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Learn more about the different vault types in OpenTrade's Treasury Management & Yield Product.
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
Cut-Off Times
Processing Times
Fees
User permissions
For a list of active loan vaults and more information, see .
Learn more about the use of collateral in the stablecoin yield vaults.
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.
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.
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.
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.
The Security Trust Deed is a legal agreement that arranges for a Security Trustee 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.
Learn more about how OpenTrade's Stablecoin Yield Products work
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:
Enables other Web2 and Web3 Fintechs to build and deploy white-labeled and fully embedded yield products for their customers
Enables companies and institutional investors too better manage their own treasury cash
Provides programmable yield infrastructure for developers to build next generation financial markets applications, including stablecoin issuers, yield token issuers, DAOs, DeFi markets, and more.
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
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
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
Control your economics; charge what you want, when you want
Access granular historical reporting data
Independent Security Trustee with step-in rights
Learn more abou 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.
Open Trade Technology Ltd. ("Platform Provider")
London headquartered software firm responsible for developing & maintaining the 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.
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 LLP
Reed 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.
Kroll
Kroll 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.
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.
The Security Trust Deed is a legal agreement that arranges for a Security Trustee 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.
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.
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.
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
OpenTrade SPC has appointed Mulvaney Trustees (UK) Ltd (dba Vantru) as Security Trustee.
Learn more about the legal framework behind OpenTrade and view important legal agreements like our Terms & Conditions and Privacy Policy.
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.
Below is an overview of the key entities involved and the legal agreements between them.
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:
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:
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:
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:
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:
Learn more about the exchange rate between vault tokens and liquidity assets (eg. stablecoins)
Lear more about how to withdraw loan principal from the USD Money Market Fund Vault
Lenders can connect their white-listed 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 mechanism of that vault.
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.
Vaults have multiple different exchange rate calculation methods which correspond to the type of yield product the vault is supporting.
A variable annualised interest rate is converted into a daily exchange rate and compounded each day. This mirrors the exchange rate mechanism for the Flexible Term USDC (and EURC) Vaults.
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.
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, 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
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.
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
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.
Learn more about calendar and business days.
Calendar Day means any day on which USDC can be transferred, including Saturday, Sunday and public holidays.
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 means 6pm GMT/BST (Greenwich Mean Time/British Summer Time);
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 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), a widely used standard legal framework published and maintained by the International Securities Lending Association (ISLA).
Definitions & Parties
Loan Mechanics (timing, events, payment dates, early withdrawals, rollovers etc)
Calculation and payment of rates and fees
Borrower warrants that it has acquired or will acquire the Collateral on the and has granted a valid and fully perfected security interest in the accounts in which the Collateral will be held pursuant to the
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
Making a withdrawal request is a simple process.
Select the blockchain network you want to access the vault on
Connect your whitelisted wallet to the OpenTrade app
Select the vault you'd like to withdraw from
Click "Withdraw"
Input the amount you'd like to withdraw
Click "Submit Withdrawal Request"
Approve in your wallet
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.
The Withdrawal Processing Time is the number of business days before a withdrawal will be repaid into your wallet.
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.
Learn more about how to make loans on the OpenTrade platform.
Lenders can connect their white-listed Supported Digital Asset Wallet and lend USDC into one or more Treasury Management smart-contract vault(s).
In return, the Lender will receive vault tokens 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.
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.
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.
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:
The fixed rate of interest payable to Lenders
Advisory Fee Rate
The % per annum paid by the Borrower to the Advisor, Five Sigma Finance Ltd
Platform Fee Rate
The % per annum paid by the Borrower to the Platform Provider, OpenTrade Technology Ltd
Contractual Currency
The underlying contractual currency in which assets and liabilities are denominated for audit and accounting purposes.
Collateral
The collateral securing the loan
Settlement Date
The date by which the Lender must deliver Loaned Assets to the Borrower
Loan Commencement Date
The date on which the Loan commences and interest and fees begins accruing.
Payment Date
The 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 Period
The 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 Percentage
When 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 Date
The date on which the Loan terminates.
Automatic Roll-Over
By 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 Collateral
The eligible collateral to be used for the Roll-Over Loan.
Roll Date
The date on which the Rollover Loan commences, which is always the same business day as the Loan Maturity Date of the prior Loan(s).
Loaned Asset
The digital asset being lent; only USDC at this time.
Loan Amount
The principal of the loan in USDC.
Confirmed Loan Fee Rate
Below is our Privacy & Cookie Policies that applies to your use of OpenTrade.
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 [email protected]. 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). We would, however, appreciate the chance to deal with your concerns before you approach the ICO so please contact us in the first instance.
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.
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.
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.
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).
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 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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
1. OpenTrade (we or us or our) uses cookies when you visit our website, 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 .
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 .
Our websites use the following cookies
You can find a list of the cookies that we use in the Cookie Schedule.
We have carefully chosen these cookies and have taken steps to ensure that your privacy is protected and respected at all times.
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.
You can switch off cookies at any time, however, you may lose information that enables you to access the Website more quickly and efficiently.
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.
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.
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.
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.
You may contact us by emailing [email protected].
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.
La política de privacidad de Open Trade Technology Ltd y OpenTrade SPC (conjuntamente, "OpenTrade")
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 [email protected]. 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). 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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
OpenTrade (nosotros) utiliza cookies cuando usted visita nuestro sitio web, , para ayudar a personalizarlo y mejorar su experiencia.
Esta Política se aplica entre usted, usuario del sitio web, y nosotros, OpenTrade, propietario del sitio.
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.
Esta Política de Cookies debe leerse junto con nuestra Política de Privacidad indicada arriba.
Una cookie es un pequeño archivo de texto que se almacena en su ordenador cuando visita ciertas partes del sitio o utiliza ciertas funciones.
Este sitio puede colocar y acceder a ciertas cookies en su ordenador, las cuales utilizamos para mejorar su experiencia y nuestros productos y servicios.
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.
Nuestros sitios utilizan las siguientes cookies:
Puede encontrar una lista de cookies que utilizamos en el Programa de Cookies.
Hemos seleccionado cuidadosamente estas cookies y tomado medidas para garantizar que su privacidad esté protegida.
Puede habilitar o deshabilitar cookies en su navegador. La mayoría de los navegadores las aceptan por defecto, pero esto puede configurarse.
Puede desactivar cookies en cualquier momento, pero puede perder ciertas funciones.
Se recomienda mantener su navegador actualizado y consultar la guía del desarrollador si no está seguro sobre los ajustes de privacidad.
Para más información sobre cookies, incluida su desactivación, consulte aboutcookies.org.
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.
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.
Puede contactarnos enviando un correo electrónico a [email protected].
A continuación se muestra la lista de cookies que utilizamos:
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.
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.
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.
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.
SSR-caching
Used to indicate the system from which the site was rendered
1 Minute
Strictly necessary
_wixCIDX
Used for system monitoring/debugging
3 months
Strictly necessary
_wix_browser_sess
Used for system monitoring/debugging
Session
Strictly necessary
consent-policy
Used for cookie banner parameters
12 months
Strictly necessary
smSession
Used to identify logged in site members
Session
Strictly necessary
TS*
Used for security and anti-fraud reasons
Session
Strictly necessary
bSession
Used for system effectiveness measurement
30 minutes
Strictly necessary
fedops.logger.X
Used for stability/effectiveness measurement
12 months
Strictly necessary
wixLanguage
Used on multilingual websites to save user language preference
12 months
Functionality
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.
XSRF-TOKEN
Used for security reasons
Session
Strictly necessary
hs
Used for security reasons
Session
Strictly necessary
svSession
Used in connection with user login
12 months
Strictly necessary
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.
Utilizar análisis de datos para mejorar nuestros Servicios, marketing, relaciones con clientes y experiencias.
Realizar sugerencias y recomendaciones sobre Servicios que puedan interesarle.
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.
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
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.
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
These Terms of Service govern use of the OpenTrade Platform.
About us
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.
Contacting us. To contact us, email us at [email protected]. How to give us formal notice of any matter under the Contract is set out in section 15.2.
Our platform
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).
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).
Our contract with you
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.
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.
Licence to use the Platform
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).
You shall:
Third party services.
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.
Accessing the Platform
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).
Eligibility. You represent and warrant that:
Using the Platform
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.
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.
Fees and payment
In consideration of us providing the Platform, Borrowers must pay us the fees in accordance with the Master Loan Agreement (Platform Service Fee)
Intellectual property rights
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.
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.
Limitation of liability: YOUR ATTENTION IS PARTICULARLY DRAWN TO THIS SECTION.
Except as expressly and explicitly provided in this Contract:
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;
Indemnity
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.
Confidentiality
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.
We each may disclose the other's confidential information:
Termination, consequences of termination and survival
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:
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;
Events outside our control
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).
If an Event Outside Our Control takes place that affects the performance of our obligations under the Contract:
Communications between us
When we refer to "in writing" in these Terms, this includes email.
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.
General
Assignment and transfer.
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.
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.
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.
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).
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.
Language. These Terms and the Contract are made only in the English language.
Your copy. You should print off a copy of these Terms or save them to your computer for future reference.
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;
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
ensure that your network and systems comply with the relevant specifications provided by us from time to time.
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:
the proper provision of the Platform;
the purposes set out in our privacy policy available here to the extent the Licensee Data consists of any personal data.
the Purpose; and
all other purposes relevant to the proper exercise of our rights and obligations under this Contract.
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;
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;
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;
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;
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;
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;
you have established and will maintain anti-money laundering programs consistent with any and all Applicable Law;
you and all Authorized Users have appropriate training, knowledge, expertise and skill to make informed decisions regarding the Loans and trading Supported Digital Assets;
you shall at all times comply with these Terms when using the Service; and
you are a person falling within the following categories:
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));
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);
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);
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);
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
any other person who may lawfully view this website,
collectively, the Eligibility Requirements.
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.
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.
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.
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.
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).
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).
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.
Reversals. After a request for a Supported Digital Asset Transfer has been requested by you, we cannot reverse such Supported Digital Asset Transfer.
Authority. You acknowledge and agree that:
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;
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).
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.
Restrictions.
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:
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
attempt to de-compile, reverse compile, disassemble, scrape, reverse engineer or otherwise reduce to human-perceivable form all or any part of the Platform;
access all or any part of the Platform to build a product or service which competes with the Platform;
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
attempt to obtain, or assist third parties in obtaining, access to the Platform, other than as provided under these Terms.
You shall not use the Platform to:
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;
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;
Source code. You acknowledge that you have no right to have access the Platform in source code form.
Your obligations. You shall:
cooperate with us in all matters relating to the Platform;
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;
supervise and control use of the Platform and ensure they are used by your Authorised Users only in accordance with these Terms; and
fulfil your obligations pursuant to the Master Loan Agreement and, if applicable, any Platform Service Agreement; and
comply with all applicable technology control or export laws and regulations
we shall have no liability to you for any damage or loss:
arising out of or in connection with your use of Third Party Products whether in connection with the Platform or otherwise;
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;
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;
in relation to Supported Digital Asset Transfers sent to or received from an incorrect or mistaken party or sent or received with inaccurate instructions;
arising out of or in connection with the Master Loan Agreement or any Loan Confirmation;
arising out of or in connection with the operation of the Supported Blockchain Networks or your Supported Digital Wallet;
arising out of or in connection with a Fork or a Forking Response;
arising out of or in connection with User Platform Actions;
arising in connection with Downtime;
arising out of or in connection with Unauthorised Access;
arising out of or in connection with a Permitted Suspension;
arising out of or in connection with inaccurate Account Data;
arising out of or in connection with our termination of this Contract in accordance with its terms;
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
the Platform is provided to you on an "as is" basis.
Nothing in the Contract limits any liability which cannot legally be limited, including liability for:
death or personal injury caused by negligence; and
fraud or fraudulent misrepresentation.
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:
loss of profits;
loss of sales or business;
loss of agreements or contracts;
loss of anticipated savings;
loss of use or corruption of software, data or information;
loss of or damage to goodwill; and
any special, indirect or consequential loss costs, damages, charges or expenses however arising under this Contract.
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.
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.
This section 10 will survive termination of the Contract.
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
as may be required by law, a court of competent jurisdiction or any governmental or regulatory authority.
Each of us may only use the other's confidential information for the purpose of fulfilling our respective obligations under the Contract.
you cease to meet the Eligibility Requirements;
the Master Loan Agreement is terminated;
you fail to pay any amount due under the Contract on the due date for payment;
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;
you suspend, threaten to suspend, cease or threaten to cease to carry on all or a substantial part of your business; or
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.
Consequences of termination
On termination of the Contract you must cease using the Platform.
Termination of the Contract will not affect your or our rights and remedies that have accrued as at termination.
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.
we will contact you as soon as reasonably possible to notify you; and
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.
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.
if delivered personally, on signature of a delivery receipt or at the time the notice is left at the proper address;
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
if sent by email, at 9.00 am the next working day after transmission.
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.
The provisions of this section will not apply to the service of any proceedings or other documents in any legal action.
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.
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.
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.
Third party rights. The Contract is between you and us. No other person has any rights to enforce any of its terms.
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.
Defined terms. The following defined terms are used in these Terms:
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.
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.
Blockchain Networks means a distributed database or ledger comprised of "blocks" which record transactions and are securely linked using cryptography.
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.
Digital Wallet means a secure location, stored on a Blockchain Network, where a user keeps their public or private keys and passwords.
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.
Equivalent has the meaning as set out in the Master Loan Agreement.
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
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.
Platform Service Fee means the fee payable by the Borrower to us in accordance with the terms of the Master Loan Agreement.
Supported Blockchain Networks means the Blockchain networks that are supported by the Platform, as may be set out in the list available .
Supported Digital Assets means the Digital Assets that are supported by the Platform, as may be set out in the list available .
Supported Digital Wallets means a Digital Wallets that are supported by the Platform, as may be set out in the list available .
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.
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.
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.
use the Platform to store, access, publish, disseminate, distribute or transmit any material which:
is unlawful, harmful, threatening, defamatory, obscene, infringing, harassing or racially or ethnically offensive;
facilitates illegal activity (including, but not limited to, money laundering, fraud and terrorist financing);
depicts sexually explicit images;
promotes unlawful violence;
is discriminatory based on race, gender, colour, religious belief, sexual orientation, disability; or
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.
Learn more about Vault Tokens and their role in OpenTrade's Treasury Management & Yield Product.
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.
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.
More detail on the bankruptcy remote structure behind OpenTrade products.
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.
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).
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 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.
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.