This Specific Terms and Conditions (“STC”), the General Terms and Condition (“Terms”) and the Order Form (collectively the “Purchase”) are deemed as part of the terms and conditions to govern the contractual relationship between You and CHAINUP. It shall be effective between You and CHAINUP from Effective Date upon Your signing and execution of the Order Form to purchase the CHAINUP MPC Self-Custody. This STC does not require any signing.
1. CHAINUP provides customers with physical and technological infrastructure (i.e., the MPC Wallet software that provides verification in relation to the white-label services, and the API connecting to third party digital payment token liquidity providers in relation to exchange service) (the “Services”) with greater security, ease of use, and scalability. In addition, CHAINUP provides a full-link activity monitoring system allowing CHAINUP to automatically monitor and record all of the transaction process from start to end and ensure that all transactions are processed in accordance with the specified procedures. By using our Services, you agree to be bound by these terms. If you do not agree, please do not use our services.
2. By using our Services, you confirm that you are at least 18 years old and have the legal capacity to enter into these terms. You also confirm that your use of our services complies with applicable laws and regulations
3. Under this service, CHAINUP will provide the Services to customers, which will divide a single cryptographic key into three private key shards, each key shard holding a private set of data. Users will hold on to one key shard, while CHAINUP will hold on to the remaining two key shards. The holding on the remaining two key shards is solely for verification purposes, CHAINUP will not be involved in any transaction or transferring of DPT from one wallet to another. CHAINUP has no ability to control access to any digital payment tokens and there is no joint execution of transactions involving the digital payment tokens stored in the MPC Wallets software.
4. By default, the MPC wallet uses TRON Energy (“Energy”) and TRON Bandwidth (“Bandwidth”), together known as “Resources”, instead of traditional gas fees when processing transactions. The interaction of smart contracts requires Energy and Bandwidth, while the transfer of TRX currency only requires Bandwidth. If you do not have enough Energy or Bandwidth, TRX may be deducted to cover the cost. If you prefer not to use the Resources, you have the option to opt out through the wallet settings. Please review your preferences to ensure they align with your intended transaction method.
5. Any purchase of service and/or product shall be in accordance to the package, version and/or any other service and/or product specification set forth and agreed in the Order Form. In the event of any inconsistency between the Order Form, this Term and the General Terms and Condition, the Order Form shall prevail this Terms and this Terms shall prevail the General Terms and Conditions.
6. Option of main chains under your Purchase is always subject to CHAINUP’s availability of such main chain. Additional charges may be required for customization and development of additional main chain, if any.
7. Upon receipt of payment from you, you must create a merchant wallet account on our portal the same day to allow us to provision the CHAINUP MPC Self-Custody wallet.
8. ‘Product Subscription Period’ and/or its applicable Minimum Fee shall always commence from the when the service is first provided, unless stated otherwise.
9. Upon signing of the Order Form, you hereby confirm your possession of one key shard. You also acknowledge that any digital assets, tokens, or cryptocurrencies stored in your wallet may become irrecoverable or inaccessible in the event of loss, misplacement, or theft of your key shard. CHAINUP shall bear no responsibility or liability whatsoever in the event of loss, misplacement, or theft of the key shard. You are responsible for obtaining your own insurance to indemnify against any loss of digital assets, tokens, or cryptocurrencies stored in your wallet.
10. To use our Services, you must create an account by providing accurate and complete information. You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. You shall notify us immediately if you notice any unauthorized use of your account.
11. Whenever a customer requests any action of CHAINUP, it will be required to provide its instructions. CHAINUP acts upon instructions given by its customers or any person authorised by its customers to give instructions to it or perform other operations through CHAINUP’s website on behalf of its customers (“Authorised Persons”) that are received and verified by CHAINUP pursuant to this Purchase. Any instructions given will continue in full force and effect until cancelled (if possible) or executed.
12. The customer is required to maintain an updated and current list of Authorised Persons at all times with CHAINUP and will immediately notify CHAINUP of any changes to the list of Authorised Persons by updating the list on the platform, including for termination of employment, or otherwise. The customer shall make available all necessary documentation and identification information, as reasonably requested by CHAINUP to confirm: a. the identity of each Authorised Person; b. that each Authorised Person is eligible to be deemed an “Authorised Person” as defined above; and c. that the person(s) requesting the changes in the list of Authorised Persons have valid authority to request changes on behalf of the customer
13. CHAINUP shall be entitled to rely upon any instructions it receives from an Authorised Person (or from a person reasonably believed by CHAINUP to be an Authorised Person) in accordance with this Purchase. CHAINUP may assume that any instructions received from a customer or Authorised Person are not in any way inconsistent with the provisions of organisational documents of the customer or of any vote, resolution, or proper authorisation and that the customer is authorised to take the actions specified in the instructions.
14. CHAINUP will provide customers, on a real-time basis, the following particulars in the form of electronic records stored on an electronic facility. a. transactions to purchase or sell assets entered into by the customer and the price at which the transactions are entered into; b. the status of every asset (including DPT) in CHAINUP’s custody held for the customer, including any asset (including DPT) deposited with a safeguarding person (if any); c. the movement of every asset (including DPT) of the customer, the date of and reasons for such movement, and the amount of the asset (including DPT) involved; d. the movement and balance of relevant money received from, or on account of, the customer in respect of the provision of the Services (if any); and e. a detailed account of all financial charges and credits to the customer’s account during the monthly statement period, unless the detailed account of financial charges and credits has been included in any contract note or tax invoice issued by CHAINUP to the customer.
15. By using our Services, you consent to the particulars above being made available to you in this manner and the above shall suffice as the provision of a statement of account, and you consent to not receive any separate statement of account from CHAINUP on a monthly basis.
16. The MPC wallets allow for the function for users to provide instructions for the DPT stored in its MPC wallet to be transmitted to another DPT wallet, as long as the user is able to authenticate the transaction using its key shard, this shall be executed between you and your end users.
17. Where appropriate, CHAINUP uses available technology to protect the security of communications made through our CHAINUP website. Do note that CHAINUP do not accept liability for the security, authenticity, integrity or confidentiality of any transactions and other communications made through our CHAINUP website. Internet communications may be susceptible to interference or interception by third parties. CHAINUP will do our best but CHAINUP cannot make any warranties that our CHAINUP website is free of infection by computer viruses or any other unauthorised software.
18. While CHAINUP provide the Services, you retain ownership and control over them. CHAINUP will not use, lend, or leverage your assets for any purpose other than those specified in these terms or as instructed by you.
19. Your end user may instruct you to execute transactions involving digital assets. You shall process these transactions in accordance with your end user’s instructions, provided they comply with your security procedures and legal requirements.
20. To the maximum extent permitted by applicable law and subject to the exceptions provided below, in no event shall CHAINUP, its affiliates and service providers, or any of their respective officers, directors, agents, employers or representatives, be liable for any lost profits or any special incidental, indirect, intangible, or consequential damages, whether based in contract, tort, negligence, strict liability, or otherwise, arising out of or in connection with authorised or unauthorised use of the Services, or this Purchase, even if CHAINUP has been advised of or knew or should have known the possibility of such damages.
21. To the maximum extent permitted by applicable law and subject to the exceptions provided below, in no event shall the aggregate liability of CHAINUP, its affiliates and service providers, or any of their respective officers, directors, agents, employers or representatives, exceed the fees paid or payable to CHAINUP under this Purchase during the 6 months period immediately preceding the first incident giving rise to such liability.
22. The exclusions and limitations of liability above will not apply to CHAINUP’s fraud, wilful misconduct, or gross negligence. CHAINUP’s liability for gross negligence shall be limited to the value of the affected digital assets or fiat currency.
23. In the event of losses of customers’ digital assets arising from fraud or negligence on the part of CHAINUP, CHAINUP will act in accordance with its compensation framework. Under this framework:
24. Customers are advised to promptly report any losses and associated suspicious activity to CHAINUP’s support team through custody@CHAINUP.com
25. CHAINUP will investigate the matters and endeavour to provide a resolution within 30 days. In any event, CHAINUP will provide the affected customer with an update within this timeline;
26. As part of CHAINUP’s investigations into the matter, CHAINUP may contact the customer and/or any other relevant third parties for further information; and
27. If the result of CHAINUP’s investigations reveal that the claim is valid, CHAINUP will compensate the customer for any direct losses suffered by the customer in connection with CHAINUP’s fraud or negligence. Notwithstanding this, if a customer may potentially be able to make a claim under any form of insurance coverage, the customer shall not be entitled to such compensation by CHAINUP to the extent of the sum insured.
28. You agree to: a. comply with all applicable laws and regulations; b. provide accurate and complete information; c. keep your account credentials secure; and d. promptly update us on any changes to your information.
29. CHAINUP may terminate or suspend your account at our discretion if you violate these terms or if required by law. You may terminate your account by providing us with written notice. Upon termination, CHAINUP will return your digital assets to you, subject to any outstanding obligations.
30. CHAINUP may amend these terms from time to time. Continued use of our services after such changes will constitute your acceptance of the amended terms.
31. These terms are governed by the laws of Singapore. Any dispute arising out of or in connection with this contract, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration Centre (“SIAC”) in accordance with the Arbitration Rules of the Singapore International Arbitration Centre (“SIAC Rules”) for the time being in force, which rules are deemed to be incorporated by reference in this clause. The seat of the arbitration shall be Singapore. The Tribunal shall consist of 1 arbitrator appointed by CHAINUP. The language of the arbitration shall be English.
32. CHAINUP will use commercially reasonable efforts: (i) to provide reasonable technical support to customers, by email or telephone, during CHAINUP’s normal business hours from 10am-7pm (utc +8); (ii) to respond to support requests in a timely manner; and (iii) resolve such issues by providing updates and/or workarounds to customers (to the extent reasonably possible and practical), consistent with the severity of the issues identified in such requests and their impact on the customer’s business operations.
33. If you have any questions or concerns about these Terms of Use, please contact us via our official website at https://www.CHAINUP.com/
34. Assets of each customer will not be mixed together and they are all located at the customer’s own address and are kept independently by the customer.
35. CHAINUP uses distributed key storage technology, allowing users to generate and manage all private key sharding. Among them, users save one private key locally, while the other two are stored on Amazon Cloud and Microsoft Cloud respectively in Singapore. This distributed storage method combines hardware isolation technology, allowing users to fully control their assets. CHAINUP supports 3-3 TSS configuration; when users initiate transaction signatures, these three private key sharding will participate in the signature at the same time, eliminating the single point of failure problem in private key management and significantly improving the security of asset self-management, ensuring that users’ investment assets reach the highest level of security in the market.
36. The customer agrees to provide CHAINUP with the information CHAINUP requests (which CHAINUP may request at any time deemed necessary) for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime, and permit CHAINUP to keep a record of such information. The customer will need to complete certain verification procedures before the customer is permitted to start using the Services.
37. The information CHAINUP requests may include but is not limited to personal information such as the customer’s full name (including any aliases), unique identification number, residential/registered/business address, telephone number, email address, date of birth or incorporation/establishment/registration, nationality, and any such information that CHAINUP is required to collect from time to time under applicable law.
38. The customer may also be required to undergo enhanced due diligence procedures, where CHAINUP may request that the customer submit additional information about itself and its business, provide relevant records, and arrange for meetings with CHAINUP’s staff so that CHAINUP may, among other things, establish the source of the customer’s wealth and source of funds for any transactions carried out in the course of the customer’s use of the Services.
39. In providing CHAINUP with this or any other information that may be required, the customer confirms that the information is true, accurate and complete, and the customer has not withheld any information that may influence CHAINUP’s evaluation of the customer for the purposes of the customer’s use of the Services. The customer undertakes to promptly notify in writing and provide CHAINUP with information regarding any changes in circumstances that may cause any such information provided to become false, inaccurate or incomplete and also undertake to provide any other additional documents, records and information as may be required by CHAINUP and/or applicable law. The customer permits CHAINUP to keep records of such information. CHAINUP will treat this information in accordance with applicable data protection laws.
40. In event of termination of your Purchase, it is your responsibility to withdraw all and every Assets under your Purchase. Any additional management service provided by CHAINUP after such termination shall be borne by you and CHAINUP is entitled to charge you additional payment at its discretion.
41. CHAINUP shall not liable for any failure, delay, error, inaccuracy or non-compliance incurred by you during such withdrawal.