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Terms and Conditions

General

This Terms and Conditions ('Terms'), along with the Privacy Policy ('Policy'), constitute the Agreement established by and between:

  • Hermes Inc (also referred to as Hermes) and the User (Also referred to as 'You') by virtue of the User using the Services. By signing up through the Website You agree that You have read, understood, and accept all of the Terms. If You do not agree or fail to adhere to the Terms or any other rules of any of the Services, You are not entitled to use the Services.

Accepting these Terms is a condition to use the Services. Refusal to accept these modifications shall preclude the User from using the Services. All Users are obliged to observe these Terms. Hermes reserves the right to update the Terms at any time, at its sole discretion. Hermes invites the User to check this page regularly for updates to the Terms.

Before using the Services of Hermes, the User must carefully consider whether purchasing or holding Cryptocurrencies is suitable for the User in light of the User’s financial situation and knowledge regarding the Cryptocurrencies that the User is interested in. Purchasing or holding Cryptocurrencies entails a substantial risk of loss and the value of Cryptocurrencies is subject to extreme volatility.

The Website and the Services offered by Hermes are NOT ADDRESSED TO AND MAY NOT BE USED BY:

  • natural persons who are NOT at least 18 years of age;

Definitions

'Acceptable Currency' - EUR or USD.

'Conversion Rate' - the price or exchange rate of one unit of a given supported Cryptocurrency whereby the price of the offered asset is determined by Hermes. Conversion Rate is derived from multiple factors, such as direct and indirect asset acquisition cost and market risk to which Hermes is exposed to while completing the transaction.

'Cryptocurrency' - a digital representation of value that does not possess a legal status of currency or money, that is not issued or guaranteed by a central bank or any other public authority, is not necessarily attached to a currency, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically.

'Fiat Payments' - Service allowing Users to use the Purchase Service by using their credit or debit card or wire transfer or alternative payment methods with the fee described on the Website.

'Hermes Account' any account opened with Hermes by a User, using which, the User can access the Services;

'KCIT' - native Cryptocurrency of Hermes.

'Hermes' - Hermes Inc, a Swiss private limited liability company registered in Stockerstrasse 38, Zurich, Switzerland.

'NFT' - a cryptographic asset on a blockchain with unique identification codes and metadata that distinguish them from each other.

'Exchange Service' - regulated service of Cryptocurrency purchase through which Users can buy and sell supported Cryptocurrencies from and to Hermes, in exchange for specified Fiat currencies and specified Fiat currencies from Hermes, in exchange for supported Cryptocurrencies.

'Rate Reference' - the price of one unit of a supported Cryptocurrency in terms of a specified Fiat currency or another supported Cryptocurrency, which is based on the lowest ask price for buying or the highest bid price for selling a Cryptocurrency on the exchanges operated by trusted third party vendors.

'Services' - services provided by Hermes to the Users, including, but not limited to, the Wallet Exchange, Loans and NFT services.

'Taxes' - taxes, levies, duties or similar governmental assessments of any nature, including, for example, value-added, sales, use or withholding taxes, assessable by any jurisdiction whatsoever.

'Terms' - these Terms and Conditions including all the chapters, as amended from time to time.

'User' - anyone who uses the Website and/or Services provided by Hermes.

'Wallet' - Cryptocurrency wallet of the User, which can be accessed through the Website.

'Wallet Services' - regulated service of Cryptocurrency depository wallet, whereby User is able to deposit Cryptocurrencies and store Cryptocurrencies acquired by using the Purchase Service, can be accessed via the Website, and which is a regulated service.

'Website' - website of Hermes located at https://hermesltd.org

Services description

Hermes is exclusively entitled to decide on functionality, the use, subject matter and the range of the Services as well as to cease rendering the Services.

Hermes is exclusively authorized to decide on the contents and the nature of the Services as well as to freely add, change, or remove particular elements.

The materials appearing through the Services could include technical or contents errors. Hermes does not warrant that any of the materials on Services are accurate, complete, or current. Hermes may make changes to the materials contained on Services at any time without notice. Hermes does not, however, make any commitment to update the materials.

The use of any new Services of Hermes, after the User has accepted these Terms shall be subject to its provisions.

Wallet Services

The Wallet Services allow the User to store, send and receive supported Cryptocurrencies. Hermes securely stores Wallets’ encrypted private keys in Hermes ' control in a combination of online and offline storage.

Withdrawals and deposits

The User may deposit Cryptocurrency to and withdraw Cryptocurrency from their Wallet. Upon depositing Cryptocurrency to their Wallet, the User is responsible for ensuring that the chosen Cryptocurrency and network are supported by Hermes, otherwise the funds may be lost forever. Hermes is not liable and shall not compensate the User for any losses or damages, if the User makes deposits with Cryptocurrencies and/or uses networks that are not supported by Hermes. Upon withdrawal, the User is responsible for ensuring that the entered wallet address is correct and valid, otherwise the funds may be lost forever. Hermes is not liable and shall not compensate the User for any losses or damages, if the User has provided an incorrect wallet address.

The User may also deposit and withdraw Fiat funds to their Hermes Account Fiat balance. The User may deposit and withdraw Fiat funds only using a bank account or a credit card which belongs to the User.

Exchange Services

The User may buy or sell supported Cryptocurrencies against other supported Cryptocurrencies or by using Fiat Payments at the current Conversion Rate. The bought Cryptocurrencies may be transferred to the User's Wallet which private keys are in Hermes's control, or to another Cryptocurrency wallet owned by the User from the Cryptocurrency wallet of Hermes. The User may withdraw the bought Cryptocurrencies to another Cryptocurrency wallet held by the User. The Fiat currency for the sold Cryptocurrency may be only transferred to the account owned by the User.

Loans

The User may apply for a Cryptocurrency-backed Loan by depositing Cryptocurrency as collateral. The percentage amount which the User needs to deposit Cryptocurrency as collateral may differ from the Cryptocurrency and/or the amount of the Loan. In a case where the collateral value is declining the User needs to add more collateral in order to prevent liquidation of the collateral. In a case where the collateral value is rising, the User might be eligible to apply for a higher loan. Interest in the amount specified on the Website is applicable for the repayment of the Loan. The interest amount is subject to change and may be updated from time to time at the sole discretion of Hermes.

The User may also offer the NFT(s) belonging to the User as collateral, which is subject to approval before granting the Loan.

Autotrader

The Autotrader Services allow the User to make use of the automatic trading software of Hermes, which implements a pre-set trading strategies (incl. providing liquidity to other companies for interest, yield farming, staking, grid trading etc.). For this, the User needs to deposit funds into their Autotrader Wallet or Hermes Savings Account and lock the funds for a pre-determined time period.

NFTs

Hermes provides a platform, where the User may purchase and sell NFTs in exchange for supported Cryptocurrencies, supported Fiat currencies, other NFTs and/or other available assets supported on the platform.

Hermes Savings Account

Hermes Savings Account allows the User to store their funds and earn interest on it.

The User may open the following types of Hermes Savings Account:

High Yield Account, which enables the User to securely store their funds and earn interest on the stored funds. When making a deposit into the High Yield Account, the funds will be locked for a pre-set period. The earned interest will be paid to the User's Wallet on a monthly, weekly or daily basis. The User is not able to access the locked funds before the end of the pre-set period, however the User may prolong the period of time for which the funds are locked. In order to use this Service, the User must have at least the minimum amount of KCIT on their Wallet, which is provided on the Website. The minimum amount is determined by the sole discretion of Hermes may be changed from time to time.

From time to time and in Our sole discretion Hermes may offer the possibility to redeem the funds earlier, but in such a case the User loses all the interest the User has earned and pays the a penalty from the principal account as well. The penalty amount will be shown on the Website when the User wishes to close their High Yield Account before the expiration of the pre-set period.

Flexible Account, which enables the User to securely store their funds and also earn interest on the sored funds. When making a deposit into the Flexible Account, the funds will be locked for a pre-set period with a reversible lock. This way the User may access the funds instantly, when needed. The earned interest will be paid to the User's Wallet on a monthly, weekly or daily basis. In order to use this Service, the User must have at least the minimum amount of KCIT on their Wallet, which is provided on the Website. The minimum amount is determined by the sole discretion of Hermes may be changed from time to time. Withdrawing the funds from the Flexible Account resets the interest rates to a starting point.

Hermes can pay out the deposits from any balance (promotion, savings, available and more), and savings balances with the currency chosen by Hermes in the equivalent amount in Acceptable Currency at the time of the transfer.

Hermes reserves the right to change the interest rates of future and of ongoing Hermes Savings Accounts and the currency with which the interest and profits are paid to the User at its sole discretion and to change the currency that we pay as interest / profits generated for savings plans.

Hermes reserves the right to stop offering any or all Hermes Savings Accounts and/or change the terms of ongoing or future Hermes Savings Accounts (incl. available cryptocurrencies, Service fees, interest percentages etc.).

Upon the expiration of the pre-set period for which the funds are locked in the Hermes Savings Accounts, the User may unlock their funds and Hermes will transfer the funds to the Wallet of the User in the currency the funds of the User had been locked in the Hermes Savings Account or any other currency Hermes sees fit at its sole discretion. In a case where there is no sufficient liquidity for the currency the User had locked in the Hermes Savings Account or due to any other strategic reason, Hermes will transfer the funds of the User to their Wallet in a currency, which has sufficient liquidity, in the equivalent amount in Acceptable Currency at the time of the transfer. The currency will be chosen by Hermes at its sole discretion.

Discounts

From time to time Hermes may offer discounts to the User. The User may need to lock a certain amount of Cryptocurrency (incl. kCIT) for a certain period of time and/or hold, deposit or purchase a certain amount of Cryptocurrency (incl. KCIT) in order to receive a bonus or discount. The availability and the rate of discounts may vary from the Hermes Account level of the User.

Registration and Hermes Account

In order to access and use the Services, the User must create an account with Hermes ('Hermes Account'). With creating the Hermes Account, the User agrees to:

  • provide accurate, current and complete information when creating or updating an Hermes Account;
  • maintain and promptly update Hermes Account information;
  • maintain the security and confidentiality of login credentials and restrict access the Hermes Account and computer;
  • promptly notify Hermes if the User discovers or otherwise suspects any security breaches related to the Site; and
  • take responsibility for all activities that occur under the Hermes Account and accept all risks of unauthorized access.

Hermes Account levels

Every Hermes Account has a level, depending on the Hermes Account score. The Hermes Account score necessary for each level is determined and can be subject to change at any moment by Hermes. The current level of a Hermes Account is reflected within the Hermes Account. The Hermes Account score amount level can be increased or decreased in the sole discretion of Hermes based on the one or several of the following factors:

  • the amount of KCIT tokens held on the Hermes Account;
  • completion of tasks through the Website;
  • referring other users to the Website and Services;
  • involvement in the Hermes community and improvement of the platform(s) and Services offered through the Website (including but not limited to bounties, finding bugs within the Website, helping other Users, etc.);
  • fraudulent activity relating to Hermes, the Website, the Services and/or other Users (including but not limited to publishing false claims, defrauding the system of Hermes via chargebacks, etc.)
  • other relevant factors relating to the activity of the User.

Factors that serve as basis for decreasing the Hermes Account score and/or level may also serve as basis for imposing Penalties on the User, restricting the access to the Website or Services of the User is part or completely or for closing of the Hermes Account.

The information on the current Hermes Account levels will be available on the Website.

Customer verification

Upon registration, Hermes will conduct a identification verification ('Know Your Customer' or 'KYC') process to comply with all applicable anti-money laundering, sanctions and other relevant statutory requirements. Hermes reserves the right to limit the Website functionality to the Users who have not passed verification. If the Customer refuses to provide required documents and information under KYC, Hermes reserves the right to immediately terminate the Services provided to the User.

The User undertakes to provide Hermes with correct and relevant documents and personal information contained therein. In case the User provides counterfeit documents and false personal information, such behavior will be interpreted as a fraudulent activity.

The User hereby authorizes Hermes to, directly or indirectly (through third parties), make any inquiries as Hermes considers necessary to check the relevance and accuracy of the information provided for verification purposes. Hermes may ask for additional information after onboarding and during the client experience to comply with anti-money laundering laws and regulations.

Personal data transferred will be strictly limited to the necessary amount and with protected security measures in use to protect the data.

Use of the Services

The Services enable the User to make various transactions with Cryptocurrencies.

Hermes may carry out verification checks for certain transactions as requested by law. Carrying out those checks might increase the time it takes to process the client’s transaction. Hermes shall not be held responsible for any delays because of carrying out such checks. Hermes shall not bear any losses or damages, direct or indirect because of delays when carrying out transaction checks.

It is the User's sole responsibility to determine whether, and to what extent, any taxes apply to any transactions the User conducts through the Website or are associated with the Services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities.

Revoking or amendment of orders

The User acknowledges that the execution time of orders is based on the actual operation time of Hermes . All orders are final and the User does not have the right to revoke or amend their orders at any point.

Refunds

All transactions are final and the User may not request any refunds at any time.

Hermes Account termination or closing

The User may close their account at any time by filling out and submitting the form for Hermes Account deletion on the Website. Prior to requesting to close the Hermes Account, the User should withdraw all their funds from their Hermes Account. When the User has not requested the withdrawal of funds prior the closing of their Hermes Account, the funds which are in the account at the moment of closing the Hermes Account, will be lost and non-reversible to the User and the funds will not be refunded. Hermes processes the requests to close the Hermes Account within 7 business days. Closing the Hermes Account by the User means that the further use of the Services with the use of current password and login shall no longer be possible.

The User is responsible for closing their Hermes Account.

Hermes reserves the right to close the Hermes Account due to gross infringement of the provisions of these Terms or in the event of illegal use of the Services upon notice to the User via email. Hermes may also suspend the User's access to the Services if Hermes suspects that the User has failed to comply with these Terms, poses an unacceptable fraud risk to Hermes, or if the User provides any false, incomplete, inaccurate or misleading information, commits defamation and/or publishes negative posts with fake and/or false information on social media and/or review websites.

Hermes shall not be liable for damages suffered by the User arisen due to the closing or termination of the Hermes Account or suspension of the access to the Services, in case of a breach of by the User of these Terms, any statutory requirements, or for other reasons arising from the fault of the Customer.

Once the Hermes Account has been closed, it cannot be re-opened in the future.

Penalties

Hermes reserves the right to impose penalties on the User due to gross infringement of the provisions of these Terms or in the event of illegal use of the Services in the amount up to 100% of the account balance euros.

Hermes also reserves the right to waive its right to impose penalties.

Privacy Policy

Please refer to the Privacy Policy for information about how Hermes collects, uses and discloses information about its Users.

Fees

Hermes reserves to right to charge and also not to charge any fees for the usage of Services. The User agrees to pay to Hermes the fees for the usage of the Services as set forth on the Website as published, amended, and updated from time to time by the sole discretion of Hermes. The applicable fees will be shown prior to using the Serpective services, conducting transactions or any other operations through the Website.

Risks associated with the Services

Any activity related to Cryptocurrencies carries significant risks. Prior to using the Services, the User should carefully consider such risks.

The User agrees to:

  • carefully considered the risks involved in purchasing and holding KCIT or any other Cryptocurrencies Hermes offers or will offer their Services to in the future and acknowledge that the Cryptocurrencies may fluctuate in their value;
  • acknowledge the uncertain nature of Cryptocurrencies (including, but not limited to, the risk of unknown vulnerabilities in or unanticipated changes to the network protocol) and, that Cryptocurrencies are not regulated by any central bank nor other government authority, and do not constitute a securities instrument;
  • carefully consider and acknowledge the risks involved in the services offered now and in the future by Hermes, which may also include services including yield farming and DEX.

If the User is in any doubt as to the actions the User should take, Hermes encourages the User to consult with a legal, financial, tax or other professional advisor(s). If any of the risks are unacceptable to the User, the User should not use the Services.

The User acknowledges and agrees that they will access and use the services at their own risk.

Trademarks and Intellectual Property

The User explicitly acknowledges that Hermes is and remains the sole owner of the Services and/or other intellectual property rights relating thereto. The Websites and all information, content, material, graphics, products, website addresses, and layouts and services included on or otherwise made available to the User through the Website are the exclusive property of Hermes and are protected under applicable law. All such rights and goodwill are, and shall remain, vested with Hermes.

The User may only use the Website and/or the Services only for personal, lawful and non-commercial use. Any other use of content of the Services is strictly prohibited and the User agrees not to infringe or enable others to infringe Hermes intellectual property rights.

The User may not sell or modify materials derived or created from the Services or reproduce, display, publicly perform, distribute or otherwise use the materials in any way for any public or commercial purpose. The User's use of the materials on any other website or on a file-sharing or similar service for any purpose is strictly prohibited. The User may not copy any material or content derived or created from the Services without prior written permission from Hermes.

Without prejudice to the right of the User or any third party to challenge the validity of any intellectual property of Hermes, the Customer shall not perform or authorize any third party to perform any act which would or might invalidate or be inconsistent with any intellectual property of Hermes - including without being limited to any patent, copyright, registered design, trade mark or other industrial or intellectual property rights - and shall not omit or authorize any third party to omit to do any act which, by its omission, would have that effect.

The Website may contain links to third party websites on the internet. These third party websites may contain information or material that some people may find offensive or inappropriate. Thirdparty websites might also refer to their own initiative to the Website(s). The User acknowledges that the third party websites are not under the control of Hermes. The User also acknowledges that, whether or not such websites are affiliated in any way with Hermes, Hermes is not responsible for the accuracy, decency, legality or any other aspect of the content of such websites.

The User undertakes to notify Hermes of any actual, threatened, or suspected infringement of any intellectual property rights of Hermes which comes to the User's notice, and of any claim by any third party due to use of the Services.

Warranties

Hermes makes great efforts to guarantee the highest quality of its operations to ensure accessibility and continuity of Services in accordance with their use and purpose. However, no long-distance data transmission, guarantees 100% security, continuity, and accessibility of the Services.

As is. The site, services and software are provided on an "as is" and "as available" basis, with all faults, and Hermes expressly disclaims all warranties, representations, and conditions of any kind arising from or related to these Terms or the User's use of the Website, Services, and Software, including the implied warranties of merchantability and fitness for a particular purpose. The User acknowledges that, to the extent allowed by applicable law, all risk of use of the Website, Services, and Software rests entirely with the User.

Limited liability

Disclaimer

IN NO EVENT WILL HERMES BE LIABLE FOR ANY LOST PROFITS, REVENUE OR DATA, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES, OR DAMAGES OR COSTS DUE TO LOSS OF PRODUCTION OR USE, BUSINESS INTERRUPTION, OR PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES ARISING OUT OF OR IN CONNECTION WITH THE SERVICES, WHETHER OR NOT HERMES HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND REGARDLESS OF THE THEORY OF LIABILITY ASSERTED.

Cap on Liability

UNDER NO CIRCUMSTANCES WILL HERMES BE LIABLE TO THE USER FOR DAMAGES ARISING OUT OF THE SERVICES EXCEEDING THE AMOUNT OF 100 EUR.

Exceptions

The limitations set above will not apply to damages caused by the gross negligence, fraud, or willful misconduct of Hermes, or to the extent such limitations are precluded by applicable law (in which case Hermes liability will be increased to the minimum amount required to comply with such law).

Indemnity

The User agrees to indemnify Hermes against any claims, damages, losses or legal fees incurred due to the User's use (or misuse) of Hermes.

Entire Agreement

This is the entire agreement between the parties and supersedes any other agreement, representations (or misrepresentations), or understanding, however, communicated.

Applicable legislation and disputes resolution

The legislation of Switzerland shall be applied to the Terms. Any court action between Hermes and the User shall be resolved in the Vilnius District Court which has exclusive jurisdiction for resolving disputes arising under the Terms.

Contact information

If You have any questions, complaints or claims with respect to the Website or the Services please contact Hermes though the chat available on Hermes Website or through the email support@hermesltd.org