Paxful Stablecoin Terms of Service

Effective date: April 2, 2020

PLEASE READ THIS AGREEMENT CAREFULLY. By using the Paxful Stablecoin service, you agree to be bound by these supplemental "Paxful Stablecoin Terms of Service" and you acknowledge and agree that you have carefully and thoroughly read, understood, and accepted all of the terms and conditions contained herein, which is in addition to the Paxful Terms of Service (the "Agreement"). Any capitalized terms used but not defined below have the meaning prescribed in the Agreement. Should any conflict arise between the Agreement and the Paxful Stablecoin Terms of Service during or related to your use of the Paxful Stablecoin service, the latter shall control.

About Paxful Stablecoin

The Paxful Stablecoin service is a referral mechanism that allows you, a qualifying Paxful user, to enter into a peer-to-peer transaction with a pre-selected third party company (the "Stablecoin Counterparty"), chosen by Paxful, for the exchange of your Bitcoin for a USD-equivalent amount of stablecoins, to be held by the Stablecoin Counterparty for your benefit. Through this model, Paxful Stablecoin allows you to exit your Bitcoin position into the selected stablecoin.

Referral Mechanism

The Paxful Stablecoin service is a limited purpose referral mechanism available on the Paxful platform. Upon indicating your interest in performing a Paxful Stablecoin transaction, Paxful will refer you to the Stablecoin Counterparty for the consummation of the transaction. You must then follow the provided prompts in order to submit your offer terms to the Stablecoin Counterparty. Should the Stablecoin Counterparty accept your offer terms, the transaction will be consummated between you and the Stablecoin Counterparty. As with the standard transactions conducted on its marketplace, Paxful will have no involvement, control, power, discretion, or authority in the Paxful Stablecoin transactions entered into or attempted between you and the Stablecoin Counterparty. Paxful shall neither custody any stablecoins nor advise or instruct any Paxful user to obtain such stablecoins.

The Stablecoin Counterparty may have their own terms and conditions for the Paxful Stablecoin service transactions, and the Paxful Stablecoin service may vary in exchange rate, speed of exchange, and other terms and conditions imposed by the Stablecoin Counterparty (the "Stablecoin Counterparty Terms"). By entering into a transaction with the Stablecoin Counterparty you agree to be bound by the Stablecoin Counterparty Terms. The Stablecoin Counterparty Terms are valid in all cases except when they contradict or violate the Agreement, these Paxful Stablecoin Terms of Service, are illegal, are unreasonable or otherwise difficult to comply with (as determined in Paxful’s sole and absolute discretion), or if you and the Stablecoin Counterparty consent to alter the Stablecoin Counterparty Terms. IT IS YOUR RESPONSIBILITY TO CAREFULLY READ THE STABLECOIN COUNTERPARTY TERMS AND FOLLOW THEM EXACTLY. IF YOU DO NOT FOLLOW THE STABLECOIN COUNTERPARTY TERMS, YOUR TRANSACTION MAY BE DENIED. NEVER ENTER INTO A PAXFUL STABLECOIN SERVICE TRANSACTION UNLESS YOU HAVE FOLLOWED ALL TERMS AND CONDITIONS LISTED. IF YOU FAIL TO FOLLOW THE TERMS AND CONDITIONS, PAXFUL MAY NOT BE ABLE TO ASSIST YOU IN A DISPUTE PROCESS TO RECOVER YOUR FUNDS.

Fees

Paxful's Fees shall apply to your use of the Paxful Stablecoin service. Paxful will not charge you a fee for your transactions with the Stablecoin Counterparty where you are selling your stablecoin position back into Bitcoin in your Paxful wallet.

Qualifying Accounts

The Paxful Stablecoin service has been made available only to those users that qualify for the service. In order to qualify for use of the Paxful Stablecoin service, you must verify your account and have at least USD $1.00 worth of Bitcoin in your Paxful wallet, plus any additional amount of Bitcoin required to cover any associated fees. Paxful reserves the right to prohibit or modify the Paxful Stablecoin service for any Paxful user, and the Stablecoin Counterparty may reject any transaction with any Paxful user.

NO WARRANTY, LIMITATION OF LIABILITY & ASSUMPTION OF RISK

THE PAXFUL STABLECOIN SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT ANY GUARANTEES, REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, PAXFUL SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT. PAXFUL DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE WEBSITE, ANY PART OF THE SERVICES, OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, OR ERROR-FREE. PAXFUL IS NOT LIABLE FOR ANY FAILURES OF THIRD-PARTY SOFTWARE OR TECHNOLOGIES, ANY DISRUPTION OR ANY LOSS A USER MAY SUFFER. YOU HEREBY ACKNOWLEDGE AND AGREE THAT YOU HAVE NOT RELIED UPON ANY OTHER STATEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, WITH RESPECT TO YOUR USE AND ACCESS OF THE SERVICES AND WEBSITE. WITHOUT LIMITING THE FOREGOING, YOU HEREBY ACKNOWLEDGE AND ACCEPT THE VARIOUS RISKS INHERENT TO USING DIGITAL CURRENCY INCLUDING BUT NOT LIMITED TO REGULATORY RISK, HARDWARE FAILURE, SOFTWARE ISSUES, INTERNET CONNECTION FAILURE, MALICIOUS SOFTWARE, THIRD PARTY INTERFERENCE LEADING TO LOSS OR LACK OF ACCESS TO YOUR ACCOUNT OR WALLET AND OTHER USER DATA, SERVER FAILURE OR DATA LOSS. YOU ACCEPT AND ACKNOWLEDGE THAT PAXFUL WILL NOT BE RESPONSIBLE FOR ANY COMMUNICATION FAILURES, DISRUPTIONS, ERRORS, DISTORTIONS OR DELAYS YOU MAY EXPERIENCE WHEN USING THE SERVICES, HOWEVER CAUSED.

IN NO EVENT SHALL PAXFUL, ITS AFFILIATES AND SERVICE PROVIDERS, OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, ADVISORS, CONSULTANTS OR REPRESENTATIVES, BE LIABLE (A) FOR ANY AMOUNT GREATER THAN THE VALUE OF TOTAL FEES PAID BY YOU FOR THE SERVICE THAT IS SUBJECT OF THE CAUSE OF ACTION IN THE TWELVE (12) MONTHS PRIOR TO THE LOSS ARISING OR (B) FOR ANY LOST PROFITS, DIMINUTION IN VALUE OR BUSINESS OPPORTUNITY, ANY LOSS, DAMAGE, CORRUPTION OR BREACH OF DATA OR ANY OTHER INTANGIBLE PROPERTY 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 AUTHORIZED OR UNAUTHORIZED USE OF THE SITE OR THE SERVICES, OR THIS AGREEMENT, EVEN IF AN AUTHORIZED REPRESENTATIVE OF PAXFUL HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES, AND NOTWITHSTANDING THE FAILURE OF ANY AGREED OR OTHER REMEDY OF ITS ESSENTIAL PURPOSE, EXCEPT TO THE EXTENT OF A FINAL JUDICIAL DETERMINATION THAT SUCH DAMAGES WERE A RESULT OF PAXFUL'S GROSS NEGLIGENCE, FRAUD, WILLFUL MISCONDUCT OR INTENTIONAL VIOLATION OF LAW. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL DAMAGES, SO THE ABOVE LIMITATION MAY NOT APPLY TO YOU.