In addition to the definitions in the CLAPP Terms & Conditions, the following terms apply to the Savings Services:
"Accrual Date" means the date on which interest is calculated and credited to your Account.
"Savings Type" means either (a) a Flexible Savings or (b) a Fixed-Term Savings (if implemented in the future).
"Business Day" means a day other than a Saturday, Sunday, or public holiday in the governing law jurisdiction.
"Cryptocurrency" or "Digital Asset(s)" means cryptocurrencies, stablecoins, or other supported on-chain tokens listed in the App from time to time.
"Daily Accrual" means the accrual of interest on each calendar day, including weekends and public holidays, using a 365-day year basis.
"Flexible Savings" means Savings where you may deposit and withdraw your Deposit in full or in part at any time without lock-up restrictions or early withdrawal penalties.
"Services" means the Savings and related services governed by these Terms.
"Termination Date" means the date your Savings is closed at your request or by CLAPP as provided in these Terms.
2.1 You must be at least 18 years old and have legal capacity to enter into these Terms. You must complete identity verification and ongoing screening in accordance with the CLAPP Terms & Conditions. You represent that you are not subject to EU/UK/US or UN sanctions and are not resident in a restricted jurisdiction.
2.2 To open Savings, you must have an active CLAPP Account and complete the Savings application via the App. You must select the Savings Type.
2.3 Once approved, your Savings product is active immediately. You may hold multiple Savings, subject to our risk limits.
2.4 Our Services do not constitute investment advice. We do not assess your personal financial situation, risk tolerance, or objectives. You are solely responsible for determining whether the Savings product is suitable for your circumstances. You have not relied on any statement, representation, or advice not expressly set out in these Terms.
3.1 Flexible Savings allows you to deposit and withdraw your Digital Assets at any time without lock-up restrictions. Interest accrues daily and is credited to your Account on a daily basis.
3.2 You may deposit any supported Digital Asset into your Flexible Savings at any time, in any amount, subject to our minimum and maximum deposit limits as published in the App.
3.3 You may withdraw your Deposit (including accrued interest) in full or in part at any time without notice, penalty, or lock-up restrictions. Withdrawals are processed within the timeframe specified in the App, subject to network conditions and operational capacity. We may impose per-transaction or daily withdrawal caps as specified in the App.
3.4 The Annual Percentage Yield for your Flexible Savings Account is published in the App and reflects the total annual interest you would earn on your funds, assuming they are held for one year with interest compounding. The APY may change at our discretion with notice where feasible, and such changes will apply to new Deposits and to the outstanding balance of existing Deposits on the effective date of the change. Interest is calculated daily based on the APY and credited to your Account on each Accrual Date.
3.5 Interest accrues daily based on the minimum balance held during each calendar day. Daily interest is calculated using the equivalent daily rate derived from the published APY (via conversion to the corresponding nominal APR), applied to the balance as follows: Daily Interest = Deposit Balance × (equivalent daily rate). A minimum daily interest amount equivalent to 0.001 EUR or 0.001 USD or other at our sole discretion, depending on your Savings currency, may apply. We reserve the right to set and adjust the minimum daily interest amount for each supported currency individually.
4.1 You may deposit any Digital Asset listed in the App as supported for Savings. We may add or remove supported assets at any time for risk, operational, or regulatory reasons, with notice where feasible.
4.2 Fiat deposits are immediately converted to EURC token upon receipt at the rate 1:1, commission-free. By using fiat for Savings, you authorize this conversion. Your Savings balance and interest accrual are always maintained in the post-conversion stablecoin (or deposited crypto).
4.3 When you withdraw your Deposit or interest, you may specify which Digital Asset you wish to receive. We reconvert your balance to your chosen asset using our price source at the time of withdrawal. No conversion fees are charged to you for this reconversion.
4.4 We may establish minimum Deposit amounts for each supported Digital Asset, as published in the App. Minimum Deposits may differ by asset and Savings Type. You must meet the minimum Deposit requirement at Savings creation and maintain any balance thresholds we specify.
5.1 Interest accrues daily on a 365-day year basis. Interest is calculated based on the balance held in your Savings at 00:00 UTC each day. For Flexible Savings, interest is credited daily to your balance.
5.2 For Flexible Savings, accrued interest is automatically compounded daily. Each day's interest is added to your balance and earns interest on subsequent days.
5.3 We may change the APY for Flexible Savings at any time, with notice where feasible. Rate changes take effect on the date specified in the App. Changes apply to new Deposits and to the outstanding balance of existing Deposits on the effective date.
5.4 If you close your Account or request a Withdrawal, interest accrual ceases on the Termination Date. No interest accrues after funds have been withdrawn.
6.1 For Flexible Savings, you may withdraw your Deposit and accrued interest in full or in part at any time. Withdrawals are permitted without notice, lock-up period, or penalty.
6.2 Withdrawals are initiated via the App. You must specify the amount to withdraw and the Digital Asset in which you wish to receive funds. Processing times depend on our operational capacity and blockchain network conditions. We aim to process Withdrawals within the timeframe specified in the App, which may range from immediate to several Business Days.
6.3 We may impose per-transaction or daily withdrawal caps as specified in the App. These caps may be adjusted at our discretion. If you require a withdrawal above our standard limits, contact our support team.
6.4 You may close your Savings at any time by requesting closure via the App. Upon closure, all funds (including accrued interest) become available for Withdrawal. No new interest accrues after the Termination Date.
6.5 We may suspend Withdrawals or freeze your Savings for operational, security, legal, or regulatory reasons (Section 13). During a suspension, you cannot initiate Withdrawals, though your Savings continue to accrue interest (for Flexible Savings).
7.1 Digital Asset prices are volatile. The value of your Deposit may fluctuate significantly, especially for volatile assets. If you deposit one asset but the market value declines before you Withdraw, you will receive fewer units of a target asset due to market-price fluctuation.
7.2 If you Deposit stablecoins (e.g., USDT, USDC), those stablecoins may lose their peg to the underlying fiat currency. A depeg event could result in significant value loss. We are not responsible for depeg events or for losses resulting from volatility in stablecoin value.
7.3 Digital Assets are subject to smart contract bugs, code vulnerabilities, blockchain outages, and network congestion. We cannot guarantee uninterrupted platform operation or prevent chain-level failures. We are not liable for losses resulting from chain halts, forks, or consensus failures.
7.4 Deposits, interest accrual, Withdrawals, and Asset conversions may be taxable events in your jurisdiction. You are solely responsible for determining and reporting any applicable taxes, duties, or reporting obligations. We do not provide tax advice. Contact a tax professional for guidance.
7.5 Cryptocurrency regulations are evolving. Regulatory changes may restrict or affect the Services, including the ability to hold Digital Assets, convert between assets, or maintain Savings. We are not responsible for losses resulting from regulatory changes.
8.1 We will provide transaction histories and Savings statements in the App. You may view your balance, transaction history, interest accrual, and other details at any time.
8.2 You must review your Savings statements promptly. If you identify any discrepancy or error, you must notify us in writing within 30 days of the statement date. Failure to notify us within 30 days shall constitute acceptance of the Savings statement as accurate.
8.3 You are responsible for all tax reporting and compliance. We may provide transaction history exports to assist your tax preparation, but we do not provide tax advice. Consult a tax professional regarding your obligations.
9.1 We provide Services on an as-is basis. Our communications do not constitute investment advice, financial advice, or recommendations. We do not assess your financial situation, goals, or risk tolerance. You have not relied on our advice in deciding to open Savings.
9.2 We make no warranties regarding the Services, including no warranty of fitness for a particular purpose, no warranty of accuracy of pricing, and no warranty of uninterrupted access. The Services are provided "as-is" and "as-available."
9.3 To the maximum extent permitted by law, CLAPP and its affiliates, directors, employees, and service providers shall not be liable for:
9.4 In no event shall CLAPP's total aggregate liability arising from these Terms or the Services exceed the total interest you received from CLAPP during the 12 months preceding the claim or, if no interest was received, the total fees paid, or EUR 1,000, whichever is greater.
9.5 CLAPP shall not be liable for delays or failures in performing its obligations due to events beyond our reasonable control, including:
10.1 We may suspend your Savings or restrict Deposits and Withdrawals for the following reasons:
10.2 We may terminate your Savings and close your relationship with us for:
10.3 Upon Termination, your Savings ceases to accrue interest, and you must Withdraw your remaining balance. We will provide reasonable notice and instructions for final Withdrawal, except where immediate closure is required by law.
10.4 Termination does not relieve you of obligations arising before Termination, including any tax reporting or compliance obligations.
11.1 We may amend these Terms at any time. We will post changes in the App and, where required, notify you by email. Changes take effect on the stated effective date.
11.2 For material adverse changes to your Services (e.g., reduction in APR/APY, addition of fees), we will endeavor to provide reasonable advance notice (e.g., 30 days) where feasible. Continued use of the Services after the effective date constitutes acceptance of the amended Terms. If you do not agree, you must close your Savings before the effective date.
11.3 We may change APY for Flexible Savings with notice.
12.1 These Terms, together with our Terms & Conditions and other posted policies, constitute the entire agreement between you and CLAPP regarding the Services and supersede all prior understandings, agreements, and negotiations.
12.2 You may not assign these Terms or your Savings rights without our consent. CLAPP may assign these Terms to an affiliate or acquirer without consent but will provide notice where feasible.
12.3 If any provision of these Terms is found invalid, illegal, or unenforceable, the remainder remains in full force and effect.
12.4 Failure to enforce any provision is not a waiver of that provision or any other right.
12.5 Any claim arising from these Terms must be filed within one (1) year of the date the issue arose. Claims filed after this period are time-barred.
For questions, complaints, or legal notices related to these Terms, contact CLAPP at [email protected]