"Account" means your user account with the Platform.
"APR" means the annualized interest rate applicable to a Credit Line, expressed on a per‑annum basis.
"Business Day" means a day other than a Saturday, Sunday, or public holiday in the governing law jurisdiction.
"Collateral" means Digital Assets you pledge and which we hold in custody to secure your obligations under a Credit Line.
"Collateral Account" means the internal wallet where pledged Collateral is held.
"Credit Currency" means the single currency (fiat or stablecoin) in which a Credit Line is denominated.
"Credit Line" means a revolving crypto‑backed facility enabling you to borrow up to a limit determined by our LTV Policy and these Terms.
"Digital Asset(s)" means cryptocurrencies, stablecoins, or other supported on‑chain tokens listed in the App from time to time.
"Event of Default" has the meaning in Section 14.
"LTV" means the ratio (Outstanding Balance ÷ Collateral Value) × 100%. "Liquidation Risk LTV" is the warning zone. "Liquidation LTV" is the level at which we may liquidate Collateral.
"Outstanding Balance" means principal, accrued/compoundable interest, fees, costs and expenses you owe at any time.
"Platform" or "App" means CLAPP’s website, mobile application, APIs, and associated services.
"Price Source(s)" means our internal index composed of one or more third‑party market data sources, with fallbacks and spreads described in Section 9.
"Services" means the credit and related services governed by these Terms.
"We/Us/Our" means the CLAPP entity stated above. "You/Your/User" means the Account holder.
2.1 You must be at least 18 and have legal capacity to enter into these Terms.
2.2 You must complete identity verification and ongoing screening. We may request information about your source of funds/wealth and monitor your activity for AML/CTF purposes. You represent that you are not subject to EU/UK/US or UN sanctions and are not resident in a restricted jurisdiction.
2.3 Our product is not investment advice and may not be suitable for all. We do not assess your personal financial situation. See the Risk Disclosure (Section 19).
2.4 We provide an over‑collateralized credit product secured by Digital Assets. We do not accept consumer deposits, and we are not a bank.
3.1 Each Credit Line is denominated in one Credit Currency. You may open more than one Credit Line subject to our risk limits.
3.2 Your borrowing capacity is algorithmically determined from the LTV Policy and may be adjusted per‑User.
3.3 Applications are subject to automated review. Requests above certain thresholds or outside policy may undergo manual review and be accepted, modified, or declined at our discretion.
3.4 Upon approval, we credit funds to your credit line wallet. You may then withdraw funds to your wallet fully or partially.
3.5 After full repayment, a Credit Line remains open unless you explicitly elect to close it. See Section 11.7.
4.1 You may pledge one or more supported Digital Assets as collateral. Once you submit the credit line application, the pledged collateral is locked. If your loan application is sent for manual review, the collateral remains locked until the review is completed. In the event the application is declined, the pledged collateral is released and returned to your internal wallet.
4.2 Collateral is held in our custody or with qualified sub‑custodians under segregated (book‑entry) arrangements.
4.3 You may add additional Collateral, including new asset types we support. Partial Withdrawal of Collateral is permitted subject to actual LTV ratio and these Terms. Full Withdrawal of Collateral is permitted only when no Outstanding Balance remains.
4.4 You grant us a first‑ranking continuing security interest/pledge over the Collateral and appoint us as your attorney‑in‑fact to transfer, realize, and otherwise dispose of Collateral upon an Event of Default or when Liquidation LTV is reached.
5.1 For multi‑asset Collateral, we compute a weighted‑average LTV using the asset‑level advance rates we publish in the App. Different assets carry different maximum LTVs.
5.2 Your LTV changes with market prices, principal drawdowns, and accrued interest and fees.
5.3 We may change asset‑level LTV schedules for new Credit Lines and, with notice where feasible, for existing Credit Lines. Updates take effect immediately if required for risk control.
5.4 We calculate Collateral Value using our Price Sources (Section 9). We may apply haircuts, spreads, and/or liquidity discounts.
6.1 You pay interest only on the utilized portion of your Credit Line. Interest accrues daily at 00:00 UTC for the prior day, based on (a) the maximum utilized principal during that day and (b) the minimum Collateral Value during that day. For the purpose of interest calculation, the Collateral Value and corresponding LTV ratio are determined using the prevailing market prices at 00:00 UTC on each day.
6.2 Your APR depends on LTV tier at the time of accrual (higher LTV means higher APR). The APR schedule is fixed for the life of a given Credit Line unless changed by mutual agreement or as required by law.
6.3 A minimum daily interest amount equivalent to 0.01 EUR is accrued each day. We reserve the right to set and adjust the minimum daily interest amount for each supported Credit Line currency individually.
6.4 You agree to pay the fees listed in our Fees Schedule, which may include origination, withdrawal, network, custody, manual review, margin‑call, and liquidation fees.
6.5 This is a representative example of interest calculation, provided for illustrative purposes only. Borrow 10,000 USDC for 30 days at a 10% APR. Interest accrues daily on a 360-day basis using compound interest. Daily interest (Day 1) = 10,000 × 10% ÷ 360 = 2.78 USDC. Each subsequent day, interest is calculated on the updated outstanding balance, which includes the prior day’s accrued interest. After 30 days, the total interest amounts to approximately 84.03 USDC
7.1 Draws are permitted up to your available limit. We may impose per‑transaction or daily caps.
7.2 Repayments must be made in the Credit Currency of the Credit Line.
7.3 We apply payments first to accrued interest, then fees/costs, and finally to principal.
7.4 You may repay at any time. To stop interest from accruing, you must fully repay the Outstanding Balance.
7.5. When you make a full repayment, interest for the current day is accrued immediately at the time of repayment and included in the total repayment amount. This means that by completing a full repayment, you settle your entire outstanding debt, including all interest accrued up to that moment. If you subsequently utilize your Credit Line again on the same day, new interest for that day will begin to accrue based on the renewed utilization. Daily interest in this case is calculated using the same methodology, based on the maximum utilized amount and the minimum Collateral Value during the day, determined using market prices at the time of full repayment.
7.6 We may set off amounts you owe against balances in your Accounts.
8.1 You are responsible for monitoring your LTV and maintaining Collateral at safe levels. We may, but are not obligated to, send alerts when your LTV enters the Liquidation Risk LTV zone (typically 5-10% below Liquidation LTV).
8.2 We may require you to add Collateral and/or make repayments within stated timeframes. Failure to do so may result in liquidation.
8.3 If your LTV reaches or exceeds the Liquidation LTV, or on an Event of Default, we may liquidate Collateral without prior notice.
8.4 We may liquidate part or all of the Collateral via on‑exchange/off‑exchange sales, OTC, auctions, or transfers to cover the Outstanding Balance, fees, and costs. In highly volatile or illiquid markets, we may liquidate the entire Collateral position.
8.5 No additional interest accrues on the calendar day a liquidation occurs.
9.1 We determine prices using a composite index across multiple reputable venues. We may apply time‑weighted averages, remove outliers, and use circuit‑breakers. If the primary source fails, we switch to fallbacks or manual fair‑value procedures.
9.2 During market disruption, depegging, forks, chain halts, or illiquidity, we may (a) widen spreads/haircuts, (b) pause draws/withdrawals, (c) adjust LTV thresholds, and/or (d) liquidate using reasonable efforts.
9.3 Our internal pricing may differ from prices you observe externally. Triggers and calculations are based on our internal rates.
10.1 Only assets listed in the App are eligible as Collateral or Credit Currency. We may add/remove assets at any time for risk reasons.
10.2 We are not obligated to support any fork/airdrop. If we do, allocation mechanics and eligibility will be at our discretion.
11.1 We will communicate via the App and e‑mail. You agree to keep your contact details current and to monitor alerts.
11.2 You must secure your login credentials and enable available security features (e.g., 2FA). We are not responsible for unauthorized access due to your failure to secure your Account.
11.3 On‑chain deposits/withdrawals may require network confirmations. Sending assets on the wrong chain or to an incorrect address may result in permanent loss.
11.4 We may suspend Services for maintenance, security, or legal reasons.
11.5 We will provide Account statements and histories in‑App. You must review promptly and notify us of discrepancies within 30 days.
11.6 A Credit Line does not close automatically upon full repayment. You must submit a closure request in‑App. We may close inactive lines at our discretion with notice where feasible.
11.7 We may suspend or close your Account for risk, legal, or security reasons. You remain liable for outstanding amounts.
12.1 You are solely responsible for all taxes, duties, and reporting arising from your use of the Services. We do not provide tax advice. You authorize us to withhold or collect taxes where required by law.
13.1 You must not use the Services for unlawful activity, including money laundering, terrorist financing, sanctions evasion, fraud, or market abuse.
13.2 We may restrict access for residents of prohibited or high‑risk jurisdictions. We may close your Account if you later become restricted.
14.1 Each of the following is an Event of Default: (a) failure to meet a margin call or repayment when due; (b) LTV at or above Liquidation LTV; (c) breach of these Terms; (d) false or misleading information; (e) your insolvency or bankruptcy; (f) attempted chargeback or fraud; (g) legal or regulatory prohibition on us providing the Services to you.
14.2 Upon an Event of Default, we may (i) suspend or terminate Services, (ii) declare the Outstanding Balance immediately due, (iii) liquidate Collateral, and (iv) exercise any other rights and remedies.
15.1 You represent that: (a) you own and control the Collateral free of liens; (b) you act for yourself and not on behalf of any prohibited person; (c) your use complies with all laws; (d) you understand the risks of Digital Assets and this product; and (e) you have not relied on any statement not expressly set out in these Terms.
16.1 We do not provide legal, tax, or investment advice.
16.2 To the maximum extent permitted by law, we will not be liable for indirect, incidental, special, punitive, or consequential damages, loss of profits, loss of data, or loss due to market movements, network failures, or third‑party acts. Our aggregate liability will not exceed the total fees you paid to us in the 12 months preceding the claim.
16.3 You agree to indemnify us against claims, losses, and expenses arising from your breach of these Terms or misuse of the Services.
16.4 We are not responsible for delays or failures due to events beyond our reasonable control, including severe market dislocation, exchange outages, cyberattacks, chain halts, or regulatory actions.
17.1 We may update these Terms. We will post changes in‑App and, where required, notify you by e‑mail. Changes take effect on the stated effective date. For material adverse changes, we will give reasonable advance notice where feasible.
18.1 We are the controller of your personal data as defined by GDPR.
18.2 We process data to provide the Services (contract), comply with legal obligations (e.g., AML/CTF, sanctions), manage risk (legitimate interests), and with consent where required.
18.3 We may share data with affiliates, service providers (KYC, custody, analytics), and authorities as required by law, including outside the EEA with appropriate safeguards.
18.4 We retain data for as long as needed for the purposes above and as required by law.
18.5 You have rights of access, rectification, erasure, restriction, portability, and objection. Contact email for relevant requests: [email protected]
19.1 Rapid adverse price moves can cause liquidation and loss of Collateral.
19.2 Stablecoins may lose their peg.
19.3 Illiquid markets may force wider spreads or larger liquidations.
19.4 Smart‑contract bugs, chain halts, and network congestion can affect your ability to transact.
19.5 Laws and policies can change quickly and may restrict or affect the Services.
19.6 Borrowing, repayments, and liquidations can be taxable events in your jurisdiction.
20.1 If you have a complaint, contact us at [email protected]. We aim to acknowledge within 2 Business Days and respond within 15 Business Days.
21.1 These Terms form the entire agreement and supersede prior understandings.
21.2 You may not assign without our consent. We may assign to an affiliate or acquirer with notice.
21.3 The governing law is the law of the Czech Republic.
21.4 If any provision is invalid, the remainder remains effective. Failure to enforce is not a waiver.