Terms of Service
These Altitude Account Terms (the "Altitude Account Terms") govern Customer's access to and use of the Altitude Account. The Altitude Account Terms are Supplemental Terms, as defined in the Squads Terms of Service (the "Squads Terms" and, together with these Altitude Account Terms, the ("Agreement"). Capitalized terms used but not defined herein have the meaning given in the Squads Terms. In the event of a conflict between the Squads Terms and these Altitude Account Terms, these Altitude Account Terms will control with respect to Customer's access to and use of an Altitude Account.
1. Altitude Account Management
1.1. Customer Ownership
Customer owns and controls the Supported Crypto Assets held through Customer's Altitude Account. At any time, subject to having internet access and access to and the availability of the relevant blockchain, Customer may withdraw Customer's Supported Crypto Assets by sending them to a different blockchain address. Customer's use of the Altitude Account does not transfer any ownership rights or title to Customer's Supported Crypto Assets to Squads.
1.2. No Custody or Control by Squads
Squads does not maintain control over Customer's assets. As the owner of digital assets in Customer's Altitude Account, Customer shall bear all risk of loss of such digital assets. Squads shall have no liability for digital asset fluctuations or Losses associated with Customer's use of the Services or its Altitude Account.
1.3. Security
Customer is solely responsible for maintaining the security, confidentiality, and safety of its Altitude Account, including its email account and other access credentials associated with its Altitude Account. Customer understands and agrees that its email account associated with its Altitude Account is the only way to access the Altitude Account and that, if Customer loses access to such email account, Customer will not be able to access its Altitude Account. Likewise, Customer is solely responsible for any and all activities that occur under or during Customer's and its Authorized Users' use of the Altitude Account. Any security breach, including but not limited to unauthorized access, data loss, or system compromise that arises from or is connected to Customer's use of the Altitude Account or Customer's failure to implement and maintain adequate security measures is Customer's sole responsibility. Squads expressly disclaims all liability for any Losses of any kind arising from any such breach.
1.4. Blockchain Dependency
Customer acknowledges and agrees that digital assets, including stablecoins, exist only by virtue of the ownership record maintained in the applicable blockchain network, which Squads does not control. Any transaction that might occur in any digital asset occurs on the decentralized ledger within such blockchain network, which Squads does not control.
2. Account transactions
2.1. Transaction Capabilities
The Squads Platform is designed to enable Customer to send, receive, and otherwise transact with Supported Crypto Assets and, through the use of Third-Party Services, to conduct Transactions that originate or settle in Fiat Currencies. Subject to the availability of, and at the direction of, the providers of such Third-Party Services, Customer may be able to receive settlement of Supported Crypto Assets to, and fund transactions in Supported Crypto Assets from, Customer's Altitude Account through various payment rails, including ACH, Wire, SEPA, and stablecoin transfers (each, a "Transaction"). Transactions may require approval from Admins and must be signed off by authentication credentials according to Customer's policies.
2.2. Not Responsible For Losses
When Customer or a third Person sends Supported Crypto Assets to an Altitude Account address, the Person initiating the Transaction is solely responsible for executing the Transaction properly, which may include, among other things, payment of sufficient network fees in order for the Transaction to be successful. Furthermore, Customer agrees and understands that digital assets (including stablecoins) are not backed by any government and do not constitute legal tender. Digital assets may not be subject to the national or international laws that protect Customer funds or investments or other similar protections offered by governmental bodies.
2.3. Rewards
Squads may earn incentives from providers of Third-Party Services in connection with Customer's holding certain eligible stablecoins in Customer's Altitude Account. For avoidance of doubt, the Altitude Account is not a deposit account, does not itself earn interest, and is self-custodied by Customer. Nevertheless, Squads may in its discretion elect to pay rewards to Customer in eligible jurisdictions based on the amount of eligible Supported Crypto Assets self-custodied by Customer in its Altitude Account, and the incentives earned by Squads with respect to the issuance and use of such Supported Crypto Assets. Customer acknowledges that: (a) any reward amounts or rates are variable and subject to change without notice, (b) rewards are not guaranteed and may fluctuate (or be eliminated entirely) at the sole discretion of Squads, or otherwise based on market conditions, and past performance does not guarantee future results; and (c) Squads reserves the right to change or remove any rewards program at any time. Rewards are not available to Customer in certain jurisdictions including, at this time, if Customer is resident in the EEA, Singapore, or Japan.
2.4. Promotional Offers
From time to time, Squads may make promotional offers available to eligible existing or prospective Customers in connection with the Altitude Account (each, a “Promotion”). Unless separate terms are provided for a particular Promotion, the following terms apply.
Eligibility. Promotions are available only to persons or businesses that receive an invitation or are otherwise identified by Squads as eligible. Eligibility may be limited based on jurisdiction, account status, transaction history, or other criteria determined by Squads. Participation in any Promotion is subject to successful completion of all applicable onboarding, identity verification, business verification (KYB), sanctions screening, compliance requirements, and availability of the Altitude Account in the Customer’s jurisdiction.
For a Promotion offered to a recipient of a payment from an existing Altitude Customer, the recipient must: (a) have received a bona fide payment from an existing Altitude Customer; (b) not already have, or previously have had, an Altitude Account, unless otherwise stated in the applicable Promotion; (c) apply for an Altitude Account through the applicable promotional invitation or link; and (d) successfully open an Altitude Account before the expiration date stated in the promotional communication.
Promotional Reward. Eligible Customers who satisfy all requirements of the applicable Promotion may receive the reward specified in the promotional communication (the “Promotional Reward”). For the $100 Altitude account-opening Promotion, the Promotional Reward is USD $100, or the equivalent amount denominated in a Supported Crypto Asset as determined by Squads, credited to the eligible Customer’s Altitude Account.
Unless otherwise specified, a Promotional Reward will be credited within thirty (30) days after Squads determines that all eligibility requirements have been satisfied. Promotional Rewards have no cash alternative, are non-transferable, and are limited to one Promotional Reward per Customer, business, and substantially common beneficial ownership or control.
Qualifying Payments and Abuse. A payment used to establish eligibility for a Promotion must represent a legitimate, bona fide transaction. Payments made primarily for the purpose of obtaining a Promotional Reward, including self-payments, circular transactions, transactions between commonly controlled entities, artificially structured transactions, duplicate transactions, or other activity that Squads reasonably determines to constitute misuse or abuse of a Promotion, will not qualify.
Squads may withhold or cancel a Promotional Reward before it is credited, or require repayment of a Promotional Reward after it has been credited, if Squads reasonably determines that a Customer was not eligible, failed to satisfy the Promotion requirements, engaged in fraudulent, abusive, or manipulative activity, violated this Agreement, or received a Promotional Reward in error.
Promotion Period. Each Promotion is available only during the period specified in the applicable promotional communication. Applications, account approvals, or other qualifying actions completed after the applicable expiration date may be deemed ineligible.
Changes and Availability. Promotions are offered at Squads’ discretion and may not be available in all jurisdictions or to all Customers. To the extent permitted by applicable law, Squads reserves the right to modify, suspend, or terminate a Promotion at any time, including where reasonably necessary to prevent fraud, abuse, or violations of applicable law. Any modification will not affect a Promotional Reward already earned by an eligible Customer before the effective date of the modification, except in cases of fraud, abuse, error, or violation of this Agreement.
Taxes. Customers are solely responsible for any taxes, duties, reporting obligations, or other liabilities arising from receipt of a Promotional Reward.
In the event of any conflict between the terms stated in a promotional communication and this Section 2.4, the terms expressly stated in the promotional communication will control solely with respect to the applicable Promotion.