I have read the privacy statement and agree that Coinvest LLC will use the personal data that I submitted for the purpose of facilitating loans on its platform. I was informed that I can withdraw this agreement at any any time without disadvantages. I was assured that my data privacy interests will be safeguarded without restrictions. A submission of my data can only be done to the bodies mentioned in the privacy statement or to lenders if I don’t meet my repayment obligations as a borrower.
- I. General conditions
- II. Conditions for lenders
- III. Technical framework
- IV. Privacy, contract termination, liability
- V. Other conditions
We, at Coinvest operate a virtual online-marketplace (“marketplace”) for brokering contracts for the use of the digital currency USD/ Bitcoin (“USD/ Bitcoin loans”).
We broker USD/ Bitcoin loans between marketplace participants (“investors”), who want to use USD/ Bitcoins for a specific time period and pay interest (“borrowers”) and marketplace participants who want to lend USD/ Bitcoins to other people for interest (“lenders”).
By connecting borrowers and lender directly we have three goals: We want individuals and business owners to get access to USD/ Bitcoins as a means of funding, moreover we want to create the opportunity to earn interest income in USD/ Bitcoin/cryptocurrency marketplace and we want to contribute to a more stable global financial system by dispersing credit risk more broadly and by creating funding solutions with matched maturities.
Generally a USD/ Bitcoin loan is denominated to a specific amount of USD/ Bitcoins. Alternatively a loan can also be denominated in US dollars (= exchange rate pegged loan, “ERP-loan”), but also in this case the lender lends USD/ Bitcoins/cash to the borrower. The repayment of lent USD/ Bitcoins and the interest payment occurs according to the agreement between borrower and lender either as a bullet payment at maturity of the loan or in recurring installments. USD/ Bitcoin loans (also in the case of ERP-loans) are treated like in-kind loans this means both, repayment of principal and interest payments are to be made daily
The following rules apply for the relationship between Coinvest and the user:
I. General conditions
§ 1 Scope of these terms, conclusion of the contract
- The contractual relationship between the user and Coinvest remains unaffected from changes, service interruptions and/or limitations of the contractual relationship from brokered USD/ Bitcoin loans.
§ 2 Registration, set-up of a personal section
- The use of the marketplace is only possible after a registration. At registration the user has to state an email address as a username and choose a password.
- Before users can get or fund USD/ Bitcoin loans they need to state the following information:
- Name and surname,
- a secure password chosen by the user,
- By completing the registration the user offers the completion of a contract of use of the marketplace
- As part of their registration users set up their personal area of the marketplace. This area contains all necessary user information to use the marketplace.
- The rights from this contract and the personal area are not transferable. Users are required to keep their password secret and to change the password immediately if there is a certain likelihood that third parties might have access to the password. Coinvest will never ask users for their password, neither by email nor by telephone. Therefore users will never reveal their password by phone or by email, even if an email or telephone call makes the impression to be coming from Coinvest.
- During the registration users are required to state correct and complete information about themselves. This data is stored in the personal area which is only accessible by the user.
- Users inform Coinvest immediately about any changes of the stated data. This especially applies to contact information. Borrowers with ongoing loan listings (§ 9 section 1) or ongoing USD/ Bitcoin loans will immediately inform Coinvest about changes in their personal financial information.
Right to contract revocation
You can withdraw your deposited notes from the fund at anytime.
Consequences of revocation
In case of a valid contract revocation received services on both sides are to be returned and utilizations (e.g. interest payments) are to be given back. If you are not able to return received services in full or partially or only in a deteriorated state you are required to provide us with a replacement. This might mean that you are required to fulfill your contractual payment obligations for the time period until the contract revocation. Obligations regarding the refund of payments must be fulfilled within 30 days. The deadline begins with the sending of the contract revocation, for us it begins with the reception thereof. In case of a revocation of this distance selling contract you are also not bound to an attached distance selling contract if that contract includes a further service by us or a third party based on an agreement between us and the third party.
§ 3 Functioning and use of the marketplace
- Users can act as a borrower and/or as a lender on the marketplace. As borrowers users can use borrowed USD/ Bitcoins or as lenders user can lend USD/ Bitcoins to borrowers and thereby earn an interest income on these USD/ Bitcoins.
- Coinvest runs the marketplace to broker the closure of USD/ Bitcoin loan contracts. Lenders can also use AutoInvest to find suitable borrowers and loans. With AutoInvest Coinvest provides and algorithm that brokers loans according to criteria that were specified by the lender. In addition to that Coinvest offers user additional paid services that are related to brokering USD/ Bitcoin loan contracts. This especially includes the rating of borrowers (see also § 7), which is a prerequisite for a USD/ Bitcoin loan. This means that Coinvest acts in four different functions:
- as a broker of USD/ Bitcoin loans,
- as a provider of the technical platform of the marketplace,
- as a service provider for the administration of USD/ Bitcoin loans as well as
- a provider of additional paid services, especially ratings.
§ 4 General rules for borrowers and lenders
- To protect the privacy of all of all users, both borrowers and lenders generally remain anonymous.
- The user receives a personal identification number from Coinvest (“user ID”), by which borrowers and lenders are identifiable for Coinvest. Users can look up their data in their personal site section which is only accessible to them.
- To make the closure of USD/ Bitcoin loan contracts as convenient as possible all USD/ Bitcoin loans are standardized and contain this minimum set of information:
- user ID of the borrower and user ID(s) of the lender(s)
- the amount of lent USD/ Bitcoins (loan amount)
- fee for the use of USD/ Bitcoins expressed as a per annum (p.a.) interest rate of the outstanding principal loan amount (payable in USD/ Bitcoins),
§ 5 General conditions for the use of the marketplace
- The marketplace is offered by Coinvest exclusively to private individuals. The marketplace can only be used by registered users on their own account. Borrowed USD/ Bitcoins can be used for private and for business purposes or for freelance job activities. Within general laws Coinvest decides freely, which users are given access to the marketplace.
- Moreover, Coinvest only grants access to users who
- are contractually capable (sui juris) without restrictions
- have stated the minimum required information about them during the registration and
6 Repayment of a USD/ Bitcoin loan
When a borrower’s loan request was funded a payment schedule is displayed under “Funds” according to the terms as agreed between the borrower and the lender(s). Borrowers ensure that their USD/ Bitcoin account is sufficiently funded at repayment dates. Coinvest automatically transacts repayments from the borrower’s account and credits the payment to the lender(s). Coinvest has the right to disclose the identity of the borrower to lenders if collection efforts should not be successful.
III. Conditions for lenders
§ 12 Lending of USD/ Bitcoins
- The user as a lender can offer the fund a USD deposit. The offered amount of USD has to be between a minimum amount (will be automatically displayed on the marketplace) and the amount that is left from the requested amount. The lent USD/ Bitcoins have to be free of third-party rights.
§ 13 Processing of the repayment
- Coinvest processes the repayment of the USD/ Bitcoin loan, the interest payments and possible compensation payments by order and power of authority of the lender users. The user can withdraw lending notes whenever desired. The administration of the USD/USD/ Bitcoin loan is exclusively done by Coinvest. This means that lenders will not contact borrowers for the purpose of collection and will not have repayments made to themselves directly. This renunciation is revocable by the user only for important reasons.
- The repayment of USD/ Bitcoin loans is conducted by refunding the intial Paypal deposit from the fund and directly crediting the USD/USD/ Bitcoin account of the lender.
- In the case of partial repayments the received USD/ Bitcoins will be allocated to legal costs of debt collection first, then to the principal loan amount and then to interest payments. In case of partial claims the repayments are allocated pro rata to the claims of lenders.
§ 14 Dunning and other collection efforts
- By order and power of authority of the lenders Coinvest is entitled to self dependent collection, especially to dunning belated borrowers. This especially includes the choice of time and content of dunning proceedings. Applicable late fees will be invoiced to the belated borrower.
- As long as lenders have not revoked the administration of the USD/ Bitcoin loan by Coinvest for important reasons they are not entitled to own collection measures against the borrower.
§ 15 Ancillary rights, right to cancel a loan contract
By order and power of authority of the lender Coinvest can exercise applicable ancillary rights from USD/ Bitcoin loan contracts, especially an applicable right to exceptional cancellation. This power of authority is revocable only for important reasons. As long as the power of authority is valid lenders will not exercise these ancillary rights themselves.
§ 16 Sub-contractors
- Coinvest has the right to outsource single tasks as described by this contract to sub-contractors.
- The powers of authority according to § 13 section 1, § 14 and § 15 also include the right to authorize debt collection agencies or other companies with the completion of commitments of Coinvest according to this part III.
§ 17 Notification in case of defaulted payments
Should a borrower not be able to repay borrowed USD/ Bitcoins despite of their maturity Coinvest will inform lenders within three days in written form about this default. A default according to these terms occurs, when the loan is not repaid or is repaid only partially 90 days after maturity.
IV. Technical framework
§ 18 Availability
- The marketplace is made available under the current state of technology. The use of the marketplace assumes that users have access to technical means that are necessary to access the marketplace (a computer, an internet connection etc.). Coinvest has the right to further develop the service environment constantly.
- Coinvest only submits data within the personal section of the marketplace by an encrypted connection but has no influence on the transfer of data via the internet itself. Coinvest secures its systems against unauthorized access to secured data. An absolute protection against attacks by hackers however is not possible at the current state of technology.
- Coinvest strives to make the marketplace accessible at any time within technological and economical reason. However, only an availability of 98.5% can be realized. Especially maintenance, security and capacity reasons as well as events that are beyond the control of Coinvest (disruptions of public communication networks, power outages or similar incidents) can lead to short term disruptions or to a temporary shutdown of the marketplace. Coinvest does not assume any liability for circumstances that are beyond the control of Coinvest. The access to the marketplace also depends on the technological equipment of the user and the data transmission through the internet by third parties.
- Coinvest provides its services based on the current technical status of the internet and the current technological, legal and commercial surrounding conditions for its use. Coinvest is not obligated to increase the scope of its services, even if this was possible due to technological developments of the internet.
- Coinvest reserves the right to change the services offered on the marketplace.
§ 19 Compensation, fees
- Security fee claims of Coinvest goes towards ensure the secuirty and integraty of your account is always maintained and secure.
§ 22 Liability limitation regarding the use of the marketplace
- Coinvest is liable for damages of the user that Coinvest, its legal deputies, employees or assistants have caused and
- which were caused by intention, rough negligence or deceit,
- which are based on injury of life, the body or healthiness, or
- which were caused by the breach of duties, that are material for the achievement of the contract purpose (“cardinal obligation”)
- Coinvest is also liable for damages of the user that are based on the breach of given guarantees or are based on organizational fault.
- In other case than those mentioned in sections 1 and 2 the liability of Coinvest is – regardless of the legal foundation – excluded. In the case of cardinal obligations the right to compensation is limited to the foreseeable damage.
- The regulations of the Securities Act of 1933 (US product liability law) remain unaffected.
§ 23 Special liability limitations towards lenders
- Coinvest is not liable for the risk that a borrower does not repay principal and interest.
- Coinvest does not consult or advise lenders in the decision to grant USD/ Bitcoin loans. It is solely the lender’s decision if and at to which amount grants USD/ Bitcoin loans via the marketplace.
§ 24 Liability exemption by the user
- The user exempts Coinvest from all consequences and disadvantages that were cause by an abusive or illegal use of the marketplace or that are a result of a non-compliant behavior of the user according to these terms. This especially includes the obligation to make correct statements during the registration.
- The user exempts Coinvest from applicable claims that emerge from a violation of obligations as a borrower or lender. As a lender the user especially exempts Coinvest from claims that arise from a false pretention of the user of being a consumer.
- In all cases of the exemption the user also assumes all legal costs (including attorney and court fees) to a degree as applicable by law. In case of the usage of third parties users have the obligation to give Coinvest immediate, complete and truthful access to all their available information and to cooperate as far as it is necessary to defend claims. Further compensation rights of Coinvest towards the user remain unaffected.
VI. Other conditions
§ 25 Final clause
- Should a regulation from these terms be ineffective or should it become ineffective, the effectiveness of the remaining regulations remains unaffected. In the course of a contract adjustment Coinvest will replace the ineffective rule with an effective rule that comes economically closest to the ineffective rule in a legal way. The same applies to rule gaps.
VII. Information according to § 312c BGB in connection with 246 §§ 1, 2 EGBGB and § 312g BGB
- The provider of the marketplace is Coinvest GmbH, registered in the trade register of the local district court (Amtsgericht) Charlottenburg under HRB 146980 („Coinvest”).
- The main business purpose of of Coinvest is to operate a virtual online marketplace (“marketplace”) for brokering USD/ Bitcoin loan contracts (“USD/ Bitcoin loans”).
- Coinvest is represented by the managing director, Mr Corey Patterson.
- The address of Coinvest is: 450S college St Statesboro, Ga United States.
- The contract for the use of the marketplace has an unlimited term and can be cancelled with a withdraw.
- The contract language is English.
- Coinvest herewith explicitly notifies the user that USD/ Bitcoins do not have a fixed value in dollars or any other currency. The current value or price of USD/ Bitcoins is subject to fluctuations which can neither be affected by Coinvest nor by its partners. Possible past returns that have been achieved are not an indicator for future returns.
- Before sending a registration application for the marketplace and before sending single brokerage orders, you have the option to review your input for errors and to correct your input.