Last Update: November 1, 2021
The Platform is only intended for legal adults of an age capable of forming a binding contract (eighteen (18) years of age and older in the United States). You are not allowed to use the Platform or provide information on it if you are under the legal age of consent for contracts in the jurisdiction in which reside. The Platform is further limited to users who meet Compliance customer due diligence requirements outlined below.
If you are setting up an Account on behalf of an entity, you confirm that you are an authorized officer of that entity and have the authority to enter into agreements for and on behalf of that entity. If you are opening an Account on the Platform for an entity, you are hereby providing us with written instructions and authorization in accordance with the Fair Credit Reporting Act to obtain your personal and/or business credit report from a credit bureau. You also authorize us to obtain your personal and/or business credit report when you request certain new products or at any time we reasonably believe there may be an increased level of risk associated with your Account.
We will likely change and update these Terms from time to time, and these changes are effective as soon as we post them on the Platform. If you continue to use the Platform following the posting of any revised Terms, you are accepting and agreeing to the changes.
We may also update the content on the Platform as we see fit, but do not guarantee that any content is necessarily complete or up-to-date.
The Platform is an online environment for issuing tokenized fiat or cryptocurrency tokens (each a “PM Token” and collectively “PMCurrency Tokens”). You may also redeem PMCurrency Tokens for the respective fiat currency on the Platform. PMCurrency Tokens are not money, legal tender, and are not monetary instruments. They are also not stored value or currency. Once you have PMCurrency Tokens, you can trade them, keep them, or use them to pay persons that will accept your PMCurrency Tokens, or redeem them for the respective fiat currency backing the tokens on the Platform.
You may also exchange PMCurrency Tokens for other cryptocurrency stable tokens that we may support from time to time (each a “PM Supported Stable Token”). In the event that you exchange PMCurrency Tokens for PM Supported Stable Tokens, you understand that you will need to provide a wallet address for receiving the PM Supported Stable Tokens. You further understand and agree that if you do exchange PMCurrency Tokens for PM Supported Stable Tokens that we bear no further obligation to you regarding the holding or use of the PM Supported Stable Tokens.
PMCurrency Tokens are fully backed by the currency used to purchase them at issuance, cash equivalents, or short-term government securities denominated in the same underlying currency. PMCurrency holders can purchase or redeem tokens for their respective fiat currencies held in escrow accounts managed by our independent fiduciary network through the Platform. The Platform is only intended to facilitate such purchases and redemptions. The Company utilizes asset tokenization smart contracts and escrow accounts managed by banks, depository institutions, or trust companies (each a “Banking Partner” and together our “Banking Partners”) in order to maintain 1 to 1 parity between PMCurrency Tokens and the fiat currencies, cash equivalents, or short-term government securities held in escrow accounts for the benefit of our users. The Company itself does not guarantee any right of redemption or exchange of PMCurrency Tokens for fiat currency.
The Company reserves the right to refuse to issue, redeem or exchange PMCurrency Tokens, without limiting the generality of the foregoing, if any act, conduct, transaction, omission, or misrepresentation, or the party requesting the issuance or redemption, violates, attempts to violate, causes, aids, or abets the violation of any applicable laws, statutes, ordinances, or regulations; is suspected or believed to be blocked property, frozen assets, or economic resources, or the proceeds of any crime, terrorist financing, or corruption related to any person or government official under any applicable laws; exposes the Company to sanctions, restrictions, or penalties; or is or is suspected of being in furtherance of a Prohibited Use.
Subject to your compliance with the terms and conditions of this Agreement, Public Mint hereby grants you a non-exclusive, non-transferable, non-assignable, revocable, limited and non-sublicensable to use and make calls to Public Mint’s API in order to access and use the Services hereunder.
You and we agree that any party hereto may bring claims against the other on an individual basis only and not as a plaintiff or class member in any purported class or representative action or proceeding. Unless the parties agree otherwise, any adjudicator of any claim—whether judicial or otherwise—may not consolidate or join more than one party’s claims and may not otherwise preside over any form of a consolidated, representative, or class proceeding. Any adjudicator of any claim may award relief, including monetary, injunctive, and declaratory relief, only in favor of the party seeking relief, and only to the extent necessary to provide relief necessitated by that party’s claim(s). Any relief awarded cannot affect other users of the Platform or of any Services.
We are committed to providing you with safe, compliant, and reputable services through the Platform. Accordingly, we insist on a comprehensive and thorough customer due diligence process and implementation and ongoing analysis and reporting. This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators.
We reserve the right to refuse registration to, or to bar transactions from or to, anyone from or in jurisdictions that do not meet international AML–CTF standards as set out by the FATF; to anyone that is a Politically Exposed Person within the meaning of the FATF’s 40 Recommendations; or, that fails to meet any of our customer due diligence standards, requests, or requirements. In lieu of refusing registration, we may perform enhanced customer due diligence procedures. At all times, you may be subject to enhanced customer due diligence procedures in your use of the Platform and any related service. The Company will validate and verify your identity based on the information provided. As part of our Know Your Customer (KYC) policy and ongoing monitoring of account activity, we may request additional information and documentation from you in the future. If we are unable to contact you and verify your identity in the future, we may need to close your account.
The Company will cooperate with applicable law enforcement and regulatory authorities where it is required to do so and will share information if there are reasonable grounds to believe that a PMCurrency is being used for illegal purposes.
We reserve the right to amend the Platform, and any service or material we provide on the Platform, in our sole discretion without notice. This includes, but is not limited to, replacing the existing PMCurrency smart contracts with new smart contracts or moving any PMCurrency Token to a new blockchain. In the event that a PMCurrency smart contract is replaced or moved to a new blockchain, balances will be transferred and the old PMCurrency Tokens will not be valid for any purpose and shall be frozen.
We reserve the right to deny access to the Platform to anyone or cancel an account for any or no reason, including but not limited to violations of these Terms, applicable laws and regulations, or engaging in any Prohibited Uses as outlined below, and at any time, at our sole discretion. If we terminate your account for any reason, we’ll provide you with notice of our actions and make any unrestricted PMCurrency Tokens available for redemption.
You are solely responsible for maintaining the confidentiality of your account information, as well as any and all activities that occur under your account. You must immediately notify us of any unauthorized use of your account and any other such security breach. We will not be liable for any loss that may occur as a result of someone else using your account or password, with or without your knowledge. You should use particular caution when accessing your account from a public or shared computer so that others are not able to view or record your password or other personal information.
Please note that all transactions involving Digital Assets involve certain risks. The risk of loss in holding Digital Assets can be substantial. You should therefore carefully consider whether holding Digital Assets is suitable for you in light of your financial situation. You are responsible for safeguarding the private keys issued to protect access to your digital wallet. You acknowledge that if you lose your private keys or access to your private keys, then the PMCurrency Tokens that you acquired from our Services will be lost, and Public Mint has no responsibility to compensate you for this loss.
You understand and agree that you are responsible for paying applicable Fees for use of Public Mint Services. Fees for Services are listed here. In addition to Public Mint Fees, you agree that you are responsible for any applicable Network fees.
Cryptocurrency markets are volatile and shift quickly in terms of liquidity, market depth, and trading dynamics. You are solely responsible and liable for your account on the Platform and knowing the true status of your PMCurrency Tokens even if the information on the Platform is displayed incorrectly.
The Company does not provide investment advice. The information contained within the Platform is for informational purposes only, and the Company is not soliciting any action based upon such materials. The material is not to be construed as investment advice. We do not provide any consultation on the advisability of purchasing any PMCurrency, the timing of a purchase or redemption, or any other matters regarding the purchase or redemption of any PMCurrency, such as trading techniques, models, algorithms, or any other schemes. Additionally, the material accessible through the Platform does not constitute a representation that the purchase of any PMCurrency Tokens are suitable or appropriate for you.
Please note the following risks in purchasing and using PMCurrency:
Your account with us (and any available assets held in such account) is not a bank account or a deposit account. PMCurrency Tokens are not financial instruments and the Company may not be regulated as a financial institution in your jurisdiction. No interest will be paid on any funds or other assets held in your account, except as expressly provided otherwise under separate terms, and all assets directly held by the Company are not insured by the Company or, except as set forth below, any third party or any government agency. The Company may collect interest on the fiat deposits held in the PMCurrency escrow accounts.
The Company works with independent third-party financial institutions to provide cash management for the fiat deposits backing PMCurrency Tokens so that each PMCurrency token is backed by an equivalent amount of fiat deposits, cash equivalents, or short-term government treasuries. To achieve this, a portion of the fiat deposits backing PMTokens are held in one or more depository accounts at our Banking Partners whose deposits may be insured by the Federal Deposit Insurance Corporation (“FDIC”). US Dollar depository accounts are generally protected by FDIC insurance up to $250,000 in each insured bank for each account ownership category. However, since the depository accounts are large volume transaction accounts with balances exceeding this deposit insurance limit, the Company has taken additional steps to provide protection for the funds.
To provide additional protection, the independent third-party financial institution bank or trust company may either: (1) deposit US Dollar funds in multiple FDIC-insured US banks to provide full insurance coverage, (2) utilize sweep accounts that can protect the deposits through overnight investments in US Government Treasuries, or (3) invest US Dollar funds in cash equivalents or short-term government treasuries. Bear in mind, this structure provides the described protections for the aggregated amounts of fiat backing the PMCurrency Tokens. Individual PM Token holders do not have separate FDIC insurance.
FDIC insurance is not applicable to any fiat deposits backing non-USD PMCurrencies. Non-USD PMCurrencies are held at one or more depository accounts at our Banking Partners. To provide protection, the independent third-party financial institution bank or trust company may utilize sweep accounts that can protect the deposits through overnight investments in government-backed securities.
Any depository account maintained by an independent third-party financial institution for the benefit of PMCurrency Token holders may not be sufficient to cover all losses due to theft or fraud incurred by our PMCurrency holders. Transactions in PMCurrencies may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable.
The market value of PMCurrency Tokens may be derived from the continued willingness of market participants to exchange fiat currency or digital assets for PMCurrency Tokens, which may result in the potential for permanent and total loss of value of PMCurrencies in the market.
All PMCurrency Tokens will be rounded down to the nearest amount of the lowest circulating denomination of the underlying representative fiat currency (e.g., US cent) respectively, upon redemption.
While we take care to consider alternative methods of redemption and exchange, we bear no responsibility for PM Supported Stable Tokens. Users accept all consequences of exchanging and sending PM Supported Stable Tokens off of the Public Min platform. PM Supported Stable Tokens transactions are not reversible. Once you send PM Supported Stable Tokens to an address, you accept the risk that you may lose access to, and any claim on, that PM Supported Stable Tokens indefinitely or permanently. For example, (i) an address may have been entered incorrectly and the true owner of the address may never be discovered, (ii) you may not have (or subsequently lose) the private key associated with such address, (iii) an address may belong to an entity that will not return the PM Supported Stable Tokens, (iv) an address belongs to an entity that may return the PM Supported Stable Tokens but first requires action on your part, such as verification of your identity.
You are aware of and accept the risk of operational challenges. Public Mint may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to our Services. You understand that the Public Mint Services may experience operational issues that lead to delays, including delays in redeeming PMCurrency Tokens. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree not to hold Public Mint accountable for any related losses.
You are responsible for complying with applicable law. You agree that Public Mint is not responsible for determining whether or which laws may apply to your transactions, including tax laws. You are solely responsible for reporting and paying any taxes arising from your use of the Public Mint Services, including any accurate reporting of the tax or legal status of Public Mint Services in your jurisdiction.
Legislative and regulatory changes or actions at the U.S. state, U.S. federal, or international level may adversely affect the tokenization of U.S. Dollars into PMCurrency Tokens, and the use, transfer, redemption and/or value of PMCurrency Tokens or PM Supported Stable Tokens.
In the event that you provide us any ideas, thoughts, criticisms, suggested improvements, or other feedback related to Platform (collectively “Feedback”), you agree that we may use the Feedback in any way we deem appropriate to: (a) improve our Platform and (b) promote the Platform, and that you will not be due any compensation for your Feedback that is used in these ways.
The Platform and its entire contents, features, and functionality (including but not limited to all information, software, text, displays, images, video and audio, and the design, selection, and arrangement thereof), are owned by the Company, its licensors, or other providers of such material and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property or proprietary rights laws.
We do not warrant the accuracy, completeness, or usefulness of any information on the Platform. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility arising from any reliance placed on such materials by you or any other visitor to the Platform, or by anyone who may be informed of any of its contents.
The Platform includes content provided by third parties, including materials provided by other users, attorneys, third-party licensors, syndicators, aggregators, and/or reporting services. All statements and/or opinions expressed in these materials, other than the content provided by the Company, are solely the opinions and the responsibility of the person or entity providing those materials. We are not responsible, or liable to you or any third party, for the content or accuracy of any materials provided by any third parties.
Links to any third-party websites on the Platform are provided for your convenience only. We have no control over the contents of those sites or resources. If you decide to access any of the third-party websites linked to the Platform, you do so entirely at your own risk and subject to the terms and conditions of use for such websites.
The Platform is controlled and operated from the United States and is subject to its laws. If you choose to access the Platform outside of the United States, you do so at your own risk and are responsible for complying with all applicable laws, rules, and regulations.
YOUR USE OF THE PLATFORM, ITS CONTENT, PMCURRENCY TOKENS AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE PLATFORM IS AT YOUR OWN RISK. THE PLATFORM, ITS CONTENT, PMCURRENCY TOKENS, AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE PLATFORM ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED.
NEITHER THE COMPANY NOR ANY PERSON ASSOCIATED WITH THE COMPANY MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY, OR AVAILABILITY OF THE PLATFORM OR PMCURRENCY TOKENS. WITHOUT LIMITING THE FOREGOING, NEITHER THE COMPANY NOR ANYONE ASSOCIATED WITH THE COMPANY REPRESENTS OR WARRANTS THAT THE PLATFORM, ITS CONTENT, PMCURRENCY TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE PLATFORM WILL BE ACCURATE, RELIABLE, ERROR-FREE, OR UNINTERRUPTED, THAT DEFECTS WILL BE CORRECTED, THAT THE PLATFORM OR THE SERVER THAT MAKES IT AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS, OR THAT THE PLATFORM, PMCURRENCY TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE PLATFORM WILL OTHERWISE MEET YOUR NEEDS OR EXPECTATIONS.
THE COMPANY HEREBY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, STATUTORY, OR OTHERWISE, INCLUDING BUT NOT LIMITED TO ANY WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, AND FITNESS FOR PARTICULAR PURPOSE.
THE FOREGOING DOES NOT AFFECT ANY WARRANTIES WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
IN NO EVENT WILL THE COMPANY, ITS AFFILIATES, OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, OR DIRECTORS BE LIABLE FOR DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, THE PLATFORM, ANY WEBSITES LINKED TO IT, ANY CONTENT ON THE PLATFORM, PMCURRENCY TOKENS, OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE PLATFORM, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF REVENUE, LOSS OF PROFITS, LOSS OF BUSINESS, OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, OR OTHERWISE, EVEN IF FORESEEABLE.
IN NO EVENT WILL THE COLLECTIVE LIABILITY OF THE COMPANY AND ITS SUBSIDIARIES AND AFFILIATES, AND THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, AND DIRECTORS, TO ANY PARTY (REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, TORT OR OTHERWISE) EXCEED THE AMOUNT YOU HAVE PAID TO THE COMPANY FOR THE APPLICABLE SERVICES IN THE LAST 12 MONTHS OUT OF WHICH LIABILITY AROSE.
THE FOREGOING DOES NOT AFFECT ANY LIABILITY WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
All matters relating to the Platform and these Terms and any dispute or claim arising therefrom or related thereto shall be governed by the internal laws of the State of California without giving effect to any choice or conflict of law provisions or rules.
No waiver by the Company of any term or condition set forth in these Terms shall be deemed a further or continuing waiver of such term or condition, and any failure of the Company to assert a right or provision under these Terms shall not constitute a waiver of such right or provision.
If any provision of these Terms is held by a court or other tribunal of competent jurisdiction to be invalid, illegal or unenforceable for any reason, such provision shall be eliminated or limited to the minimum extent such that the remaining provisions of the Terms will continue in full force and effect.
All feedback, comments, requests for technical support and other communications relating to the Platform should be directed to: https://support.publicmint.com/
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