Basket Terms and Conditions

This document governs the terms and conditions for contracting Criptan’s crypto-index services (hereinafter, the “Baskets” or the “Basket“) through Criptan’s web and mobile application (hereinafter, collectively the “Platforms”).

Please read these Terms of Engagement (the “Terms of Engagement” or the “Terms“) carefully before making any purchase or using any service. In this regard, you agree to be bound by these Terms of Engagement and should not purchase any services on the Platforms if you do not agree to all of the Terms of Engagement.

These Terms and Conditions establish the relationship between you (hereinafter, the “User” or the “Customer“) and Criptan.

Both parties may hereinafter be referred to individually as the “Party” and jointly as the “Parties“.

The language in which the contracting procedure shall be carried out and in which these Conditions of Contract shall be formalized shall be, unless otherwise indicated, Spanish.

1. Identification
In compliance with the duty of information contained in Article 10 of Law 34/2002, of July 11, of Services of the Information Society and Electronic Commerce, the following data of the owner are reflected below:

– Name: CRIPTAN TRADE S.L. (“CRIPTAN“)
– TAX IDENTIFICATION NUMBER: B98992738
– Registered office: C/ Almirante Cadarso 26 46005 – (Valencia)
– E-mail: [email protected]
– Registration Data: Commercial Registry of Valencia, Volume 10523, Book 7804, Folio 110, Section 8, Page V-182811.

2. Purpose.
These Terms and Conditions are intended to regulate the legal relationship between Criptan and the User in respect of the Baskets services, a service consisting of a grouping of cryptocurrencies within a single Basket. The Baskets offer a way to diversify the User’s crypto wallet without increasing risk exposure, reducing volatility and making the management of a group of cryptocurrencies more predictable compared to individual assets. The services offered through the Baskets are not considered an investment tool, the mechanics of said services being based on rebalancing and the collection of the corresponding fees.

3. Mechanics of the service
In order to access the Baskets services, the User must be registered as a Criptan user and have accepted the Terms and Conditions of Use;

Likewise, the User through the access to the Platforms will be able to access the Basket Conditions through the channels enabled for this purpose;

If the User agrees with the Conditions set out in the previous section, he/she will have access to invest in predefined Baskets available on the Platform;

The User also has the option to design his own Basket, choosing himself the weight of each cryptocurrency he chooses in the Basket. It will not be possible to choose more cryptocurrencies than those indicated in the interface;

The shares of the Basket may be purchased by the User in usdc or euros, being the currency of denomination of the Basket the one chosen. This will affect the moment when the User wants to sell the Basket, as the shares will be sold against the currency in which the purchase was initially made, either usdc or euros;

The value of the units of the Baskets will be indicated in the application before the purchase, and its value will fluctuate according to the value of the underlying. In case the User subsequently wants to buy more shares of an existing Basket, the shares will have the value of the underlying at that time. For the acquisition of new units by the User, Criptan shall apply a price differential to the quotation of the underlyings backing the units being acquired;

If the Client has chosen to create his own Basket, at the moment of the creation, the Client will choose the assets that form it and will establish the initial percentages of weight that he wants each cryptocurrency to have in the Basket and will also indicate if he wants the Basket to be subject to weekly rebalancing. If you agree with the rebalancing, the Basket will undergo a weekly readjustment of the weight of the cryptocurrencies it is formed by, returning to the initial percentages. This rebalancing of the Baskets will be done every Monday at the same time and automatically.

Once the configuration of the Basket has been completed, Criptan shall provide the User with an informative summary of the operation to be carried out, indicating at what price each asset participating in the Basket is “quoted” or “sold”. With this information the User has a stipulated period of time in which he/she must express his/her agreement to the transaction or, if he/she does not agree, he/she must request a new quotation;

Criptan will charge a commission for the maintenance of the Baskets on the first (1st) day of each month starting from the second month and charging only for the holding of the Baskets for full months. That is to say, if the User has a Basket at the beginning of the month and still has it open at the end of the month, Criptan will charge a commission according to what is established in the table of prices and commissions found in the section “Costs and limits” of this link. This commission will be charged in the currency of denomination of the Basket, i.e. usdc or euro, with the commissions accumulating in the Basket;

Exceptionally to the above, and for management reasons, at the end of each calendar year, Criptan will collect the commissions pending payment of the Baskets on the last business day of the year;

The User who invests in a Basket acquires shares of the Basket, without being in any case holder of the underlying of this one. The corresponding tax for which the User has to pay will accrue at the moment in which the User disposes of the shares of the Basket.

For the refund by Criptan to the User of the corresponding amounts, the User shall sell, part or all, the units of his Basket, he may do so at any time and immediately. In this case, Criptan shall apply a price differential to the quotation of the underlying assets backing the units being sold and, consequently, to the units;

The amounts to be refunded will be returned to the User in usdc or euros.

Should it eventually happen that the backup or support given by Criptan to a specific cryptocurrency is interrupted for reasons external to Criptan, all Users in possession of such cryptocurrency in a Basket will experience an automatic exchange of such cryptocurrency. In this process, the affected cryptocurrency will be replaced by USDC or Euros, depending on the currency of denomination associated with the corresponding Basket. The weighting occupied by the affected cryptocurrency in the Basket will become the weight occupied by the usdc or euros for which it was exchanged from now on.

4. Duration
The User shall become a beneficiary of the service once he/she accepts these Conditions and purchases a Shopping Cart in the Criptan Application.

These Conditions shall be tacitly renewed as long as neither of the parties indicates, through the channels provided for this purpose, its will to terminate.

For the above purposes, it will be sufficient for the User to withdraw all the funds deposited through the corresponding buttons on the platform in order for the User to be notified of his/her intention not to renew.

The User will be able to dispose of his money represented in the Basket by the cryptocurrencies of which it is composed, whenever he wants without prior notice. In order to do so, the User shall sell his shares in the Basket and may do so at any time he wants. Therefore, the contractual relationship, between Criptan and the User with respect to the Baskets or crypto-indices, will last as long as the User’s Basket participations in his Basket Wallet last, terminating the relationship at the moment he gets rid of all of them.

In the event that the accumulated commissions, pending collection by Criptan, reach or even exceed the value of the Basket, Criptan shall be entitled to impose the sale of the Basket in question. The contractual relationship shall also be terminated if the sale of all the units of the Basket is imposed.

5. Obligations of the User
The User undertakes to comply with the following obligations:

– To have registered as a user of Criptan and to have accepted the General Terms and Conditions;
– To purchase the Basket(s) you wish;
– To provide Criptan with any relevant information;
– To accept and comply with all the terms of this Agreement; and
– To act always in good faith.

6. Rebalancing.
Provided that the User has configured their Basket accordingly, the User’s Basket will undergo a weekly rebalancing, resulting in an automated change in the cryptocurrencies that make up the Basket or in the weighting of each cryptocurrency. The rebalancing will be calculated based on the price reached by the Basket at the date and time indicated in the application, which may vary for reasons of technological efficiency.

Criptan shall ensure that rebalancing is performed correctly, affecting the amount represented in the Baskets.

The following paragraphs detail an approximation of the calculation procedure followed by Criptan to ensure rebalancing. However, as rebalancing is a weekly calculation process, both maintenance and rebalancing fees may be affected. For current fee information, please refer to the pricing and commissions table in the “Costs and Limits” section of this link, in case the link does not indicate any fees, these will be equal to 0 at that time.

At the date and time indicated in the application, the price of all the assets that make up the Basket is taken as a reference and the necessary calculations are made to find out how many tokens of each asset must support each participation in order to return to the initial investment conditions in the Basket. As a result of the above operations, it will be necessary to sell and/or buy some or other assets in order to reindex the Basket.

Once the above process has been carried out, the value of the assets sold in the currency of denomination of the Basket will be calculated and the rebalancing rate will be applied, which will be indicated in the application. This percentage will be accumulated with the balance of the rest of the fees pending payment to the User for each rebalancing it has undergone, plus those of maintenance of the Basket. These amounts will be paid to the User when the User sells shares.

6.1. Rebalancing Exceptions
There are two situations in which Criptan will not rebalance the Basket:
1. If the Basket has a very low value, such that the transactions required for rebalancing are negligible. The minimum value required to proceed with rebalancing is 10 USDC.
2. If the weighting of one of the assets in the Basket has decreased significantly, to a point where its value is 100 or more times lower than the desired weighting, which could result in a disproportionate redistribution of the remaining funds towards an asset considered toxic.

7. Declarations of the User
The User declares and guarantees that the investment made in the Cryptan Application Baskets is made with resources owned by the User or has the relevant authorization to carry out this type of operations using such cryptoassets, without any limitation, restriction, debt or encumbrance;

The User declares that he/she accesses the services of the Baskets on his/her own account and for his/her own benefit, not as a representative or agent;

By accepting these Terms and Conditions, the User expressly declares that he/she complies with the terms set forth herein, without prejudice to Criptan’s right to suspend the services of the Baskets for the User in the event that it is subsequently found that the User did not comply with or no longer complies with any of the conditions set forth herein.

8. Criptan Card
The user will not be able to use the balance deposited in his Cart to make purchases with the Criptan Card because the operations with the Criptan Card will not be linked to the Cart.

9. Force majeure
Criptan, under art. 1105 of the Civil Code, is exempt from any delay or breach of this Agreement to the extent that such delay or breach is caused by an act of God or any other unforeseeable cause or, if it could have been foreseen, is unavoidable, being of external origin and beyond its reasonable control and its diligence guided by good faith. Any delay or breach that falls within these cases of external origin shall suspend Criptan’s obligations to comply with this Agreement until the cause of the delay or breach is eliminated. It should be noted that these are exceptional circumstances, the occurrence of which is improbable. By way of example, it is worth mentioning the following:

– Strikes, lockouts or other industrial action;
– Civil commotion, riot, invasion, terrorist threat or attack, war(declared or undeclared) Threat or preparations for war;
– Fire, explosion, storm, flood, earthquake, subsidence, epidemic, pandemic or any other natural disaster;
– Inability to use public or private telecommunications systems, e.g. Ethereum network outage or failure.
– Acts, decrees, legislation, regulations or restrictions of any government or public authority.

10. Data Protection
In accordance with the provisions of the General Regulation on the Protection of Personal Data and other applicable regulations on the subject, Criptan informs Users that the personal data provided through the Platforms or by sending emails, will be treated by Criptan as responsible for treatment with respect to the provisions of the Privacy Policy Criptan.

Likewise, Criptan informs the User that the purchase or sale of bitcoins and other cryptoassets may be recorded on a Blockchain or public blockchain.Public blockchains operate as ledgers, intended to immutably record transactions on networks of computer systems.Many of these public blockchains allow forensic analysis that can lead to de-anonymization and inadvertent disclosure of private financial information, especially when blockchain data is combined with other data.

Since blockchains are decentralized or third-party networks that are not controlled or operated by Criptan, Criptan will not be able to delete, modify or alter, if any, personal data hosted on such networks.

11. Applicable law and competent court
The transaction is understood to have been made in Spanish territory, so that for any interpretative or litigious issues that may arise, Spanish law shall apply.

In case of dispute, for customers operating outside the framework of their professional or business activity, both parties agree to submit to the jurisdiction of the Courts and Tribunals of the User’s domicile, waiving any other jurisdiction that may correspond to them.

In case of controversy, for customers operating within the framework of their professional or business activity, both parties agree to submit to the jurisdiction of the Courts and Tribunals of Valencia, waiving any other jurisdiction that may correspond to them.

Finally, we remind customers that, in the event that they wish to file a complaint due to any incident in the contractual relationship, they can file the appropriate complaint by filling out the following electronic form.

12. Application of the Terms and Conditions.
For those aspects not covered by these General Conditions, the provisions set out in the Términos y Condiciones.