Key Point: Velo is a non-custodial wallet. You maintain complete control of your funds and private keys. You are solely responsible for securing your wallet and recovery phrase.
Table of Contents
1. Acceptance of Terms
By accessing or using Velo ("Service"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, do not use the Service.
These Terms constitute a legally binding agreement between you and Velo ("Company," "we," "us," or "our"). We may modify these Terms at any time, and such modifications will be effective immediately upon posting.
2. Service Description
Velo is a non-custodial cryptocurrency wallet application that enables users to:
- Store, send, and receive USDT and USDC stablecoins
- Execute gasless transactions on supported blockchain networks
- Manage their cryptocurrency assets across multiple networks
The Service is provided "as is" and we make no guarantees regarding uptime, functionality, or performance.
3. Eligibility
To use Velo, you must:
- Be at least 18 years of age or the age of legal majority in your jurisdiction
- Have the legal capacity to enter into a binding agreement
- Not be located in any jurisdiction where cryptocurrency services are prohibited
- Not be on any sanctions list
- Comply with all applicable laws
4. Account Security
You are solely responsible for:
- Private Key Security: Safeguarding your private keys and seed phrase. Never share them with anyone.
- Backup: Creating and securely storing backup copies of your recovery phrase.
- Device Security: Maintaining the security of devices used to access the Service.
- Password Protection: Using strong, unique passwords and enabling biometric authentication where available.
Warning: If you lose your seed phrase or private keys, you will permanently lose access to your funds. Velo cannot recover lost keys or restore access to your wallet.
5. Non-Custodial Nature
Velo is a non-custodial wallet service, which means:
- Your Keys: Private keys and seed phrases are generated and stored locally on your device.
- Your Funds: We do not hold, control, or have access to your cryptocurrency assets.
- Your Responsibility: You bear full responsibility for your wallet security.
- No Recovery: We cannot recover lost passwords, private keys, or seed phrases.
6. Gasless Transactions
Velo provides gasless transaction functionality:
- How It Works: We subsidize network transaction fees for eligible transactions.
- Availability: Gasless functionality may be limited, suspended, or discontinued at any time.
- Limitations: We reserve the right to impose limits on gasless transactions.
7. Prohibited Activities
You agree not to use the Service to:
- Violate any applicable laws or third-party rights
- Engage in money laundering or terrorist financing
- Facilitate fraudulent activities or scams
- Circumvent security measures
- Interfere with the Service infrastructure
- Use automated systems to access the Service
- Evade sanctions or export controls
8. Fees
- Velo Fees: The application is free to download and use.
- Network Fees: For gasless transactions, we cover network fees. Standard fees may apply otherwise.
- Changes: We reserve the right to introduce or modify fees with notice.
9. Risk Disclosure
Using cryptocurrency involves significant risks:
- Price Volatility: Values can fluctuate significantly.
- Regulatory Risk: Regulations vary and may change.
- Technical Risk: Software bugs or vulnerabilities may result in loss of funds.
- Irreversibility: Blockchain transactions are irreversible.
- Loss of Access: Losing your private keys results in permanent loss of funds.
Important: Only use funds you can afford to lose. Cryptocurrency is not insured by any government agency.
10. Intellectual Property
All intellectual property rights in the Service are owned by or licensed to Velo. You are granted a limited, non-exclusive license to use the Service for personal, non-commercial purposes.
11. Disclaimers
THE SERVICE IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, ACCURACY, OR UNINTERRUPTED OPERATION.
12. Limitation of Liability
TO THE MAXIMUM EXTENT PERMITTED BY LAW: Velo shall not be liable for any indirect, incidental, special, consequential, or punitive damages. Our total liability shall not exceed $100 USD or the amount you paid us in the past 12 months.
13. Indemnification
You agree to indemnify and hold harmless Velo and its officers, directors, employees, and affiliates from any claims arising from your use of the Service or violation of these Terms.
14. Termination
We may suspend or terminate your access at any time. Since Velo is non-custodial, you retain access to your funds through your private keys, regardless of termination.
15. Governing Law
These Terms shall be governed by applicable laws. Disputes shall be resolved through binding arbitration, except where prohibited by law.
16. Changes to Terms
We reserve the right to modify these Terms at any time. Changes will be effective immediately upon posting. Your continued use constitutes acceptance.
17. Contact Us
If you have questions about these Terms:
- Email: legal@velo.cash
- Website: https://velo.cash
By using Velo, you acknowledge that you have read, understood, and agree to be bound by these Terms of Service and our Privacy Policy.