Introduction
These Sovran Network terms are to be read in conjunction with and are ancillary to the generally applicable terms as can be found at www.sovnet.io.
These Sovran Network terms set out the basis on which Sovran will provide you the member with the option of accessing proprietary distributed ledger technologies including but not limited to blockchain, decentralized exchange and mobile wallet services. they constitute a framework agreement which sets out the terms and conditions of you the member using, accessing, viewing, or in any way interacting with Sovran including applying for an account or using any of the Sovran network services (the “Sovran Network”) in any way (“Sovran interaction”).
Before you can obtain exposure to these decentralized financial services you are required to read these Sovran technology terms and the various associated risk warnings contained herein as well as the associated generally applicable terms.
By proceeding with any Sovran interaction, you accept and acknowledge the associated risks in dealing with cryptocurrencies and the Sovran Network services and your agreement with these Sovran Network terms and the generally applicable terms. You further agree to accept the decisions of Sovran with respect to all matters relating to the Sovran Network services including the terms of any third-party providers which Sovran may engage with in the provision of its network services.
It is important to note that the technology services Sovran provides in relation to these terms, as with the majority of blockchain related services across the world, are currently unregulated in certain territories, and in some are illegal.
By using Sovran Network services, you agree to be bound by and acknowledge and understand these blockchain terms, the generally applicable terms, and the associated risks as stated herein or as otherwise may be applicable. you further agree that:
- You have the full (including legal) capacity to accept these blockchain defined terms and enter into a transaction involving cryptocurrencies and/or tokens;
- Your jurisdiction or country of residence allows you to register an account with Sovran and use the Sovran technology services and you are not a resident of a country which prohibits the purchase, sale or custody of cryptocurrencies or crypto tokens, whether directly or indirectly;
- You have at all times provided correct and accurate information during the process of creating a Sovran member account and during any and all Sovran interaction. you undertake that if your details change you will notify Sovran immediately and you shall bear any losses that occur due to the submission of invalid, incorrect or inaccurate information;
- it is your sole responsibility to ensure your compliance with the laws of your jurisdiction or country of residence or any other applicable country from which you may be using Sovran Network services and you agree to indemnify Sovran for all consequences of failure to do so;
- You will not use the Sovran Network services except for their intended purpose and not contrary to the general prohibitions regarding your Sovran account according to our generally applicable terms; and
- You are familiar with the nature and workings of the technology behind cryptocurrencies, and in particular the irreversibility of transactions and the apparent risks associated with exposure to blockchain assets.
If you do not accept these terms you are not permitted to use Sovran Network services or in any way proceed with any Sovran interaction and must cease doing so immediately.
Risk warnings
By using the Sovran Network services or engaging in any Sovran interaction, you acknowledge that you understand and accept all associated risks. The terms outlined below is not intended to be an exhaustive list and the standard risks usually inherent in dealing with cryptocurrencies and/or tokens apply.
There may be additional risks that we have not foreseen or identified in these Sovran Network terms or any other risk warnings. please read the following risk warnings carefully. you should carefully assess whether your financial situation and tolerance for risk is suitable for any form of exposure to cryptocurrencies.
By accepting these terms, you acknowledge and agree that:
- Cryptocurrencies are still an experimental technology which is evolving and may change at any time;
- The trading and exchange of real or virtual currencies involves significant risk. Prices can and do fluctuate on any given day. Due to such price fluctuations, you may increase or lose value in your digital assets at any given moment. Any currency – virtual or not – may be subject to large movements in value and may even become worthless. there is an inherent risk that losses will occur as a result of buying, selling or exchanging any Sovran Network Virtual Asset;
- Sovran Network exchanges also carry special risks not generally shared with official currencies or goods or commodities in a market. Unlike most currencies, which are backed by governments or other legal entities, Sovran enables a unique set of currencies, backed by technology and trust. There is no central bank that can take corrective measure to protect the value of Sovran virtual assets in a crisis, or issue more currency;
- The price or value of Sovran Network can rapidly increase or decrease at any time and may even fall to zero. The risk of loss in trading or holding cryptocurrencies and/or tokens can be substantial and can result in the loss of your entire exposure;
- Using Sovran Network services may carry regulatory risk, which may arise from the suspension or termination of your Sovran member account due to legal or regulatory reasons;
- Our banking providers do not transfer cryptocurrencies, exchange cryptocurrencies, or provide any services in connection with cryptocurrencies;
Sovran services may carry operation risk due to the potential malfunctioning of the Sovran app or due to scheduled or unscheduled downtime.
Sovran Network services
Sovran offers members Sovran Network exposure as part of the Sovran Network services, enabling you the use of electronic money held in your Sovran account (i.e. standard, non-virtual currency that is issued by a central bank, otherwise known as “fiat currency”) to obtain exposure to Sovran Network.
Sovran may from time to time notify you of additional cryptocurrencies to which we will offer exposure.
When you wish to gain or cease exposure to Sovran Network you shall instruct Sovran Exchange to initiate a buy or sell order on your behalf via the Sovran Network Exchange.
As a Sovran account holder, you will have no relationship, contractual or otherwise, with the Sovran Network Exchange. Sovran will be the contracting party with the Sovran Network Exchange and will carry out such exchanges in relation to your transaction.
When you purchase Sovran currencies or tokens, it is not held in Sovran’s custody. Custody of the cryptocurrencies which Sovran offers exposure to remains with the relevant Sovran Network custodian.
Virtual assets administered by Sovran Network will be stored in a “cold wallet” currency account and administered by Sovran Network administrators. Sovran will maintain a record of the amount of each Sovran account holder’s interest which will be displayed in each Sovran holder’s account alongside their fiat balances if applicable.
Transfers and spending
If your Sovran account is active and you have a sufficient balance in your Sovran account, you will be able to transfer cryptocurrency and/or tokens to other Sovran accounts belonging to other Sovran account holders within the Sovran Network service environment.
If a Sovran account holder (“a”) wishes to transfer their Sovran Network exposure to another Sovran account holder (“b”), Sovran will action this transfer by assigning a’s right to the Sovran Network in the pooled account to b. Sovran will adjust its records of the Sovran Network exposure held by each of a and b in the pooled account accordingly.
If you want to spend any part of your Sovran Network exposure, which is being recorded in your Sovran account, Sovran will exchange any Sovran Network exposure into Sovran Network stable coins (SVC), settling with the merchant in their respective native currency.
Restrictions relating to Sovran Network services
Sovran may apply limits to the amount of its Sovran Network stable coins (SVC) that a Sovran account holder will be able to gain exposure to per transaction. these limits will be determined at Sovran’s sole discretion and may be amended and adjusted from time to time.
Any limits as described above will be outlined whilst using the Sovran Network services and before any proposed transaction is accepted.
Members may transfer certain Sovran Network assets held outside of a Sovran account into a Sovran account, the assets accepted are subject to change with limited or no notice based on rules obligations Sovran Network is subject to. Members may be able to transfer part, or all of your Sovran Network exposure held as part of the Sovran Network services to other Sovran Network wallets held outside of the Sovran Mobile app (for example transferring your BTC exposure to other bitcoin wallets).
Your Sovran Network exposure balance may be transferred as Sovran Network stable coins (SVC), or liquidated from the network as third-party cryptocurrencies or digital currencies. While Sovran welcomes feedback on the functioning of the Sovran Wallet app, you agree that any calculations done by Sovran or its third-party service providers are final unless further amended by Sovran.
Availability of Sovran Network services
We make no guarantee that you will be able to gain your requested exposure to a Sovran Network at the time of your request. Sovran will only enact an exchange to a Sovran Network on your behalf if the related exchange has been successfully carried out with the relevant Sovran Network Exchange.
We cannot guarantee the value of any Sovran Network at the point of your request for exposure.
In the event that a ‘fork’ occurs within the underlying Sovran Network’s protocol, we will coordinate with Sovran Network Exchange operators in order to determine the best approach for Sovran account holders in relation to such event. any decision made on behalf of Sovran account holders will be made at Sovran’s sole discretion.
We will use reasonable endeavours to ensure that the Sovran Network services can normally be accessed by you in accordance with these Sovran Network terms. however, the Sovran Network services are provided without warranty of any kind, either express or implied. we do not represent that the Sovran Network service will be available 100% of the time to meet your needs. we will use reasonable endeavours to provide you with the Sovran Network service as soon as possible but there are no guarantees that access will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information.
We may suspend use of the Sovran Network services for maintenance and we will make reasonable efforts to give you notice. You the member acknowledge that this may not be possible in an emergency.
Fees
Any applicable fees we charge for the Sovran Network services will be shown at the time of making a Sovran Network transaction, before you confirm the same. Sovran may from time to time change its fees, and introduce new fees, in accordance with these Sovran Network terms or any other applicable terms for Sovran.
Users will pay a fee on each transaction which has been derived from the relevant Sovran Network exchange plus a margin, to account for volatility. the price you will pay for a Sovran Network transaction will be clearly shown and fixed for a set period of time before you confirm the same.
The cost of the fees will be included in the price of your Sovran Network transaction and therefore be taken in your pre-selected digital or cryptocurrency.
There are no other additional fees for signing up or using the Sovran Network services.
for more information about our fees in relation to the Sovran Network services, please see our fees section on the website.
These Sovran Network terms are accurate as at the date of publication. Prior to using the Sovran Network services it is your responsibility to ensure you have read and understood the current version of these Sovran Network terms, generally applicable terms and any other associated terms and conditions. please ensure you have the latest versions.
We reserve the right to amend these Sovran Network terms in line with the provisions of the Sovran generally applicable terms.