ZIPUP TERMS AND CONDITIONS – GLOBAL

Effective: 26 March 2021

These terms and conditions (“ZipUp T&Cs” or ” Agreement“) constitute a legally binding agreement between you and Zipmex (Pte. Ltd.) (” Zipmex“, ” we“, ” us“, ” our“), a company incorporated in Singapore, which governs your use of ZipUp, a feature within the Zipmex Wallet App (” Wallet App“). Your “Zipmex Account” is the account with us in which you may transfer qualifying Digital Assets to earn interest as described in the “TRANSFER” section below.

References shall be made to the Zipmex T&Cs, unless otherwise stated, defined terms used in these ZipUp T&Cs shall have the same meanings given to them in the Zipmex T&Cs.

Disclosure of Risks

You understand, acknowledge and agree that:

  1. YOU ACCEPT THE RISK OF LOSS ASSOCIATED WITH THE LOSS OF YOUR DIGITAL ASSETS AS A RESULT OF THEIR TRANSFER TO OR FROM, HOLDING, PLACEMENT OR STORAGE WITH, OR USE BY ZIPMEX, UP TO AND INCLUDING THE TOTAL AMOUNT OF DIGITAL ASSETS THAT YOU SUBSCRIBE TO VIA ZIPUP;
  2. ZIPMEX IS NOT A BANK OR DEPOSIT-TAKING INSTITUTION AND ZIPUP IS NOT A DEPOSIT, CHECKING OR SAVINGS ACCOUNT OR SERVICE;
  3. DIGITAL ASSETS THAT YOU SUBSCRIBE TO ZIPUP ARE NOT SUBJECT TO ANY REGULATORY OR CONSUMER PROTECTION SCHEME OR ARRANGEMENT FOR PROTECTION AGAINST LOSSES, INCLUDING BUT NOT LIMITED TO THE SINGAPORE DEPOSIT INSURANCE SCHEME. THERE MAY BE PARTIAL OR TOTAL LOSS OF YOUR DIGITAL ASSETS ARISING FROM THE TRANSFER TO OR FROM, HOLDING, PLACEMENT OR STORAGE WITH, OR USE OF YOUR DIGITAL ASSETS WITH ZIPMEX. FOR EXAMPLE, WITHOUT LIMITATION, A LOSS MAY INCUR IN THE EVENT OF ZIPMEX’S DEFAULT PARTIALLY OR ENTIRELY, OR WHEN DIGITAL ASSETS ARE COMPROMISED AS A RESULT OF TECHNOLOGICAL FAULTS OR A CYBER ATTACK ON ZIPMEX; 
  4. ZIPMEX DOES NOT ACT AS YOUR TRUSTEE OR INVESTMENT ADVISER AND NO FIDUCIARY RELATIONSHIP EXISTS BETWEEN US, WE HAVE NO TRUST OR OTHER OBLIGATIONS IN RESPECT OF YOUR DIGITAL ASSETS OTHER THAN THOSE EXPRESSLY SPECIFIED IN THESE ZIPUP T&CS; AND
  5. ZIPMEX RESERVES THE SOLE DISCRETION AND RIGHT TO HOLD ON ANY INTEREST OR REWARD DISTRIBUTION IF ANY TERMS IN THIS T&CS OR ZIPMEX T&CS ARE BREACHED. 

You are only eligible to enter into this Agreement and use ZipUp if you are an approved user of Zipmex who has completed the registration process, received an approval email from us and agreed to the Zipmex T&Cs. 

By entering into this Agreement, you acknowledge and confirm that you satisfy all the conditions set out above (” Eligible User“). If we later become aware that you are not an Eligible User (“Ineligible User“), we may delete your ZipUp Account immediately and ban you from using any of our or our Affiliates’ products or services. Zipmex shall not be held liable for any legal or monetary consequences arising from the use of ZipUp or our services and products by an Ineligible User. Any Ineligible User shall indemnify and hold harmless Zipmex and its Affiliates from any legal or monetary consequences arising from such use.

ZIPMEX EARN PLANS

Zipmex offers flexible Earn Plans for different digital assets. ZipLock is a Fixed Earn Plan and ZipUp is a Flexi Earn Plan. Each Earn Plan you establish will be separate. In that way, the interest calculation for each of these Earn Plans will be done separately based on the cryptocurrency in the specific Earn Plan. Additionally, if you stake ZMT, you may enjoy a more favorable interest rate for your Earn Plan.

You are allowed to have multiple active Earn Plans at a given time provided that the total Principal (as defined below) for all of your Earn Plans shall not exceed the maximum Principal limit as displayed on the Wallet App. We may change this maximum Principal limit at any time by disclosing such change and the new limit in your Wallet App. 

TRANSFER

You may transfer any digital assets supported by ZipUp (as displayed on the Wallet App and as may be revised from time to time) from the relevant wallet in your Wallet App to your ZipUp Account as principal (the “Principal“) to earn interest.

You understand and agree that during the term of your holding, Zipmex may hold or convert the Principal into other cryptocurrencies for our investment purposes, which may include the making of loans to other Zipmex customers. Those investments by Zipmex are made in the name of Zipmex only and you will have no benefits or liabilities from such investments.

INTEREST AND RELATED TERMS

Interest Accrual. The Principal will start accruing interest 48 hours after you establish the Earn Plan and fund the Earn Plan with Digital Assets from the relevant wallet in your Wallet App. Interest will be compounded and calculated using the APY method. Accrued interest will be paid in the same Digital Assets as the Principal and credited to the relevant wallet in your Wallet App. If we do change any interest rates, we will notify you via email of such changes reasonably in advance of implementing them.

Timezone. Zipmex will be using Universal Coordinated Time (UTC) as the reference time to calculate all transfers, withdrawals and interest. Zipmex will endeavour to airdrop any amounts at or about 15:00 UTC daily.

Cap on Rewards. There may be campaigns organised from time to time where Zipmex will distribute additional rewards in addition to the interest on ZipUp Earn Plans. There may be a cap specified for these rewards and these rewards will be distributed while stocks last and at the sole discretion of Zipmex. 

Interest Rate. A variable rate of interest applies to ZipUp Earn Plans, so your interest rate may change. For the interest rate applicable to the ZipUp Earn Plan, please refer to the details of the ZipUp Earn Plan set out in the Wallet App. We may change the interest rate on your ZipUp Earn Plan at any time in our discretion. If we do change the interest rate, we will notify you via email of such new interest rate reasonably in advance of implementing the new rate.

Withdrawals. You may withdraw Principal from your ZipUp Earn Plan at any time by making a transfer to your wallet using the Wallet App. If you intend to withdraw funds, you may refer to any associated withdrawal fees at: https://zipmex.com/fee-schedule/.

OUR RIGHTS

We expressly reserve the right to and at any time, without liability to you to:

  1. refuse your request to open a ZipUp Account;
  2. change the eligibility criteria for registration or use of ZipUp at any time;
  3. close, suspend, limit, restrict or terminate your access to ZipUp; or
  4. change, update, remove, cancel, suspend, disable or discontinue any features, component, content, incentive or referral plan of ZipUp; provided, however, that we may not change the interest rate, maturity date or any other terms that impact your interest earnings during the current term of any Earn Plan you have.

TAXES

You are responsible for your own tax obligation regarding your use of ZipUp. It is your responsibility to determine what kind of filing or reporting is required of you by the competent tax authority, which taxes and to what extent you are obliged to pay and which tax exemptions you are eligible to. Zipmex shall not be required to compensate you for your tax obligation or advise you in relation to your tax issues. Notwithstanding the foregoing, Zipmex will make any tax withholdings or filings that we are required to make by law.

RESTRICTED ACTIVITIES

You shall use ZipUp and our services in good faith. Without limiting the foregoing, you agree that you shall not: (i) violate or breach any terms in these ZipUp T&Cs, Privacy Notice or Cookies Policy or any applicable laws and regulations in any jurisdiction; (ii) provide false, inaccurate, incomplete, out-of-date or misleading information; (iii) commit, conduct or perform any misrepresentation, fraud, malicious act or criminal activities; (iv) interfere, intercept, or expropriate our network, system, data, or information; (v) transmit or upload any virus, or other malicious software or program; (vi) attempt to gain unauthorized access to other users’ accounts, website, network or systems relating to our services; (vii) decompile, reverse engineer or disassemble the ZipUp or any of our programme, system or product, or in any way infringe our intellectual properties rights; (viii) cause or launch any programs or scripts for the purpose of scraping, indexing, surveying, or otherwise data mining any portion of the ZipUp or any of our programme, system or product; or unduly burdening or hindering the operation and/or functionality of any aspect of ZipUp.

RISK DISCLOSURE

Legal and Regulatory: The regulatory status of Digital Assets is currently unsettled, varies among jurisdictions and subject to significant uncertainty. It is possible that in the future, certain laws, regulations, policies or rules relating to Digital Assets, blockchain technology, or blockchain applications may be implemented, which would directly or indirectly affect or restrict the services we provide to you.

YOU ARE RESPONSIBLE FOR DETERMINING WHETHER THE USE OF ZIPUP OR ANY OF OUR SERVICES IS LEGAL IN YOUR JURISDICTION AND YOU SHALL NOT USE ZIPUP OR ANY OF OUR SERVICES SHOULD SUCH USE BE ILLEGAL IN YOUR JURISDICTION. IF YOU ARE UNCERTAIN, PLEASE SEEK INDEPENDENT LEGAL ADVICE.

We may be forced to suspend or discontinue or to change aspects of ZipUp or any of our services in any jurisdictions if demanded by the regulators without notice and for whatever reason. In such instance, Digital Assets in your ZipUp Account may be frozen for an indefinite period of time until the matter is resolved.

Theft, Hacking and Cyber Attack: Digital Assets may be subject to expropriation, theft and/or fraud; hackers or other malicious groups or organizations may attempt to interfere with our system/network in various ways, including malware attacks, denial of service attacks, consensus-based attacks, Sybil attacks, smurfing, and spoofing which may result in the loss of your Digital Assets, or the loss of your ability to access or control your Digital Assets. In such event, there may be no remedy, and holders of Digital Assets are not guaranteed any remedy, refund, or compensation.

Source Code Weakness: There is a risk that the Wallet App or any of our products may unintentionally include weaknesses or bugs in the source code which may adversely affect ZipUp.

Tax: The uncertainty in tax legislation relating to Digital Assets may expose you to any currently unknown or future tax consequences, associated with your holding of Digital Assets and the use of our service.

Insurance: The Digital Assets held in your account including your ZipUp are not protected by any government-backed insurance scheme.

Force Majeure: Zipmex shall not be liable for any delay, error, interruption or failure to perform any obligation under this ZipUp T&Cs where the delay or failure is directly or indirectly resulting from any cause beyond our control, including but not limited to (i) acts of God, nature, court or government; (ii) failure or interruption in public or private telecommunication networks, communication channels or information systems; (iii) acts or omissions of acts of a party for whom we are not responsible; (iv) delay, failure or interruption in, or unavailability of, third party services and sites; (v) strikes, lockouts, labour disputes, wars, terrorist acts and riots; and (vi) viruses, malwares, other malicious computer codes or the hacking of any part of the Zipmex Wallet App Services or ZipUp.

You understand and agree that you use the Wallet App and ZipUp at your own risk. This section is not exhaustive and does not disclose all the risks associated with Digital Assets and the use of our services. You should, therefore, carefully consider whether such use is suitable for you in light of your circumstances and financial resources.

LIMITATION OF LIABILITY

NOTWITHSTANDING ANY PROVISIONS IN THESE ZipUp T&CS, IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER FOR ANY TYPE OF INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, INDIRECT OR CONSEQUENTIAL DAMAGES, INCLUDING, BUT NOT LIMITED TO, LOST REVENUE, LOST PROFITS, REPLACEMENT GOODS, LOSS OF TECHNOLOGY, LOSS OF DATA, OR INTERRUPTION OR LOSS OF USE OF SERVICES OR EQUIPMENT, EVEN IF SUCH PARTY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND WHETHER ARISING UNDER THEORY OF CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.

Except as expressly provided in these ZipUp T&Cs, to the extent permitted by law, we disclaim all other representations or warranties, express or implied, made to you, your affiliates or any other person, including without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (regardless of any course of dealing, custom or usage of trade) of any service or any goods provided incidental to the Wallet App Services provided under these ZipUp T&Cs.

Our liability in respect of representations and warranties that cannot be excluded under these ZipUp T&Cs, at our option, is limited to any one of re-supplying, replacing or repairing, or paying the cost of the re-supplying, replacement or repairing, or paying the cost of supplying again the services in respect of which the breach occurred.

IN NO EVENT WILL OUR AGGREGATE LIABILITY FOR ANY LOSS OR DAMAGE ARISING IN CONNECTION WITH ZIPUP EXCLUDING THE FEES YOU PAID US FOR YOUR USE OF THE SERVICE DURING THE 12 MONTH PERIOD IMMEDIATELY PRECLUDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY. THE FOREGOING LIMITATIONS OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.

INDEMNIFICATION

You will defend, indemnify, and hold harmless Zipmex, its Affiliate, each of their respective employees, officers, directors, and representatives from and against any claims, damages, losses, liabilities, costs, and expenses (including reasonable legal fees) arising out of or relating to any third-party claim concerning these ZipUp T&Cs or your use of ZipUp or any of our services in violation to these ZipUp T&Cs or any laws and regulations.

TERMINATION, SUSPENSION OR CLOSURE

This Agreement will be terminated immediately by closing of your ZipUp Account and discontinuing use of ZipUp. The termination of this Agreement shall not prevent any Party from seeking any remedies against any other Party for any breach of this Agreement occurring prior to such termination.

If you have remaining balance in your ZipUp Account which has been suspended or closed, you are entitled to recover such balance in accordance with the Wallet App T&Cs, unless we are prohibited by law or a court order to release such assets or where we have reasonable grounds to suspect that such assets were obtained through fraud or any unlawful means or connected with any criminal activities. If you have any questions about or face any problems as a result of this Section, please contact us at https://zipmex.com/contact-us/.

GOVERNING LAW AND ARBITRATION

You agree that these T&Cs and any claim or dispute arising out of or in connection with the subject matter of these T&Cs are governed by the laws of Singapore, without regard to principles of conflict of laws.

You agree to submit to the personal and exclusive jurisdiction and venue of Singapore to determine any dispute or claim arising out of or in connection with ZipUp, our products and services or these T&Cs or their subject matter, existence, negotiation, validity, termination or enforceability (including any non-contractual dispute or claim).  You hereby irrevocably waive any and all rights to trial by jury with respect to any dispute or proceeding arising out of these T&Cs.

You agree that regardless of any statute, regulation or law to the contrary, to the fullest extent permitted by applicable law, any claim or cause of action that you bring arising out of these T&Cs must be filed within one (1) year after such claim or cause of action arose or be forever barred.

GENERAL

Notice: Any notice required or made under these ZipUp T&Cs by us to you may be provided through: (i) posting a notice on our Site or Wallet App; or (ii) sending an email to your registered email address. Notices provided through posting on our website or app shall become effective upon posting; and (iii) notices we sent by email shall become effective upon sending the email.

Any notice required or made under these ZipUp T&Cs by you to us shall only be made through email at [email protected] in English language.

Entire Agreement: This Agreement (together with the Privacy Notice and Cookie Policy) represents the entire agreement between you and us in relation to the use of the services provided by ZipUp. This Agreement supersedes all prior representations, understandings, agreements, or communications between you and us, whether written or verbal, including any statements published in our whitepaper, regarding the ZipUp platform.

Your use of other features of the Wallet App shall be governed by the Wallet App T&Cs.

Severability: The invalidity of the whole or part of any provision of these ZipUp T&Cs shall not affect the validity of the whole or part of any other provision of this Agreement, the remaining portions of these ZipUp T&Cs shall remain in full force and effect.

Waiver: The failure by us to exercise or enforce any right or provision of these ZipUp T&Cs shall not constitute a present or future waiver of such right or provision.

Amendments: These ZipUp T&Cs (including fees and charges) may be updated or amended from time to time. We will post any such updates on https://zipmex.com/earn/ . Such updated terms as posted will take effect immediately unless otherwise indicated. You should regularly check https://zipmex.com/earn/ to inform yourself of any such changes. By continuing to use ZipUp after any such changes have taken effect, you are indicating your acceptance of the updated or amended ZipUp T&Cs. If you do not wish to be bound by any changes or amendments to the ZipUp T&Cs, you should stop using ZipUp immediately.

Relationship: By providing the ZipUp service to you does not make us your trustee or investment adviser and no fiduciary relationship exist between us. We have no trust or other obligations in respect of your crypto assets other than those expressly specified in these ZipUp T&Cs.

Third Parties Rights: Other than the Affiliates of Zipmex, a person who is not a party to this Agreement shall have no right under this Agreement.

Transfer and Assignment: You shall not assign, delegate or transfer any rights or obligations under this Agreement, without our prior written consent. Any such assignment, delegation or transfer made without our consent shall be void and invalid. Notwithstanding the foregoing, we reserve the right to assign, delegate or transfer this Agreement and the rights and obligations hereunder to any third party at any time without your notice or consent.

Conflicts: In the event that there are conflicts between these ZipUp T&Cs and the Wallet App T&Cs on aspects relating to ZipUp, these T&Cs shall prevail; on aspects relating to the application of the Wallet App, the Wallet App T&Cs shall prevail.