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SPECIFIC TERMS AND CONDITIONS OF THE "GOIN EARN" SERVICE
December 5th, 2024

1. INTRODUCTION AND PURPOSE

These specific terms and conditions (hereinafter, the "Earn Terms") regulate the access, use, and operation of the "Goin Earn" service within the mobile application managed by Prakma Innovation SL (hereinafter, "Goin" or "We").

These Earn Terms constitute an inseparable annex to the General Terms and Conditions of Use of Goin. By activating the "Earn" functionality, the User (hereinafter, "You" or the "User") expressly agrees to be bound by this document and acknowledges having read and understood the associated risks.

Suitability Assessment (MiCA): Access to the Goin Earn service may be conditional upon performing knowledge assessments and suitability tests in accordance with the MiCA regulation. If the User does not pass these tests or does not provide the required information, Goin may limit access to the service or display reinforced risk warnings that must be expressly accepted before operating.

2. DESCRIPTION AND MODALITIES OF THE SERVICE

The "Goin Earn" service allows the User to obtain yields on their assets through two main modalities. The User accepts that it is their responsibility to verify in the App which modality applies to each asset before investing.

  • 2.1. Modality A: Staking (Network Participation)
    • Definition: Consists of locking crypto-assets in blockchain networks that use the "Proof-of-Stake" consensus mechanism to validate transactions.
    • Source of Yield: Rewards come directly from the network protocol (as an incentive for contributing to security) and not from Goin.
    • Role: Goin technically facilitates the delegation of the User’s assets to validators managed by the Provider.
  • 2.2. Modality B: Lending (Asset Lending)
    • Definition: Consists of temporarily lending crypto-assets to third parties to generate liquidity.
    • Source of Yield: Interest is paid by institutional borrowers or credit partners selected by the Provider.
    • Mechanism: The User authorizes their assets to be lent to these third parties in exchange for a variable interest rate.

3. NATURE OF THE SERVICE AND THIRD-PARTY PROVIDERS

  • 3.1. Intermediation and Mandate: The User acknowledges and accepts that, for the provision of the Goin Earn service, Goin acts solely as a technological interface and agent (mandatario) of the User. Goin does not operate as a bank, investment fund, or direct executor of staking or lending.
  • 3.2. Selection of Providers and Partners: Underlying services are provided by specialized external providers (hereinafter, the "Provider").
    • Current Provider: As of the date of these Terms, the primary custody Provider is Bitstamp Limited (and its affiliated entities).
    • Lending Partners: Specifically for the Lending service, the User acknowledges that the Provider collaborates with external regulated lending partners (hereinafter, "Lending Partners"). By using the service, the User accepts and authorizes that portfolio management, risk analysis, and final selection of borrowers be performed by these Lending Partners according to their risk policies.
    • Change of Provider: Goin reserves the right to hire, substitute, or add new Providers at any time and without prior notice.
  • 3.3. Management Instruction: By allocating funds to Goin Earn, You irrevocably order and instruct Goin to convert your funds into the corresponding crypto-assets and transfer them to the wallets, omnibus accounts, or smart contracts managed by the current Provider.
  • 3.4. Omnibus Accounts and Segregation: The User expressly consents to their crypto-assets being held by the Provider in global or "omnibus" accounts, commingled with the assets of other clients. This could make the individual identification of assets difficult in the event of the Provider's insolvency and potentially affect the ability to recover funds.
  • 3.5. Subjection to Third-Party Terms: The technical operation of the service is subject to the Provider's Terms and Conditions. In case of operational discrepancy, the Provider's rules shall prevail. You can consult the Bitstamp Earn terms here: https://www.bitstamp.net/legal/earn-terms/

4. RISK WARNINGS (MiCA COMPLIANCE)

In accordance with Regulation (EU) 2023/1114 (MiCA), the User declares to know and accept the following essential risks:

  • A. NOT A BANK DEPOSIT: Assets in Earn are not covered by the Deposit Guarantee Fund (FGD) or the Investment Guarantee Fund (FOGAIN).
  • B. CURRENCY RISK: Most crypto-assets are priced against the US Dollar (USD). Since your Goin account is in Euros (EUR), your investment is exposed to the fluctuation of the EUR/USD pair. If the Euro appreciates against the Dollar, the final value of your withdrawal in Euros may be lower than the initial capital.
  • C. RISK OF TOTAL LOSS: The value of crypto-assets is volatile. You could lose part or all of your investment due to market movements.
  • D. TECHNOLOGICAL RISK (SLASHING): In Staking services, blockchain network failures may result in penalties ("Slashing") that reduce the principal of the investment. Goin is not responsible for these losses.
  • E. COUNTERPARTY RISK AND COLLATERAL MANAGEMENT: In Lending services, User assets are exposed to the insolvency risk of institutional borrowers.
    • Tier System: Lending Partners classify borrowers into risk tiers. The User accepts that their assets may be lent to high-rated institutions (Upper Tiers) which are not required to provide 100% collateral (under-collateralized loans).
    • Consequence: In the event of a systemic default combined with a market crash, the liquidated collateral might not cover the full amount of the loan, with the User assuming the resulting loss.

RISK CLASSIFICATION: The Goin Earn service is considered High Risk, as it involves volatile assets, counterparty risk, and currency risk.

5. OPERATIONS, CONVERSION, AND WAITING TIMES

  • 5.1. Operational Chain: The Earn service involves a complex operational sequence: (1) Conversion of Euros to Crypto-assets, (2) Transfer to the Blockchain, (3) Network confirmation, and (4) Deposit with the Provider.
  • 5.2. No Immediacy ("Best Effort"): Due to the nature of the Blockchain:
    • The start of reward generation is not immediate.
    • Goin commits to processing orders as quickly as possible (best effort) but does not guarantee a specific execution time.
  • 5.3. Currency Conversion and Return Value: Conversions are performed at the market price prevailing at the precise moment of execution. The final amount in Euros will depend on the exchange rate at the time of sale/withdrawal.
  • 5.4. Transfer of Custody and Third-Party Risk: The User expressly understands and accepts that, by instructing a lending operation, their assets leave the custody of the primary Provider (Bitstamp) and pass to the control of the Lending Partners and the final borrowers. During the loan term, the assets are outside the direct control and custodial responsibility of Goin and its primary Provider, remaining subject to the credit risk of said third parties.

6. REWARDS AND COMMISSIONS

  • 6.1. Daily Accrual: Unless the protocol states otherwise, rewards are calculated daily. However, accrual only begins once the assets have been settled and confirmed at the destination.
  • 6.2. Net Rate and Spread:
    • Visualization: The yield percentage (APY) shown in the App is the Net Rate.
    • Differential: The User accepts that Goin obtains its remuneration through a spread (Provider's gross rate minus management margin). All Goin commissions are already deducted from the displayed APY.
    • Warning: The displayed yield (APY) is an estimate based on market conditions and does not constitute a guarantee.
  • 6.3. Operational Commissions and Network Costs: The User accepts that Goin may apply specific commissions for the execution of operations, which will be added to or deducted from the amount invested or withdrawn:
    • a) Entry and Exit Fees: Commissions applicable at the time of the initial conversion (Euro to Crypto) and final conversion (Crypto to Euro).
    • b) Network Costs (Gas Fees): Variable costs derived from the use of the blockchain necessary to process the deposit or withdrawal.
    • Transparency: The exact amount or percentage of these commissions and costs will appear broken down on the summary screen before confirming the operation.
  • 6.4. Conflicts of Interest: Goin may receive compensation or operational benefits derived from its commercial relationship with the Provider, maintaining policies to ensure these do not affect the quality of the service.
  • 6.5. Waiver of Ancillary Rights (Forks and Airdrops): The User accepts that, by allocating assets to Earn, they waive any rights to new tokens derived from network forks (Hard Forks) or free distributions (Airdrops). Such rights will remain with the Provider or the borrower, or will be lost.

7. AVAILABILITY AND WITHDRAWALS

  • 7.1. Flexible Earn: Allows requesting a withdrawal at any time, subject to processing times.
  • 7.2. Locking Periods (Bonding): If the User chooses a product with a lock-up period, they accept that they will not be able to access their money until said period ends.
  • 7.3. Absence of Liquidity Guarantee: The effective availability of funds depends on the Provider's liquidity and the status of the blockchain protocol. Goin does not guarantee the immediate availability of the requested withdrawal.

8. TAXATION

The User is solely responsible for declaring and paying taxes derived from the gains obtained. Goin does not act as a tax advisor.

9. RIGHT OF WITHDRAWAL (CANCELLATION)

In accordance with Consumer and MiCA regulations, as these are financial services whose price depends on market fluctuations, the User lacks the right of withdrawal once the investment order has been executed.

10. MODIFICATIONS AND LIMITATION OF LIABILITY

  • 10.1. Regulatory Changes and Suspension: Goin may modify, limit, or suspend the service if required by regulatory changes or the Provider.
  • 10.2. Limitation of Liability: To the maximum extent permitted by law, Goin shall not be liable for losses derived from: (a) Insolvency, bankruptcy, or failures of the Provider (Bitstamp) or its Lending Partners. (b) Collapse of underlying Blockchain protocols. (c) Adverse variations in the crypto-asset exchange rate. (d) Under-collateralized loans that result in default.