few funding intervals (hours) to several days, in sustained bearish conditions. In most cases, the rate normalizes once market positioning rebalances, as arbitrageurs and basis traders enter the market to capture the imbalance between spot and perp pricing. Although hourly funding rates are volatile relative to their mean, averaging over time reveals a stable long-run level and remain comfortably within the margin covered by the vault’s 6–8% staking yield, making the strategy structurally resilient to funding fluctuations.
Do you track the funding rate direction? AWR maintains a forecast for funding rates on all coins at all times.
How do you pay for the funding rate? How frequently and in which currency? Funding is settled hourly on **Crypto.com**, with the vault paying or receiving small amounts automatically depending on whether the funding rate is negative or positive. Funding is settled per 8 hour period on **OKX**, with the vault paying or receiving small amounts automatically depending on whether the funding rate is negative or positive. OpenTrade will maintain a stablecoin position to cater to funding rate payments and will re-invest the excess stablecoin back into the strategy.
Can the PERP be liquidated because of a lack of collateral? Liquidation risk is virtually zero with the way the Stablecoin Staking Yield product is designed, because the short SOL-PERP is fully collateralised with the same asset it tracks (SOL), and the structure creates what’s known as “right-way risk”: the collateral and OpenTrade’s PERP position move in the same beneficial direction so the margin improves when the market moves against our trade.
Can the PERP be liquidated because of auto deleveraging policies applied by an exchange? **Crypto.com** does not use auto deleveraging, so the position is always hedged. Instead, **Crypto.com** maintains an Insurance Fund that accumulates liquidation fees paid by losing traders. Its purpose is to cover cases where a trader’s losses exceed their wallet balance following forced liquidation. If the Insurance Fund is depleted, and there remain uncovered losses from liquidations, then the Socialised Loss Mechanism is triggered. Under this mechanism, all traders with positive profits in that session must share the uncovered losses pro rata, based on the size of their profits. If Socialised Loss is triggered, it effectively will reduce the realized profit by the pro-rata rate applied to OpenTrade based on the profits made. On **OKX** theoretically auto-deleverage can occur and close the existing Perpetual futures positions in extraordinary circumstances at a low probability. Normally, highly leveraged positions are matched and closed in a manner consistent with effective reduction of risk to the OKX platform. Accounts with profitable positions on high leverage and accounts with losses on high leverage are the first target for auto-deleverage. When ADL is triggered, positions in the ADL queue are ranked based on the leverage PnL%. For example, positions with the highest positive leverage PnL% will be offsetted first, and vice versa. Once a match between a loss-making position and an opposing deleveraged position is made, both positions are offset against each other and closed. This realizes the loss on the loss-making position and any profit on the deleveraged position. To mitigate this risk, we actively manage the position by closing or reducing exposures and realizing PnL when needed, ensuring that positions do not accumulate excessively large unrealized negative PnL that could increase the probability of liquidation or ADL events.
What happens if SOL price increase by 10X or 20X? **Impact on hedging:** Even though the PERP will incur a huge mark-to-market loss, the SOL collateral’s value will increase by exactly the same amount. Collateral Value ≥ PERP Mark-to-Market Loss. **Impact on Funding Rate:** If SOL’s price multiplies by 10× or 20×, the funding rate itself doesn’t mechanically increase and the rate will depend on market sentiment, not price level. However such bull run typically drives long-side demand, causing funding to turn positive (longs pay shorts), so the vault would earn additional income.
**Impact on staking rewards:** If SOL’s price increases, the staking rewards (in SOL terms) remains unchanged as the Solana protocol pays rewards in SOL, not in dollars. However, the USD value of those rewards will increase proportionally with the SOL price. As the product is fully hedged, rewards credited in SOL will be hedged upon receipt.
What happens if SOL price drops by 50%? **Impact on hedging:** The PERP profit offsets the reduced SOL collateral value. The PERP gain is immediately marked to market, in real time. The vault’s total account equity (SOL value + PERP PnL) remains constant. **Impact on Funding Rate:** The funding rate on SOL perpetual futures (SOL-PERPs) is likely to change meaningfully, because many traders will try to hedge or speculate on further downside, pushing the PERP price below spot temporarily as shorts crowd in. This is likely to push the funding rate into negative territory and OpenTrade will have to pay longs. **Impact on staking rewards:** If SOL’s price drops, the staking rewards (in SOL terms) remains unchanged as the Solana protocol pays rewards in SOL, not in dollars. However, the USD value of those rewards will fall proportionally with the SOL price. As the product is fully hedged, rewards credited in SOL will be hedged upon receipt. **What if SOL drops to 0?** In a theoretical scenario where the price of SOL is actually 0, we will have a market-to-market gain on the short perp equivalent to the nominal amount of our long position. In reality, the position will be unwound far in advance of this ever happening.
How do you respond to ADL (auto de-leveraging)? **Crypto.com does not implement ADL so it is not a risk with the current vault set up.** On **OKX,** an Auto-Deleveraging (ADL) event happens when the exchange cannot close a liquidated trader’s position through the order book or insurance fund, and instead automatically reduces positions on the opposite side of the market (in our case partially or fully unwinding our short SOL-PERP position). ADL on major assets like SOL is extremely rare and indicates a severe market dislocation (e.g., sudden price spikes and system-wide liquidations). OpenTrade and AWR take a 6 steps approach to mitigating ADLs and the impact of ADLs: 1. Monitor ADL queues and alerts continuously track exchange ADL indicators, margin levels, and liquidation warnings through API or dashboard monitoring. 2. In case of a potential ADL, unstake SOL and prepare SOL for transfer to OKX as a collateral. 3. Pause new investments conversion: temporarily halt new deposits conversion into spot SOLANA; keeping incoming funds in USDC until the market normalises. 4. Diversify exposure across venues: spread hedge positions across multiple exchanges to reduce single-exchange ADL risk. 5. Rebalance to delta neutrality: adjust exposure to restore the vault’s delta-neutral position by selling the long or short position. 6. If ADL is triggered: rebuild the short hedge as soon as trading resumes, restoring the structure and validating margin health across venues. This may take a few hours and days depending on the size of the position. To mitigate this risk, we actively manage the position by closing or reducing exposures and realizing P\&L when needed, ensuring that positions do not accumulate excessively large unrealized negative P\&L that could increase the probability of liquidation or ADL events.
How do you respond to persistently negative funding rates? Historically, SOL’s average funding has remained either positive or negative in the low single digits, far below the staking yield, so the net carry remains strongly positive. Over very short periods, exceptional large temporary dislocations between spot and PERP prices (inside a few hours) could create a small temporary mark-to-market loss, if an investor enters when SOL funding or basis conditions are unfavourable and exits immediately afterward. These short-term effects are not reflective of true performance, since the vault is designed for a holding period of several days or longer. If funding rates stay negative for a period of time (shorts pay longs) it creates a drag on the yield, reducing overall profitability. Although historically this is an exceptionally rare occurrence, if they were to remain steeply negative for a sustained period of time, >72 hours, the strategy will: 1. Quantify the net carry loss from funding vs staking yield 2. Pause new investments conversion : temporarily halt new deposits conversion into spot SOLANA; keeping incoming funds in USDC until the market normalises. 3. Convene a risk meeting with our investment advisors to decide on the way forward and the correct strategy to adopt. The trading system operating by AWR tracks funding rates 24/7/365 and has automated monitoring and alerting so, in the above scenario, it would be apparent and monitored from the first instant it started.
How do you respond to / mitigate the risk of socialised losses? Should the exchange impose a profit haircut (Socialised Loss) across profitable accounts to cover residual bankrupt losses, OpenTrade would: 1. Diversify exposure across venues: spread hedge positions across multiple exchanges to reduce single-exchange Socialised Loss risk. 2. Pause new investments conversion: temporarily halt new deposits conversion into spot SOLANA; keeping incoming funds in USDC until the market normalises. 3. Assess the impact on overall return and re-evaluate exchange selection if the risk persists.
Is the collateral lent or re-hypothecated? No. The collateral is held exclusively in the name of the bankruptcy remote SPV in segregated accounts (with Circle and Crypto.com) at all times and is never on-lent or re-hypothecated.
Is the OpenTrade Vault smart-contract audited? Yes, all smart-contracts involved are audited by 3rd party cyber security experts. These audits are made publicly available [here](https://docs.opentrade.io/code-audits).
Are the accounts where collateral is held bankruptcy remote? Yes, all accounts where collateral is held are bankruptcy remote. They are segregated accounts held in the name of the bankruptcy remote SPV, OpenTrade SPC. Each provider is given a notice of assignment which makes them aware of this arrangement from the very beginning of the engagement. Each investor has a fully perfected security interest in the accounts and underlying collateral. For more information on the legal structure, see [here](https://docs.opentrade.io/stablecoin-yield/product-overview/legal/bankruptcy-remote-structure). For operational efficiencies, collateral is held in omnibus accounts but each investor's collateral is legally separate from those of other investors.
Is USDC and/or collateral held in segregated accounts? Investment proceeds and collateral is held in bankruptcy remote, omnibus accounts. There is a single exchange account, single custody account, and dedicated Solana validators. Each investor's collateral is still legally separate from those of other investors.
To what extent can OpenTrade attribute USDC to a specific investor? Granular records are kept both on-chain and off-chain to ensure USDC and collateral can be attributable to specific client and client wallets.
# Platform Terms of Service These Terms of Service govern use of the OpenTrade Platform. ### Open Trade Technology Ltd Terms of Service 1. **About us** 1. **Company details.** Open Trade Technology Ltd (company number 14583521) (we and us) is a company registered in England and Wales and our registered office is at Unit 12 Greenway Farm Bath Road, Wick, Bristol, United Kingdom, BS30 5RL. 2. **Contacting us.** To contact us, email us at . How to give us formal notice of any matter under the Contract is set out in section 15.2. 2. **Our platform** 1. We have developed a series of protocols, tools and systems (collectively, the Platform) to enable and support Supported Digital Asset lending transactions between borrowers (Borrowers) and lenders (Lenders) (Lenders and Borrowers together, Users and you). 2. From time to time, Borrowers and Lenders may enter into transactions in which a Lender will transfer to a Borrower Supported Digital Assets with an agreement that the Borrower will transfer to the Lender Supported Digital Assets Equivalent to such Supported Digital Assets on a fixed date, subject to the terms and conditions of a master loan agreement entered by the Borrower and Lender (Master Loan Agreement). Each such transaction between a Borrower and a Lender (a Loan) shall be subject to the terms of the Master Loan Agreement. Certain specific terms of each Loan shall be set out in a confirmation document in the form required by the Master Loan Agreement (Loan Confirmation). 3. The Platform supports transactions underlying the Loans of Supported Digital Assets through the Supported Blockchain Networks with Supported Digital Wallets only. We do not own or control the Supported Blockchain Networks or Supported Digital Wallets and are not responsible for their operation. We may publish lists of Supported Digital Assets, Supported Blockchain Networks and Supported Digital Wallets, and may update these lists from time to time in our sole discretion. It is your responsibility to review any changes to the lists of Supported Digital Assets, Supported Blockchain Networks and Supported Digital Wallets. 4. Nothing set out or otherwise included in the Platform is intended to be or constitutes financial advice or any other sort of advice. You acknowledge and agree that the decision to use this Platform, agree a Master Loan Agreement, or participate in a Loan or any Supported Digital Asset Transfers are made by you in your sole discretion. 3. **Our contract with you** 1. **Our contract.** These terms and conditions (Terms) apply to the use by you and supply by us of the Platform (Contract). They apply to the exclusion of any other terms that you seek to impose or incorporate, or which are implied by law, trade custom, practice or course of dealing. 2. **Entire agreement.** The Contract is the entire agreement between you and us in relation to its subject matter. You acknowledge that you have not relied on any statement, promise or representation or assurance or warranty that is not set out in the Contract. 3. **Related services.** We may provide Borrowers with additional services pertaining to the Platform (Platform Services) but which are separate and distinct from the licence we are granting to use the Platform under these Terms. The terms governing our provision of Platform Services will be set out in a separate agreement (each, a Platform Service Agreement). 4. **Relationship between these Terms and the Master Loan Agreement.** We are not a party to the Master Loan Agreements and are not issuing, offering, marketing or otherwise involved in any Loan as a Borrower, Lender or otherwise. We do not recommend or endorse any Loan or any Master Loan Agreement. You acknowledge and agree that these Terms solely govern your use of the Platform. The terms governing each Loan and any related transactions are as set out in the Master Loan Agreement. 5. **Language.** These Terms and the Contract are made only in the English language. 6. **Your copy.** You should print off a copy of these Terms or save them to your computer for future reference. 4. **Licence to use the Platform** 1. In consideration of payment by the Borrower of the Platform Service Fee and you agreeing to abide by the terms of this Contract, we grant to you a limited, non-exclusive, non-transferable, revocable licence, without the right to sublicense, to access and use the Platform on the terms of this Contract, solely to facilitate the giving and receiving of Loans and related transactions in accordance with the Master Loan Agreement (Purpose). 2. You shall: 1. provide us with: (i) all necessary co-operation in relation to this Contract; and (ii) all necessary access to such information as may be required by us, each to the extent required to provide the Platform including but not limited to Licensee Data, security access information and configuration services; 2. without affecting your other obligations under this Contract, comply with: (i) all Applicable Laws and regulations with respect to your activities under this Contract; and (ii) the terms of any Platform Service Agreement and Master Loan Agreement; and 3. ensure that your network and systems comply with the relevant specifications provided by us from time to time. 3. You shall have sole responsibility for the legality, reliability, integrity, accuracy and quality of all Licensee Data. You hereby license us to use the Licensee Data for: 1. the proper provision of the Platform; 2. the purposes set out in our privacy policy available here to the extent the Licensee Data consists of any personal data. 3. the Purpose; and 4. all other purposes relevant to the proper exercise of our rights and obligations under this Contract. 5. **Third party services.** 1. The Platform may contain: (i) software licensed to us by third parties; or (ii) links to third party services and products (such as your Supported Digital Wallet) (Third Party Products). You agree to comply with the terms and conditions pertaining to any such Third Party Products. 6. Accessing the Platform 1. Registration. To access the Platform, you must have: (i) registered for an account; (ii) linked your Supported Digital Wallet to such account; and (iii) entered into the required Master Loan Agreement (Registration Process). 2. Eligibility. You represent and warrant that: 1. you have the full power, authority and right to enter into this Contract (and if you are an Authorised User acting on behalf of a Borrower or Lender, you have all necessary authorizations to enter this Contract on behalf of such Borrower or Lender); 2. you are and shall remain duly organized, validly existing and in good standing under the laws of the jurisdiction in which you are incorporated, registered or established; 3. you are and shall remain in compliance with all Applicable Laws relating to this Contract, the Master Loan Agreement, and, if applicable, the Platform Service Agreement, and the operation of your business; 4. you are not organized in or operating under the jurisdiction of Iran, Cuba, North Korea, Syria or the Crimean Region of the Ukraine, or any other jurisdiction to which the United States, United Kingdom or European Union embargoes goods or imposes similar sanctions; 5. you are not listed in any sanctions list or equivalent list maintained by the governments of the United States or United Kingdom, the European Union or the United Nations and shall not engage in business or other transactions with any such individual or entity on any such sanctions list; 6. you do not and shall not use a virtual private network or any other software, tool or technology to anonymize your identity or circumvent any restrictions we impose in connection with the operation of the Platform; 7. you shall not undertake any illegal activity or take any actions which may constitute illegal activity or facilitate the illegal activity of a third party; 8. you have established and will maintain anti-money laundering programs consistent with any and all Applicable Law; 9. you and all Authorized Users have appropriate training, knowledge, expertise and skill to make informed decisions regarding the Loans and trading Supported Digital Assets; 10. you shall at all times comply with these Terms when using the Service; and 11. you are a person falling within the following categories: 1. investment professional within the meaning of article 19(5) of the FSMA (Financial Promotion) Order 2005 (the "FPO") (being (a) an authorised person, (b) an exempt person where the communication relates to a controlled activity which is a regulated activity in relation to which the person is exempt, (c) any other person (i) whose ordinary activities involve him in carrying on the controlled activity to which the communication relates for the purposes of a business carried on by him; or (ii) who it is reasonable to expect will carry on such activity for the purposes of a business carried on by him, (d) a government, local authority or an international organisation or € to certain restricted persons who are directors, officers or employees of a person falling within categories (a) to (d)); 2. certified high net worth individuals within the meaning of article 48 of the FPO (being an individual who has signed a statement complying with Part I of Schedule 5 to the FPO within 12 months prior to the date of accessing this website, confirming that at least one of the following applies (a) they have earned at least £100,000; or (b) held net assets to the value of at least £250,000 (not including primary residence or any loan secured on that residence, or rights under certain insurance contracts or pension arrangements), in each case throughout the financial year immediately preceding the date of the statement); 3. high net worth companies, unincorporated associations within the meaning of Article 49 of the FPO (being (a) any body corporate which has, or which is a member of the same group as an undertaking which has, a called-up share capital or net assets of not less than (i) if the body corporate has more than 20 members or is a subsidiary undertaking of an undertaking which has more than 20 members, £500,000; or (ii) otherwise £5 million, (b) any unincorporated association or partnership which has net assets of not less than £5 million, (c) the trustee of a high value trust (as defined in the FPO), (d) any person (“A”) whilst acting in the capacity of director, officer or employee of a person (“B”) falling within any of subparagraphs (a) to (c) where A’s responsibilities, when acting in that capacity, involve him in B’s engaging in investment activity, (e) any person to whom the communication may otherwise lawfully be made); 4. certified sophisticated investors within the meaning of article 50 of the FPO (being an individual who has a certificate signed and dated, not more than three years before the date of accessing this website, by an FCA-authorised person stating that the investor is sufficiently knowledgeable to understand the risks associated with that description of investment and the investor has signed within 12 months prior to the date of accessing this website a declaration that he/she is a certified sophisticated investor who may receive exempt promotions); 5. self certified sophisticated investors within the meaning of article 50A of the FPO (being an individual who has signed a statement complying with Part II of Schedule 5 to the FPO within 12 months prior to the date of accessing this website, stating that at least one of the following applies: (a) they are a member of a network or syndicate of business angels and have been so for at least six months prior to the date of accessing this website; (b) they have made more than one investment in an unlisted company in the two years prior to the date of accessing this website; (c) they are working, or have worked in the two years prior to the date of accessing this website, in a professional capacity in the private equity sector, or in the provision of finance for small and medium enterprises; or (d) they are currently, or have been in the two years prior to the date of accessing this website, a director of a company with an annual turnover of at least £1 million); or 12. any other person who may lawfully view this website, collectively, the Eligibility Requirements. 3. **Verification.** You must provide us with complete and accurate information in response to requests made as part of our on-boarding and due diligence process, or as may be otherwise necessary for us to complete the Registration Process or verify the Eligibility Requirements. We reserve the right to delay, suspend or otherwise cancel the Registration Process if you do not provide us with the required information. 4. **Third party requests.** You acknowledge and agree that we may make inquiries with third parties to: (i) complete the Registration Process; (ii) verify the Eligibility Requirements; or (iii) as otherwise necessary to prevent fraudulent or illegal activities on the Platform. 5. **Authorised Users.** You will limit access to the Platform to Authorised Users, and shall be solely responsible for all actions of any persons, authorized or unauthorised, who gain access to the Platform through your account (Unauthorised Access), unless solely caused by our gross negligence or wilful misconduct. 6. **Account suspension and closure**. We may suspend your access to the Platform if: (i) you cease to meet the Eligibility Requirements or we have reasonable belief to consider that you no longer meet the Eligibility Requirements; or (ii) if we reasonably consider suspension of your account necessary to protect us, the Platform, our systems, Supported Digital Assets, other Users or any third party (Permitted Suspension). We will notify you if we intend to suspend your account, and as soon as reasonably practicable shall provide you with the opportunity to reinstate such your account. 7. **Account management**. It is your responsibility to ensure that any and all data and information you provide us as part of the Registration Process, in respect of your contact information and any and all Licensee Data is accurate and up to date (Account Data). 8. **Downtime.** You acknowledge and agree that all or part of the Platform may occasionally be unavailable due to: (i) scheduled maintenance and upgrades; or (ii) unscheduled downtime due to Disruptions (Downtime). 7. **Using the Platform** 1. **Loan terms.** Loans shall be agreed between the Borrower and the Lender in accordance with the Master Loan Agreement and any Loan Confirmations issued thereunder. The terms of any such Loan as set out in the Master Loan Agreement and corresponding Loan Confirmation may be displayed through the Platform interface. If there is a discrepancy between the Loan terms as set out in the Platform compared to what is set out in the Master Loan Agreement and the applicable Loan Confirmation, the terms set out in the Master Loan Agreement and the applicable Loan Confirmation shall prevail. 2. **Supported Digital Asset ownership and custody.** Supported Digital Asset Custody. We do not hold in our custody any of your Supported Digital Assets. Balances displayed on the Platform are balances of Supported Digital Assets as set out in your Supported Digital Wallet, which at all times remains under your full control. We do not represent or treat assets in your Supported Digital Assets Wallets as our assets on our balance sheet. 3. **Supported Digital Asset Transfers.** You may request transfers of Supported Digital Assets to and from your Supported Digital Wallet through the Platform where such requests: (i) have been submitted in accordance with these Terms and the Master Loan Agreement; or (ii) as may be set out in the applicable Loan Confirmation (Supported Digital Asset Transfers). When prompted, you will need to authorize such Supported Digital Asset Transfers through your Supported Digital Wallet. Once a Supported Digital Asset Transfer is authorized and submitted to the applicable Supported Blockchain Network, the transfer will be in a pending state until a sufficient number of confirmations occur on the applicable Supported Blockchain Network. Funds associated with pending Supported Digital Asset Transfers will be designated accordingly and will not be included in the balance of your Supported Digital Wallet. 4. **Reversals.** After a request for a Supported Digital Asset Transfer has been requested by you, we cannot reverse such Supported Digital Asset Transfer. 5. **Authority.** You acknowledge and agree that: 1. you are solely responsible for any and all actions you take on or instructions you submit to the Platform, including, but not limited to, Supported Digital Asset Transfers; 2. any and all actions you take on or instructions you submit to the Platform have been taken or submitted in your sole discretion, (collectively, User Platform Actions). 6. **Forks.** You acknowledge that the protocols underlying the Supported Blockchain Networks are subject to sudden changes in their operating rules (Forks), and that any such Forks may materially affect the value or other characteristics of the Supported Digital Assets you have stored in your Supported Digital Wallet. If there is a Fork, we may temporarily suspend the Platform and Supported Digital Asset Transfers with or without advance notice, and in our sole discretion we may decide whether or not to support or cease supporting either branch of the Fork (Forking Response). Any Digital Assets on a branch of a Fork that we opt to support shall be deemed Supported Digital Assets, provided always that we may not be able to execute Supported Digital Asset Transfers in respect of such assets. 7. **Restrictions**. 1. Except as expressly set out in these Terms or as permitted by Applicable Law which is incapable of exclusion by agreement between the parties, you shall not: 1. attempt to copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit, or distribute all or any portion of the Platform in any form or media or by any means; or 2. attempt to de-compile, reverse compile, disassemble, scrape, reverse engineer or otherwise reduce to human-perceivable form all or any part of the Platform; 3. access all or any part of the Platform to build a product or service which competes with the Platform; 4. other than as strictly necessary for the Purpose, use the Platform to provide services to third parties; license, sell, rent, lease, transfer, assign, distribute, display, disclose, or otherwise commercially exploit, or otherwise make the Platform available to any third party except the Authorised Users; or 5. attempt to obtain, or assist third parties in obtaining, access to the Platform, other than as provided under these Terms. 2. You shall not use the Platform to: 1. use the Platform to distribute or transmit to us or any other User any Viruses or Vulnerability and shall implement procedures in line with Good Industry Practice to prevent such distribution or transmission; 2. use the Platform to store, send, request or receive Digital Assets which are not Supported Digital Assets in your Supported Digital Wallet through the Platform or if you otherwise use the Platform for Digital Assets which are not Supported Digital Assets; 3. link a Digital Wallet which is not a Supported Digital Wallet to your account; 4. use the Platform to store, access, publish, disseminate, distribute or transmit any material which: 1. is unlawful, harmful, threatening, defamatory, obscene, infringing, harassing or racially or ethnically offensive; 2. facilitates illegal activity (including, but not limited to, money laundering, fraud and terrorist financing); 3. depicts sexually explicit images; 4. promotes unlawful violence; 5. is discriminatory based on race, gender, colour, religious belief, sexual orientation, disability; or 6. is otherwise illegal or causes damage or injury to any person or property,. and we reserve the right, on no less than thirty (30) days’ prior written notice to you, such notice specifying the breach of this condition and requiring it to be remedied within the thirty (30) day period, to disable your access to the Platform for the duration of time that the breach remains unremedied. 8. **Source code.** You acknowledge that you have no right to have access the Platform in source code form. 9. **Your obligations.** You shall: 1. cooperate with us in all matters relating to the Platform; 2. promptly provide, and cause any third party under your control to promptly provide, us with such information and materials: (i) we may reasonably require in order to supply the Platform; (ii) pertaining to your policies, procedures, audits and general business activities; (iii) related your use of the Platform and any related activities; (iv) relating to the identity of Authorised Users; (v) as may be required by Applicable Law, or at the request of any regulatory authority or financial institution, and in each case ensure that such information is complete and accurate in all material respects; 3. supervise and control use of the Platform and ensure they are used by your Authorised Users only in accordance with these Terms; and 4. fulfil your obligations pursuant to the Master Loan Agreement and, if applicable, any Platform Service Agreement; and 5. comply with all applicable technology control or export laws and regulations 8. **Fees and payment** 1. In consideration of us providing the Platform, Borrowers must pay us the fees in accordance with the Master Loan Agreement (Platform Service Fee) 9. **Intellectual property rights** 1. All intellectual property rights in or arising out of or in connection with the Platform (other than intellectual property rights in any materials provided by you) will be owned by us. 2. You acknowledge that you have no rights in, or to, the Platform other than the right to use it strictly in accordance with these Terms. 10. **Limitation of liability: YOUR ATTENTION IS PARTICULARLY DRAWN TO THIS SECTION.** 1. Except as expressly and explicitly provided in this Contract: 1. you assume sole responsibility for the results obtained from your use of the Platform and for conclusions drawn from such use. We shall have no liability for any damaged caused by errors or omissions in any information, instructions or scripts provided to us by you in connection with the Platform or any actions taken by us at your direction; 2. we shall have no liability to you for any damage or loss: 1. arising out of or in connection with your use of Third Party Products whether in connection with the Platform or otherwise; 2. if you mistakenly send, request or receive Digital Assets which are not Supported Digital Assets in your Supported Digital Wallet through the Platform or if you otherwise use the Platform for Digital Assets which are not Supported Digital Assets; 3. resulting from your Supported Digital Asset Transfers once such Supported Digital Asset Transfer is: (i) requested by you; or (ii) submitted to the applicable Supported Blockchain Network; 4. in relation to Supported Digital Asset Transfers sent to or received from an incorrect or mistaken party or sent or received with inaccurate instructions; 5. arising out of or in connection with the Master Loan Agreement or any Loan Confirmation; 6. arising out of or in connection with the operation of the Supported Blockchain Networks or your Supported Digital Wallet; 7. arising out of or in connection with a Fork or a Forking Response; 8. arising out of or in connection with User Platform Actions; 9. arising in connection with Downtime; 10. arising out of or in connection with Unauthorised Access; 11. arising out of or in connection with a Permitted Suspension; 12. arising out of or in connection with inaccurate Account Data; 13. arising out of or in connection with our termination of this Contract in accordance with its terms; 3. all warranties, representations, conditions and all other terms of any kind whatsoever implied by statute or common law are, to the fullest extent permitted by applicable law, excluded from this Contract; and 4. the Platform is provided to you on an "as is" basis. 2. Nothing in the Contract limits any liability which cannot legally be limited, including liability for: 1. death or personal injury caused by negligence; and 2. fraud or fraudulent misrepresentation. 3. Subject to sections 10.1 and 10.2, we will not be liable to you, whether in contract, tort (including for negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising under or in connection with the Contract for: 1. loss of profits; 2. loss of sales or business; 3. loss of agreements or contracts; 4. loss of anticipated savings; 5. loss of use or corruption of software, data or information; 6. loss of or damage to goodwill; and 7. any special, indirect or consequential loss costs, damages, charges or expenses however arising under this Contract. 4. Subject to sections 10.1 and 10.2, our total liability to you arising under or in connection with the Contract, whether in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, will be limited to 50% of the total Fees paid under the Contract. 5. Unless you notify us that you intend to make a claim in respect of an event within the notice period, we shall have no liability for that event. The notice period for an event shall start on the day on which you became, or ought reasonably to have become, aware of the event having occurred and shall expire six (6) months from that date. The notice must be in writing and must identify the event and the grounds for the claim in reasonable detail. 6. This section 10 will survive termination of the Contract. 11. **Indemnity** 1. You shall defend, indemnify and hold harmless us (and each of our officers, directors, employees and agents) against claims, actions, proceedings, losses, damages, expenses and costs (including without limitation court costs and reasonable legal fees) arising out of or in connection with: (i) your use of the Platform; or (ii) your breach of the Master Loan Agreement or Platform Service Agreement. 12. **Confidentiality** 1. We each undertake that we will not at any time during the Contract, and for a period of five years after termination of the Contract, disclose to any person any confidential information concerning one another's business, affairs, customers, clients or suppliers, except as permitted by section 12.2. 2. We each may disclose the other's confidential information: 1. to such of our respective employees, officers, representatives, subcontractors or advisers who need to know such information for the purposes of exercising our respective rights or carrying out our respective obligations under the Contract. We will each ensure that such employees, officers, representatives, subcontractors or advisers comply with this section 12; and 2. as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority. 3. Each of us may only use the other's confidential information for the purpose of fulfilling our respective obligations under the Contract. 13. **Termination, consequences of termination and survival** 1. **Termination.** Without limiting any of our other rights, we may suspend the performance of the Platform, or terminate the Contract with immediate effect by giving written notice to you if: 1. you commit a material breach of any term of the Contract, Master Loan Agreement or Platform Service Agreement and (if such a breach is remediable) fail to remedy that breach within ten (10) days of you being notified in writing to do so; 2. you cease to meet the Eligibility Requirements; 3. the Master Loan Agreement is terminated; 4. you fail to pay any amount due under the Contract on the due date for payment; 5. you take any step or action in connection with you entering administration, provisional liquidation or any composition or arrangement with your creditors (other than in relation to a solvent restructuring), applying to court for or obtaining a moratorium under Part A1 of the Insolvency Act 1986, being wound up (whether voluntarily or by order of the court, unless for the purpose of a solvent restructuring), having a receiver appointed to any of your assets or ceasing to carry on business or, if the step or action is taken in another jurisdiction, in connection with any analogous procedure in the relevant jurisdiction; 6. you suspend, threaten to suspend, cease or threaten to cease to carry on all or a substantial part of your business; or 7. your financial position deteriorates to such an extent that in our opinion your capability to adequately fulfil your obligations under the Contract has been placed in jeopardy. 2. **Consequences of termination** 1. On termination of the Contract you must cease using the Platform. 2. Termination of the Contract will not affect your or our rights and remedies that have accrued as at termination. 3. **Survival.** Any provision of the Contract that expressly or by implication is intended to come into or continue in force on or after termination will remain in full force and effect. 14. **Events outside our control** 1. We will not be liable or responsible for any failure to perform, or delay in performance of, any of our obligations under the Contract that is caused by any act or event beyond our reasonable control (Event Outside Our Control). 2. If an Event Outside Our Control takes place that affects the performance of our obligations under the Contract: 1. we will contact you as soon as reasonably possible to notify you; and 2. our obligations under the Contract will be suspended and the time for performance of our obligations will be extended for the duration of the Event Outside Our Control. We will arrange a new date for performance of the Services with you after the Event Outside Our Control is over. 3. You may cancel the Contract affected by an Event Outside Our Control which has continued for more than thirty (30) days. To cancel please contact us. 15. **Communications between us** 1. When we refer to "in writing" in these Terms, this includes email. 2. Any notice or other communication given by one of us to the other under or in connection with the Contract must be in writing and be delivered personally, sent by pre-paid first class post or other next working day delivery service, or email. 3. A notice or other communication is deemed to have been received: 1. if delivered personally, on signature of a delivery receipt or at the time the notice is left at the proper address; 2. if sent by pre-paid first class post or other next working day delivery service, at 9.00 am] on the second working day after posting; or 3. if sent by email, at 9.00 am the next working day after transmission. 4. In proving the service of any notice, it will be sufficient to prove, in the case of a letter, that such letter was properly addressed, stamped and placed in the post and, in the case of an email, that such email was sent to the specified email address of the addressee. 5. The provisions of this section will not apply to the service of any proceedings or other documents in any legal action. 16. **General** 1. **Assignment and transfer.** 1. We may assign or transfer our rights and obligations under the Contract to another entity but will always notify you in writing or by posting on this webpage if this happens. 2. You may only assign or transfer your rights or your obligations under the Contract to another person if we agree in writing. 2. **Variation**. We may at any time vary or modify these Terms by providing you with an amended copy of such amended terms via our website (Amended Terms). The Amended Terms shall be effective from the date on which they are made available. Your continued use of the Platform following the communication of any such Amended Terms shall be deemed an acceptance of such Amended Terms. 3. **Waiver**. If we do not insist that you perform any of your obligations under the Contract, or if we do not enforce our rights against you, or if we delay in doing so, that will not mean that we have waived our rights against you or that you do not have to comply with those obligations. If we do waive any rights, we will only do so in writing, and that will not mean that we will automatically waive any right related to any later default by you. 4. **Severance.** Each paragraph of these Terms operates separately. If any court or relevant authority decides that any of them is unlawful or unenforceable, the remaining paragraphs will remain in full force and effect. 5. **Third party rights.** The Contract is between you and us. No other person has any rights to enforce any of its terms. 6. **Governing law and jurisdiction**. The Contract is governed by English law and we each irrevocably agree to submit all disputes arising out of or in connection with the Contract to the exclusive jurisdiction of the English courts. 7. **Defined terms.** The following defined terms are used in these Terms: 1. **Applicable Laws** means any law, rule, statute, regulation, by-law, order, protocol, code, decree, directive, requirement, or guideline published or in force which applies to you, your operations or your business. 2. **Authorised Users** means the employees, agents and independent contractors of you, your subsidiaries and affiliates, who you authorise to use the Services, the Software and the Documents. 3. **Blockchain Networks** means a distributed database or ledger comprised of "blocks" which record transactions and are securely linked using cryptography. 4. **Digital Assets** means a cryptographically secured digital representation of value or contractual rights that uses some type of digital system that enables the registration and validation of transactions on a decentralized network in multiple places simultaneously and which can be transferred, stored or traded electronically through a Blockchain Network. 5. **Digital Wallet** means a secure location, stored on a Blockchain Network, where a user keeps their public or private keys and passwords. 6. **Disruption** means any unscheduled reason the Platform is unavailable, including, but not limited to: (i) equipment malfunctions; (ii) causes beyond our control or that we could not reasonably foresee; (iii) disruptions and temporary or permanent availability of the Supported Blockchain Networks; or (iv) unavailability of third-party service providers or external partners. 7. **Equivalent** has the meaning as set out in the Master Loan Agreement. 8. **Good Industry Practice** means the exercise of that degree of skill, care, prudence, efficiency, foresight and timeliness as would be expected from a leading company within the relevant industry or business sector 9. **Licensee Data** means the data inputted by or on behalf of you, for the purpose of using or facilitating your use of the Platform and any data generated by, or derived from your use of the Platform, whether hosted or stored within the Platform or elsewhere. 10. **Platform Service Fee** means the fee payable by the Borrower to us in accordance with the terms of the Master Loan Agreement. 11. **Supported Blockchain Networks** means the Blockchain networks that are supported by the Platform, as may be set out in the list available [here](/welcome-to-opentrade/supported-blockchain-networks). 12. **Supported Digital Assets** means the Digital Assets that are supported by the Platform, as may be set out in the list available [here](/welcome-to-opentrade/supported-digital-assets). 13. **Supported Digital Wallets** means a Digital Wallets that are supported by the Platform, as may be set out in the list available [here](/welcome-to-opentrade/supported-digital-wallets). 14. **User Subscriptions** means the user subscriptions purchased by you, or on your behalf, from us which entitle Authorised Users to access and use the Platform in accordance with this Contract. 15. **Viruses** means any thing or device (including any software, code, file or programme) which may prevent, impair or otherwise adversely affect the operation of any computer software, hardware or network, any telecommunications service, equipment or network or any other service or device; prevent, impair or otherwise adversely affect access to or the operation of any programme or data, including the reliability of any programme or data (whether by re-arranging, altering or erasing the programme or data in whole or part or otherwise); or adversely affect the user experience, including worms, trojan horses, viruses and other similar things or devices. 16. **Vulnerability** means a weakness in the computational logic (for example, code) found in software and hardware components that, when exploited, results in a negative impact to confidentiality, integrity, or availability, and the term Vulnerabilities shall be construed accordingly.

# Privacy & Cookie Policies Below is our Privacy & Cookie Policies that applies to your use of OpenTrade. ## Privacy Policy **Welcome to Open Trade Technology Ltd's and OpenTrade SPC's (together "OpenTrade") privacy policy.** OpenTrade respects your privacy and is committed to protecting your personal data. This privacy policy will inform you as to how we look after your personal data when you use our “Services” (our website(s), app(s), protocols, tools, and systems) or interact with us in any other way. We are the controller and responsible for the processing of your personal data. If you have any questions about this privacy policy or our privacy practices, please contact us by emailing . This privacy policy was last updated on July 25, 2023. You have the right to make a complaint at any time to the Information Commissioner's Office (ICO), the UK regulator for data protection issues ([www.ico.org.uk](http://www.ico.org.uk)). We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance. ### **Third-party links** Our Services may include links to third-party websites, plug-ins, and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control third-party websites and are not responsible for their privacy statements. When you leave our Services, we encourage you to read the privacy policy of every third party service you visit. ### **The data we collect about you** Personal data, or personal information, means any information about an individual from which that person can be identified. It does not include data where the identity has been removed (anonymous data). We may collect, use, store and transfer different kinds of personal data about you which we have grouped together as follows: * **Identity Data** includes first name, maiden name, last name, passport/ID details, title, date of birth and gender. * **Contact Data** includes email address and telephone numbers. * **Financial Data** includes source of wealth, wallet addresses and wallet balances. * **Transaction Data** includes details about transactions made through our platform, such as amounts, wallet addresses, and fees paid by you or due to you * **Technical Data** includes internet protocol (IP) address, your login data, browser type and version, time zone setting and location, browser plug-in types and versions, operating system and platform, and other technology on the devices you use to access this website. * **Usage Data** includes information about how you use our Services. * **Marketing and Communications Data** includes your preferences in receiving marketing from us and our third parties and your communication preferences. We also collect, use, and share **Aggregated Data** such as statistical or demographic data for any purpose. Aggregated Data could be derived from your personal data but is not considered personal data in law as this data will not directly or indirectly reveal your identity. For example, we may aggregate your Usage Data to calculate the percentage of users accessing a specific website feature. However, if we combine or connect Aggregated Data with your personal data so that it can directly or indirectly identify you, we treat the combined data as personal data which will be used in accordance with this privacy policy. ### **If you fail to provide personal data** Where we need to collect personal data by law, or under the terms of a contract we have with you, and you fail to provide that data when requested, we may not be able to perform the contract we have or are trying to enter into with you (for example, to provide our Services to you). ### **How is your personal data collected?** We use different methods to collect data from and about you including through: * Direct interactions. You may give us your Identity, Contact and Financial Data by filling in forms or by corresponding with us by post, phone, email or otherwise. * Cookies. We use cookies to improve your experience of using the Website and to improve our range of products and services. See [Cookie Policy ](#cookie-policy)below for more information. * Third parties or publicly available sources. We will receive personal data about you from various public sources (such as sanctions lists) and third parties including public databases, KYC and ID verification service providers, and credit reference agencies. ### **How we use your personal data** * We will only use your personal data when the law allows us to. Most commonly, we will use your personal data in the following circumstances: * Where we need to perform the contract we are about to enter into or have entered into with you. * Where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests. * Where we need to comply with a legal obligation. * Where you have given your consent. Generally, we do not rely on consent as a legal basis for processing your personal data although we will get your consent before sending third party direct marketing communications to you via email or text message. You have the right to withdraw consent to marketing at any time by contacting us. ### **Purposes for which we will use your personal data** * To register you as a new customer and provide you with our Services, which includes carrying out mandatory financial crime compliance checks. * To manage our relationship with you. * To administer and protect our business and this website (including troubleshooting, data analysis, testing, system maintenance, support, reporting and hosting of data). * To deliver relevant website content and advertisements to you and measure or understand the effectiveness of the advertising we serve to you. * To use data analytics to improve our Services, marketing, customer relationships and experiences. * To make suggestions and recommendations to you about Services that may be of interest to you. ### **Disclosures of your personal data** We may share your personal data with the parties set out below. * Service providers who provide IT services and KYC services. * Professional advisers including lawyers, bankers, auditors and insurers. * HM Revenue & Customs, regulators and other authorities. ### **International transfers** Some of our external third parties are based outside the UK so their processing of your personal data will involve a transfer of data outside the UK. Whenever we transfer your personal data out of the UK, we ensure a similar degree of protection. We will only transfer your personal data to countries that have been deemed to provide an adequate level of protection for personal data or alternatively, we may use specific contracts approved for use in the UK which give personal data the same protection it has in the UK. Please contact us if you want further information on the specific mechanism used by us when transferring your personal data out of the UK. ### **Data security** We have put in place appropriate security measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions and they are subject to a duty of confidentiality. ### **Data retention** We will only retain your personal data for as long as reasonably necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, regulatory, tax, accounting or reporting requirements. We may retain your personal data for a longer period in the event of a complaint or if we reasonably believe there is a prospect of litigation in respect to our relationship with you. ### **Your legal rights** Under certain circumstances, you have rights under data protection laws in relation to your personal data. You have the right to: * **Request access to your personal data** (commonly known as a "data subject access request"). This enables you to receive a copy of the personal data we hold about you and to check that we are lawfully processing it. * **Request correction of the personal data that we hold about you.** This enables you to have any incomplete or inaccurate data we hold about you corrected, though we may need to verify the accuracy of the new data you provide to us. * **Request erasure of your personal data.** This enables you to ask us to delete or remove personal data where there is no good reason for us continuing to process it. You also have the right to ask us to delete or remove your personal data where you have successfully exercised your right to object to processing (see below), where we may have processed your information unlawfully or where we are required to erase your personal data to comply with local law. Note, however, that we may not always be able to comply with your request of erasure for specific legal reasons which will be notified to you, if applicable, at the time of your request. * **Object to processing of your personal data** where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground, as you feel it impacts on your fundamental rights and freedoms. You also have the right to object where we are processing your personal data for direct marketing purposes. In some cases, we may demonstrate that we have compelling legitimate grounds to process your information which override your rights and freedoms. * **Request restriction of processing of your personal data.** This enables you to ask us to suspend the processing of your personal data in the following scenarios: * If you want us to establish the data's accuracy. * Where our use of the data is unlawful but you do not want us to erase it. * Where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims. * You have objected to our use of your data but we need to verify whether we have overriding legitimate grounds to use it. * **Request the transfer of your personal data to you or to a third party.** We will provide to you, or a third party you have chosen, your personal data in a structured, commonly used, machine-readable format. Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you. * **Withdraw consent at any time where we are relying on consent to process your personal data.** However, this will not affect the lawfulness of any processing carried out before you withdraw your consent. If you withdraw your consent, we may not be able to deliver our Services to you. We will advise you if this is the case at the time you withdraw your consent. ### **What we may need from you** We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response. ### **Time limit to respond** We try to respond to all legitimate requests within one month. Occasionally, it could take us longer than a month if your request is particularly complex or you have made several requests. In this case, we will notify you and keep you updated. \ Cookie Policy ------------- ### Scope of This Policy 1\. OpenTrade (we or us or our) uses cookies when you visit our website, [www.open-trade.io](http://www.open-trade.io), (the Website) to help customise the Website and improve your experience using the Website. 2\. This Policy applies between you, the user of this Website, and us, OpenTrade, the owner and provider of this Website. 3\. When you visit the Website, and before your Website places cookies on your computer, you will be presented with a message bar requesting your consent to set those cookies. By giving your consent to the placing of cookies, you are enabling us to provide a better experience and service. You may, if you wish, deny consent to the placing of these cookies; however, certain features of the Website may not function fully or as intended. 4\. This Cookie Policy should be read alongside, and in addition to, our Privacy Policy, which can be found [above](#privacy-policy). ### What Are Cookies? 5\. A cookie is a small text file placed on your computer by this Website when you visit certain parts of the Website and/or when you use certain features of the Website. 6\. This Website may place and access certain cookies on your computer. We use these cookies to improve your experience of using the Website and to improve our range of products and services. 7\. Cookies do not usually contain any information that personally identifies you, as the Website user. However, personal information that we store about you may be linked to the information obtained from and stored in cookies. For more information on how such personal information is handled and stored, refer to our Privacy Policy which [above](#privacy-policy). ### Types of Cookies 8. Our websites use the following cookies | Type of Cookie | Purpose | | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | Strictly necessary cookies | These are cookies that are required for the operation of the Website. They include, for example, cookies that enable you to log into secure areas of the Website, use a shopping cart or make use of e-billing services | | Functionality cookies | These are used to recognise you when you return to our Website. This enables us to personalise our content for you, greet you by name and remember your preferences (for example, your choice of language or region). By using the Website, you agree to our placement of functionality cookies. | 9. You can find a list of the cookies that we use in the Cookie Schedule. 10. We have carefully chosen these cookies and have taken steps to ensure that your privacy is protected and respected at all times. ### How To Control Your Cookies 11. You can choose to enable or disable cookies in your internet browser. By default, most internet browsers accept cookies but this can be changed. For further details, please see the help menu in your internet browser. 12. You can switch off cookies at any time, however, you may lose information that enables you to access the Website more quickly and efficiently. 13. It is recommended that you ensure that your internet browser is up-to-date and that you consult the help and guidance provided by the developer of your internet browser if you are unsure about adjusting your privacy settings. 14. For more information generally on cookies, including how to disable them, please refer to aboutcookies.org. You will also find details on how to delete cookies from your computer. ### Changes To This Policy 15. OpenTrade reserves the right to change this Cookie Policy as we may deem necessary from time to time or as may be required by law. Any changes will be immediately posted on the Website and you are deemed to have accepted the terms of the Cookie Policy on your first use of the Website following the alterations. ### Contact Details 16. The Website is owned by Open Trade Technology Ltd incorporated in England and Wales with registered number 14583521 whose registered office is at 3rd Floor, 1 Ashley Road, Altrincham, Chesire, WA14 2DT, England. 17. You may contact us by emailing . ### Cookie Schedule Below is a list of the cookies that we use. We have tried to ensure this is complete and up to date, but if you think that we have missed a cookie or there is any discrepancy, please let us know.
NamePurposeDurationType
XSRF-TOKENUsed for security reasonsSessionStrictly necessary
hsUsed for security reasonsSessionStrictly necessary
svSessionUsed in connection with user login12 monthsStrictly necessary
SSR-caching
Used to indicate the system from which the site was rendered1 MinuteStrictly necessary
_wixCIDXUsed for system monitoring/debugging3 monthsStrictly necessary
_wix_browser_sessUsed for system monitoring/debuggingSessionStrictly necessary
consent-policyUsed for cookie banner parameters12 monthsStrictly necessary
smSessionUsed to identify logged in site membersSessionStrictly necessary
TS*Used for security and anti-fraud reasonsSessionStrictly necessary
bSessionUsed for system effectiveness measurement30 minutesStrictly necessary
fedops.logger.XUsed for stability/effectiveness measurement12 monthsStrictly necessary
wixLanguageUsed on multilingual websites to save user language preference12 monthsFunctionality
# Políticas de Privacidad y Cookies La política de privacidad de Open Trade Technology Ltd y OpenTrade SPC (conjuntamente, "OpenTrade") ### **Política de Privacidad** **Bienvenido a la política de privacidad de Open Trade Technology Ltd y OpenTrade SPC (conjuntamente, "OpenTrade").** OpenTrade respeta su privacidad y se compromete a proteger sus datos personales. Esta política de privacidad le informará sobre cómo protegemos sus datos personales cuando utiliza nuestros “Servicios” (nuestro(s) sitio(s) web, aplicación(es), protocolos, herramientas y sistemas) o cuando interactúa con nosotros de cualquier otra manera. Somos el responsable del tratamiento de sus datos personales. Si tiene alguna pregunta sobre esta política de privacidad o nuestras prácticas, contáctenos por correo electrónico a . Esta política de privacidad se actualizó por última vez el 25 de julio de 2023. Tiene derecho a presentar una reclamación en cualquier momento ante la Information Commissioner’s Office (ICO), el organismo regulador del Reino Unido en materia de protección de datos ([www.ico.org.uk](http://www.ico.org.uk)). No obstante, agradeceríamos la oportunidad de atender sus inquietudes antes de acudir a la ICO, así que le rogamos que nos contacte en primera instancia. #### **Enlaces a terceros** Nuestros Servicios pueden incluir enlaces a sitios web, complementos y aplicaciones de terceros. Al hacer clic en esos enlaces o habilitar esas conexiones, es posible que terceros recopilen o compartan datos sobre usted. No controlamos los sitios web de terceros y no somos responsables de sus políticas de privacidad. Cuando abandone nuestros Servicios, le recomendamos leer la política de privacidad de cada servicio de terceros que visite. #### **Los datos que recopilamos sobre usted** Datos personales significa cualquier información sobre una persona que permita identificarla. No incluye datos donde se haya eliminado la identidad (datos anónimos). Podemos recopilar, usar, almacenar y transferir diferentes tipos de datos personales sobre usted, que hemos agrupado de la siguiente manera: * **Datos de Identidad**: nombre, apellido de soltera, apellidos, datos de pasaporte/identificación, título, fecha de nacimiento y género. * **Datos de Contacto**: dirección de correo electrónico y números de teléfono. * **Datos Financieros**: origen de fondos, direcciones de billeteras y saldos de billeteras. * **Datos de Transacciones**: detalles sobre transacciones realizadas a través de nuestra plataforma, tales como importes, direcciones de billeteras y comisiones pagadas o adeudadas. * **Datos Técnicos**: dirección IP, datos de inicio de sesión, tipo y versión del navegador, configuración de zona horaria y ubicación, tipos y versiones de complementos del navegador, sistema operativo y plataforma, y otra tecnología en los dispositivos que utiliza para acceder al sitio web. * **Datos de Uso**: información sobre cómo utiliza nuestros Servicios. * **Datos de Marketing y Comunicaciones**: sus preferencias para recibir marketing por parte de nosotros y de terceros, así como sus preferencias de comunicación. También recopilamos, usamos y compartimos **Datos Agregados**, como datos estadísticos o demográficos, para cualquier propósito. Los Datos Agregados pueden derivarse de sus datos personales, pero no se consideran datos personales en la ley porque no revelan su identidad directa o indirectamente. Por ejemplo, podemos agregar sus Datos de Uso para calcular el porcentaje de usuarios que acceden a una función específica del sitio. Sin embargo, si combinamos o conectamos Datos Agregados con sus datos personales de manera que puedan identificarle, tratamos dichos datos combinados como datos personales y los utilizamos de acuerdo con esta política de privacidad. #### **Si no proporciona sus datos personales** Cuando necesitemos recopilar datos personales por ley o en virtud de un contrato que tengamos con usted, y usted no proporcione dichos datos cuando se soliciten, es posible que no podamos cumplir el contrato (por ejemplo, proporcionarle nuestros Servicios). #### **Cómo se recopilan sus datos personales** Utilizamos diferentes métodos para recopilar datos sobre usted, incluidos: * **Interacciones directas.** Puede proporcionarnos Datos de Identidad, Contacto y Financieros al completar formularios o comunicarse con nosotros por correo postal, teléfono, correo electrónico u otros medios. * **Cookies.** Utilizamos cookies para mejorar su experiencia en el sitio web y mejorar nuestra gama de productos y servicios. Consulte la Política de Cookies más abajo. * **Terceros o fuentes de acceso público.** Recibiremos datos personales sobre usted de diversas fuentes públicas (como listas de sanciones) y de terceros, incluyendo bases de datos públicas, proveedores de servicios de verificación KYC y de identidad, y agencias de referencias crediticias. #### **Cómo utilizamos sus datos personales** Solo utilizaremos sus datos personales cuando la ley nos lo permita. Normalmente, utilizamos sus datos personales en las siguientes circunstancias: * Cuando necesitamos ejecutar el contrato que estamos por celebrar o hemos celebrado con usted. * Cuando sea necesario para nuestros intereses legítimos (o los de un tercero) y sus intereses y derechos fundamentales no prevalezcan sobre dichos intereses. * Cuando necesitemos cumplir con una obligación legal. * Cuando haya dado su consentimiento. Generalmente, no nos basamos en el consentimiento como fundamento legal, salvo para enviar marketing directo de terceros por correo electrónico o SMS. Puede retirar su consentimiento en cualquier momento contactándonos. #### **Finalidades para las que utilizaremos sus datos personales** * Registrarlo como nuevo cliente y proporcionarle nuestros Servicios, lo que incluye la realización de controles obligatorios de cumplimiento de delitos financieros. * Gestionar nuestra relación con usted. * Administrar y proteger nuestro negocio y este sitio web (incluyendo solución de problemas, análisis de datos, pruebas, mantenimiento del sistema, soporte, informes y alojamiento de datos). * Proporcionar contenido y anuncios relevantes del sitio web y medir o comprender la efectividad de la publicidad que le mostramos. * Utilizar análisis de datos para mejorar nuestros Servicios, marketing, relaciones con clientes y experiencias. * Realizar sugerencias y recomendaciones sobre Servicios que puedan interesarle. #### **Divulgación de sus datos personales** Podemos compartir sus datos personales con: * Proveedores de servicios que brindan servicios de TI y servicios de KYC. * Asesores profesionales, incluidos abogados, bancos, auditores y aseguradoras. * HM Revenue & Customs, organismos reguladores y otras autoridades. #### **Transferencias internacionales** Algunos de nuestros terceros externos se encuentran fuera del Reino Unido, por lo que el tratamiento de sus datos implicará una transferencia internacional. Siempre que transfiramos sus datos fuera del Reino Unido, nos aseguraremos de que exista un nivel de protección similar. Solo transferiremos sus datos a países que ofrezcan un nivel adecuado de protección, o utilizaremos contratos específicos aprobados en el Reino Unido que otorguen a los datos la misma protección que en el Reino Unido. Contáctenos si desea más información sobre los mecanismos utilizados. #### **Seguridad de los datos** Hemos implementado medidas de seguridad adecuadas para evitar que sus datos personales se pierdan accidentalmente, se utilicen o accedan de forma no autorizada, se alteren o divulguen. Además, limitamos el acceso a sus datos personales a los empleados, agentes, contratistas y terceros que necesiten conocerlos. Solo procesarán sus datos siguiendo nuestras instrucciones y están sujetos a un deber de confidencialidad. #### **Retención de datos** Solo conservaremos sus datos personales durante el tiempo necesario para cumplir con los fines para los cuales fueron recopilados, incluido el cumplimiento de requisitos legales, regulatorios, fiscales o contables. Podemos conservarlos por un periodo mayor si existe una reclamación o si, razonablemente, creemos que podría surgir litigio relacionado con nuestra relación con usted. #### **Sus derechos legales** En determinadas circunstancias, tiene derechos bajo las leyes de protección de datos respecto de sus datos personales: * **Solicitar acceso** a sus datos personales (“data subject access request”). * **Solicitar la corrección** de los datos personales que tenemos sobre usted. * **Solicitar la eliminación** de sus datos personales en ciertas circunstancias. * **Oponerse al tratamiento** de sus datos personales cuando actuamos bajo intereses legítimos o para marketing directo. * **Solicitar la restricción** del tratamiento de sus datos. * **Solicitar la transferencia** de sus datos a usted o a un tercero. * **Retirar su consentimiento** en cualquier momento cuando dependamos del mismo. #### **Lo que podemos necesitar de usted** Podemos solicitarle información adicional para confirmar su identidad y garantizar su derecho de acceso o ejercicio de otros derechos. Esto es una medida de seguridad para evitar divulgar datos a personas sin autorización. #### **Plazo de respuesta** Intentamos responder a todas las solicitudes legítimas dentro de un mes. En ocasiones, puede tardar más si la solicitud es compleja o si ha presentado varias solicitudes. En este caso, le notificaremos y lo mantendremos informado. *** ## **Política de Cookies** #### **Alcance de esta Política** 1. OpenTrade (nosotros) utiliza cookies cuando usted visita nuestro sitio web, [www.open-trade.io](http://www.open-trade.io), para ayudar a personalizarlo y mejorar su experiencia. 2. Esta Política se aplica entre usted, usuario del sitio web, y nosotros, OpenTrade, propietario del sitio. 3. Cuando visite el sitio, se le presentará un mensaje solicitando su consentimiento para colocar cookies. Puede rechazar el uso de cookies, pero algunas funciones pueden no funcionar correctamente. 4. Esta Política de Cookies debe leerse junto con nuestra Política de Privacidad indicada arriba. #### **Qué son las Cookies** 5. Una cookie es un pequeño archivo de texto que se almacena en su ordenador cuando visita ciertas partes del sitio o utiliza ciertas funciones. 6. Este sitio puede colocar y acceder a ciertas cookies en su ordenador, las cuales utilizamos para mejorar su experiencia y nuestros productos y servicios. 7. Las cookies normalmente no contienen información que lo identifique personalmente. Sin embargo, la información personal que almacenamos puede vincularse a información obtenida de cookies. Para más información, consulte la Política de Privacidad arriba. #### **Tipos de Cookies** 8. Nuestros sitios utilizan las siguientes cookies: | Tipo de cookie | Propósito | | -------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------- | | Cookies estrictamente necesarias | Requeridas para el funcionamiento del sitio (por ejemplo, iniciar sesión en áreas seguras, uso de carrito, facturación electrónica). | | Cookies de funcionalidad | Permiten reconocerle cuando regresa al sitio, personalizar contenido, saludarle por su nombre y recordar preferencias como idioma o región. | 9. Puede encontrar una lista de cookies que utilizamos en el Programa de Cookies. 10. Hemos seleccionado cuidadosamente estas cookies y tomado medidas para garantizar que su privacidad esté protegida. #### **Cómo controlar sus Cookies** 11. Puede habilitar o deshabilitar cookies en su navegador. La mayoría de los navegadores las aceptan por defecto, pero esto puede configurarse. 12. Puede desactivar cookies en cualquier momento, pero puede perder ciertas funciones. 13. Se recomienda mantener su navegador actualizado y consultar la guía del desarrollador si no está seguro sobre los ajustes de privacidad. 14. Para más información sobre cookies, incluida su desactivación, consulte aboutcookies.org. #### **Cambios en esta Política** 15. OpenTrade se reserva el derecho de modificar esta Política de Cookies cuando sea necesario o requerido por ley. Los cambios se publicarán inmediatamente en el sitio, y su uso continuado se considerará como aceptación de dichos cambios. #### **Datos de Contacto** 16. El sitio es propiedad de Open Trade Technology Ltd, registrada en Inglaterra y Gales con número 14583521 y domicilio social en 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT, Inglaterra. 17. Puede contactarnos enviando un correo electrónico a . #### **Programa de Cookies** A continuación se muestra la lista de cookies que utilizamos: | Nombre | Propósito | Duración | Tipo | | -------------------- | ---------------------------------------------- | ---------- | ----------------------- | | XSRF-TOKEN | Usada por razones de seguridad | Sesión | Estrictamente necesaria | | hs | Usada por razones de seguridad | Sesión | Estrictamente necesaria | | svSession | Usada para el inicio de sesión de usuarios | 12 meses | Estrictamente necesaria | | SSR-caching | Indica desde qué sistema se renderizó el sitio | 1 minuto | Estrictamente necesaria | | \_wixCIDX | Monitorización/debugging del sistema | 3 meses | Estrictamente necesaria | | \_wix\_browser\_sess | Monitorización/debugging del sistema | Sesión | Estrictamente necesaria | | consent-policy | Parámetros del banner de cookies | 12 meses | Estrictamente necesaria | | smSession | Identificar miembros registrados | Sesión | Estrictamente necesaria | | TS\* | Seguridad y antifraude | Sesión | Estrictamente necesaria | | bSession | Medición de efectividad del sistema | 30 minutos | Estrictamente necesaria | | fedops.logger.X | Medición de estabilidad/efectividad | 12 meses | Estrictamente necesaria | | wixLanguage | Guardar preferencia de idioma | 12 meses | Funcionalidad |