Bitcoin: The Ultimate Collateral
📩 [Contact Us](mailto:[email protected]?subject=Hello%20Firefish)
Last updated: 04/April/2024
Welcome to Firefish. We are thrilled to share with you that we have launched an Open Beta version of our platform and want you to completely understand what we do, how we do it and what is required from you so that you may enjoy our platform and services perfectly informed.
If you have used Firefish services in Closed Beta Program, these terms shall apply to your use of our Services (as defined below) on a prospective basis as of the date first noted above. Any rights and obligations with regards to your Bitcoin secured loans negotiated prior to the date first noted above shall continue to be governed by the previous version of our Terms (which can still be accessed here) and your respective loan documents (which can be accessed through your loan document section).
Your access to and use of our Services (as defined below) is expressly subjected to your acceptance of and compliance with these Terms. PLEASE READ THESE TERMS CAREFULLY BEFORE YOU START TO USE THE SITE OR ANY OTHER FIREFISH SERVICES.
1. OUR SERVICES; TERMS; ACCEPTING
(a) Firefish enables the bringing together of individuals and businesses wishing to borrow money (the “Borrowers”) in a form of a peer-to-peer loan collateralized by Bitcoin (a “Bitcoin secured loan”) and individuals and businesses wishing to lend money (the “Lenders”) to Borrowers in a form of the Bitcoin secured loan, along with providing the Borrowers and Lenders with tools and services related to Bitcoin secured loans (collectively with regards to Borrowers, “Firefish Borrow” and with regards to Lenders, “Firefish Invest”) such as, for example, organization and technical support of Borrowers in a process of setting-up the escrow environment for the Bitcoin collateral to be posted into (the “Escrow setup support”), assuming the roles of Payment Oracle and Price Oracle with regards to Bitcoin collateral transferred into the escrow environment (the “Bitcoin collateral escrow”) and Liquidation exchange service.
(b) The website at “www.firefish.io” (the “Site”), web application available on and accessible through the Site (the “Firefish App”), Firefish Invest, Firefish Borrow, including Escrow setup support, Bitcoin collateral escrow, Liquidation exchange service, and any other related services, features, functions, products, software and applications (all together with the Site, collectively, the “Firefish services” or “Services”) are operated and provided by Firefish Europe s.r.o., ID No. 55 912 974, a Slovak company with its registered office at Lazovná 20, 974 01 Banská Bystrica, Slovak Republic, registered in the commercial register maintained by Okresný súd Banská Bystrica, section Sro, Insert No. 47958/S (“Firefish” or “we”).
(c) All defined terms used herein shall have the meaning ascribed to them in these Terms of Service. Users of the Services and holders of Firefish account are referred to as “you” - in the case of a body corporate, such as a company or any other legal entity or organization (the “Company”), any references to “you” refer to both you as an individual interacting with the Site or otherwise with us, as well as the Company on behalf of which you are using Services or which you will identify on the Site or otherwise to us as the Firefish account holder, user of any Services, Borrower or Lender.
(d) These Terms of Service and all additional terms and conditions incorporated herein by reference (collectively “Terms”) govern your access to, and use of, the Site and other Firefish services. By requesting access to the Services, opening a Firefish account or by accessing or using the Site or any of the other Firefish services or by undertaking any other action that might reasonably be construed as acceptance of these Terms, you represent and warrant that: (i) you are authorized to enter into these Terms for and on behalf of yourself (and your Company); (ii) you (and your Company) can legally enter into these Terms; and (iii) you have read and understand these Terms and agree that you (and your Company) shall be bound by these Terms.
(e) These Terms are a legally binding agreement between you and the entity specified in Clause 1.(b) above (which will be your sole and exclusive counterparty to these Terms). If you do not agree with anything contained in these Terms (at least a single rule of them), please do not use the Site or any of the other Firefish services.
(f) These Terms are effective as of the date first noted above. We reserve the right to update these Terms in our sole and absolute discretion from time to time without notice. You are responsible for periodically checking these Terms for revisions. Revisions will take effect immediately once we have posted the revised Terms on the Site. Except when determined by us and expressly stated in (the preamble or other parts of) the revised Terms, your continued use of the Site or any of the other Firefish services after any such revisions will constitute your acceptance of those revisions. Notwithstanding the above, we will seek your consent to future modifications to these Terms to the extent we are required to do so by applicable law.
2. ELIGIBILITY
(a) To access and use the Site and any of the other Firefish services, you must be at least 18 years of age. By applying for access to Firefish services or opening the Firefish account or otherwise accessing the Site or using any of the Firefish services, you represent that: (i) as an individual, you are at least 18 years old; (ii) as an individual or Company, you have full legal capacity and sufficient authorizations to enter into a binding contract; (iii) you have not been previously suspended or removed from using the Site or any of the other Firefish services; (iv) neither you, your Company, nor anyone who controls your Company are (A) target of sanctions of the US and/or EU, or (B) located, organized, or resident in a country that is target of sanctions of the US and/or EU; (v) your use of the Firefish services is legal in your local jurisdiction, and you are not and will not use Firefish services if such use is prohibited or otherwise violates the laws of the country in which you reside or of which you are a citizen; (vi) you do not reside in nor are a citizen of a country where distribution, publication, availability or use of Site or other Firefish services is subjected to regulation which demands or may demand from Firefish or its affiliates to comply with any registration or licensing requirement within such jurisdiction; (vii) you have a sophisticated understanding of Bitcoin and the technology that underlies it; and (viii) you will comply with these Terms and all applicable laws, rules and regulations.
(b) Please note that access to and use of the Site or of all or any of other Firefish services may be, in general or from time to time, geographically (mainly if you are a citizen of, residing in, or are physically located in a country or area that is not supported by Firefish) or otherwise restricted. You are advised to check on a regular basis all information on the Site or available through Firefish App as to any such restrictions or limitations.
3. PRIVACY
We respect and value your privacy. Please take the time to read our Privacy Policy found here, which explains how we collect, use and share your personal information. By applying for or using any of the Firefish services, you agree that we may collect, use and share, as set forth in the Privacy Policy, the information you provide during your application for, access to, or use of any of the Firefish services.
4. RIGHT OF ACCESS AND USE
(a) Subject to your constant and full compliance with all the terms and conditions set out in these Terms, Firefish hereby grants to you a limited, non-exclusive, non-transferable, freely revocable right to access and use the Site and the other Firefish services to the extent and in accordance with these Terms.
(b) These Terms only grant you a limited right to access and use Firefish services. Firefish does not transfer Firefish services or the ownership or intellectual property rights of any Firefish intellectual property to you or anyone else. All the text, graphics, user interfaces, visual interface, photos, sounds, process flow diagrams, computer code (including html code), programs, software, products, information and documents, as well as the design, structure, selection, coordination, expression, look and feel, and layout of any content included in the Services or provided through Firefish services, are exclusively owned, controlled and/or licensed by Firefish or its affiliates.
5. ACCESS TO SITE
To access the Site you must have the necessary equipment (such as a smartphone or PC) and the associated telecommunication service subscriptions to access the Internet. Access to the Site may, from time to time, become degraded or unavailable, for example during times of significant volume. We do not represent that the Site or any other Firefish services will be available to you, will be available without interruption or delays or at any time or for any period in the future and we shall not be liable for any losses arising out of or resulting therefrom.
6. FIREFISH ACCOUNT
6.1 Registration
(a) You must apply for a user account with us (a “Firefish account”) before using any of Firefish services. When you apply for a Firefish account, you must provide the information as requested by Firefish, and accept these Terms. Firefish may refuse, in its discretion, to open a Firefish account for you and we are under no obligation to inform you of the reasons, if any, for such refusal.
(b) You may not apply for or register for more than one Firefish account, for a Firefish account on behalf of another individual, operate a Firefish account on behalf of any person who is not eligible to register for or operate a Firefish account in their own name, or register for a Firefish account on behalf of any entity other than a Company over which you have the requisite power and authority to form a binding contract. You may not apply for or register for multiple Firefish accounts on behalf of the same Company.
6.2 True and accurate information
(a) By applying for, opening, registering for, or using your Firefish account or using the Site or any other Services in any way, you (i) represent that all information, materials, data, content, or documents you provide or make available to us is and will remain true, correct, and complete, and you (ii) agree to maintain and update any and all personal information you provide to us to ensure it is true, accurate, current, and complete at all times.
(b) If you provide any information that is untrue, incorrect, inaccurate, not current, or incomplete or Firefish has reasonable grounds to doubt the truthfulness, correctness, accuracy, currency, or completeness of such information, we have, without limitation of remedies or actions that we may undertake or other legal effects of such your provision under these Terms or applicable law, the right to suspend or terminate your Firefish account.
6.3 Additional rules: Companies
(a) By applying for, opening, registering for, or using your Firefish account or using the Site or any other Services in any way on behalf of a Company, you represent that: (i) you are duly authorized to do so; (ii) you have the power and authority to legally bind, including entering into any legal agreement in course of accessing the Services on behalf of, such Company; and that (iii) such Company is in good standing to the best of your knowledge. Furthermore, you represent and warrant that (iv) such Company will abide by all of the terms and conditions of these Terms and any other agreements you may enter into in the course of or in connection with Firefish services.
(b) You may not operate or otherwise use a Firefish account opened for a Company (i) for the benefit of any person other than that Company, (ii) for any purpose prohibited by law or regulation, or any activity which that Company is not duly authorized to conduct.
6.4 KYC/AML
(a) As part of our know your customer, anti-money laundering and combating terrorist financing programs, including under applicable laws (the “AML rules”), we may be required or seek to obtain, verify, and record certain information mainly about you (and in the case of a Company, mainly about the Company itself, members of statutory bodies, executive officers, directors, ultimate beneficiaries and other significant equity holders, as applicable, of the Company, and any other parties authorized to use the Services in their role as a representative of the Company). We take all necessary steps under AML rules. For this purpose, you shall provide us with all information as may be required by Firefish, mainly but not limited to as prompted from time to time by Firefish App, and we will be entitled to keep a record of such information.
(b) You shall complete certain identification, verification and other KYC procedures before you are permitted to use Firefish services; we may use third-party services or other third-party assistance in conducting any of those. Your active access to Firefish services may be subjected to the result of such procedures which we will deem satisfactory. Without limiting the generality of Clause 20.1 hereof, your access to the Site and other Firefish services and any limits that may apply to your use thereof may be suspended, restricted, altered or completely banned as a result of information we collect under AML rules on an ongoing basis. We are under no obligation to inform you of the reason(s) for any such suspensions, restrictions, alterations or bans.
(c) We may monitor your Firefish account, your use of the Site or other Firefish services, and review your personal information on an ongoing basis as may be required by AML rules or pursuant to our internal policies and procedures. At any time, Firefish may require you to provide us with additional information as a condition to your continued access to and use of your Firefish account and Firefish services. During such time, your access to and use of your Firefish account may be temporarily restricted.
(d) For the avoidance of doubt, Article 6.2 [True and accurate information] applies also to all information, materials, data, content, or documents you provide or make available to us under or in connection with this Article (6.4).
6.5 Security
(a) You are solely responsible for maintaining adequate security and control of any and all passwords and other account credentials that you use to access your Firefish account (the "Account credentials"). You shall prevent unauthorized access to or use of your Firefish account and promptly notify us of any such unauthorized access or use. You must keep your Account credentials confidential and not authorize any third party to access or use your Firefish account on your behalf.
(b) You shall notify us at [email protected] of any suspected or actual security breach of your Firefish account as soon as possible and cooperate with us in the investigation of any suspected or actual security breach, unauthorized access to, or use of your Firefish Account.
(c) You are solely responsible for all activity that occurs on, in connection with or under your Firefish account (whether or not authorized by you). We shall have no liability to you or any other person for acts or omissions made or committed by you, your agent, representative or third-party service provider in respect of your Firefish account.
6.6 Account tiers
(a) We apply an account tiering policy. You may only access to and use Firefish services in the extent corresponding to your Firefish account tier. The relevant Firefish account tiers are shown here. We may change our tiering policy, including, but not limited to, alteration of available tiers and scope of Firefish services accessible or limitations attached thereto at any time, without notice.
(b) You acknowledge and agree that (i) your active use of Firefish services, including Firefish Borrow and Firefish Invest, may be conditional upon upgrading your Firefish account to appropriate tier; and (ii) your Firefish account may be subjected to certain transactional limits or other limitations related to your use of Firefish services as applicable to its tier.
(c) In order to upgrade your Firefish account you must apply for respective tier upgrade and shall meet all applicable conditions as requested by Firefish (which may be set or modified from time to time as we deem appropriate) to our satisfaction.
(d) Firefish may refuse, in its discretion, to upgrade your Firefish account. Firefish also may, in its discretion, downgrade your Firefish account to any tier, including to basic tier, or set any restrictions, limits or other limitations to your Firefish account irrespective of its actual tier. We are under no obligation to inform you of the reasons, if any, for such refusal, downgrade, restrictions, limits or limitations.
6.7 User bank account
(a) Every Firefish account enabling the active use of Firefish services must be paired with a bank account registered with us (we may allow multiple registered bank accounts for different currencies).
(b) By submitting a bank account for registration you represent that such account is (i) opened and held at your own name, (ii) belonging exclusively to you, and (iii) fully and exclusively under your control. You undertake to ensure that any bank account you registered with us will meet all of these conditions at any time throughout the period of its registration with us.
(c) You may apply for a change of your registered bank account. Any change of your registered bank account shall be subject to our approval, which may be granted or refused in our sole and absolute discretion, and apply prospectively. For the avoidance of doubt, change of your registered bank account under this Clause (6.7(c)) shall not alter or otherwise affect whatsoever your payment coordinates under your Loan and security agreement(s) (and if you are a Firefish Invest user also under your Liquidation exchange agreement(s)) already in place.
(d) Change of your payment coordinates under your Loan and security agreement(s) is governed exclusively by terms and conditions thereof (which are in the relevant scope hereby incorporated by reference). Without prejudice to the generality of the foregoing you acknowledge and agree that you shall apply for such a change only in exceptional circumstances and that Firefish is under no obligation whatsoever to accommodate your application.
7. FIREFISH BORROW; FIREFISH INVEST
7.1 No lending or borrowing by Firefish; no guarantee
(a) Bitcoin secured loans are privately issued and received by our users (Borrowers and Lenders respectively). Firefish is the Services provider and not a lender or borrower.
(b) You acknowledge and agree that we do not guarantee nor assume any legal responsibility (or liability) whatsoever as regards the compliance with (or breach of) the terms and conditions, including, but not limited to, the right and timely fulfillment of (or default on) any obligations or other legal duties, by respective Borrower(s) or Lender(s).
7.2 Non-binding interest
(a) Firefish Borrow allows you to submit a non-binding interest (the “Interest”) in borrowing money in a form of a Bitcoin secured loan (the “Borrowing interest”). Firefish Invest allows you to submit the Interest in lending money in a form of a Bitcoin secured loan (the “Lending interest”). Interest mainly consists of your preferred Bitcoin secured loan terms, such as loan amount and currency, loan period and acceptable (in the case of Borrowing interest) or minimal acceptable (in the case of Lending interest) loan interest rate.
(b) You may submit multiple Borrowing interests and multiple Lending interests.
(c) Borrowing interests are time-limited and valid for 14 days, unless otherwise indicated in the Firefish App in the course of respective Borrowing interest creation. After the lapse of its applicable validity period, the Borrowing interest will be automatically cancelled.
(d) You may cancel your Borrowing interest or Lending interest at any time.
7.3 Matching
(a) Borrowing interest and Lending interest that we deem fit may be matched.
(b) It is in our sole and absolute discretion (i) whether we match or do not match any of the submitted Borrowing interests with any of the submitted Lending interests, (ii) to determine the criteria, including any automatic processes or tools, according to which any of the submitted Borrowing interests and any of any of the submitted Lending interests will be matched, and (iii) to determine any process aimed at finding a match we deem suitable – we may, for example, present one or multiple Firefish Invest users that have submitted a Lending interest with one or more Borrowing interests (whereby, in general, first to confirm rule will apply).
(c) Without limiting the foregoing, you acknowledge and agree that due to the specifics of Bitcoin secured loan, notably security provided by the Borrower in a form of Bitcoin collateral and Bitcoin collateral escrow thereof, we have no duty whatsoever to consider in our matching any aspects or factors pertaining to the person of Lender or Borrower (e.g. counterparty risk).
(d) We may insert any of the Borrowing interest into the list of available Borrowing interests and make such listing available in the Firefish App for Firefish Invest users to pick a suitable match themselves.
(e) Interests are generally considered to be matched once a valid Borrowing interest has been confirmed as acceptable by a Firefish Invest user through Firefish App (irrespective of whether the latter has submitted any Lending interest beforehand).