Terms of Rewards

Last Updated: October 30, 2020

Fold, Inc. (“Fold” or “we”) offers the Fold Rewards Program (the “Program”) to allow members to earn Rewards (as defined below) denominated in bitcoin (also referred to as “rewards”, “bitcoin”, “kickbacks”, “sats” or “sats back”) on Qualifying Events (as defined below) completed through the websites, mobile applications, Fold Prepaid Debit Card purchases and other related properties (collectively, the “Fold Properties”) subject to these Terms of Fold Reward Program (“Agreement”). This Agreement constitutes a legally binding agreement between each individual who enrolls in the Program or otherwise uses any one of the Fold Properties (“Member” or “you”).

Fold reserves the right to change or modify this Agreement at any time and in our sole discretion.  If Fold makes changes to this Agreement, we will provide notice of such changes, by providing notice through the Fold Properties, by e-mail and/or by updating this Agreement (as indicated by the “Last Updated” date found at the top of this Agreement) on this page.  You agree to receive app based notifications through these means and your continued use of the Program will indicate your acceptance of the revised Agreement.  If you do not agree to any amended Agreement, you must stop using the Program.

By enrolling in the Program or using any Fold Property, you acknowledge that you have read and understood this Agreement and agree to be bound by all of its terms.

IF YOU DO NOT AGREE TO THIS AGREEMENT, IMMEDIATELY STOP USING THE PROGRAM AND DO NOT USE ANY SERVICE OR PURCHASE OR RECEIVE ANY PRODUCT, GOOD, OR SERVICE OFFERED THROUGH THE FOLD PROPERTIES.

PLEASE REVIEW THE FOLLOWING SECTIONS OF THIS AGREEMENT CAREFULLY: (A) LIMITATION OF LIABILITY, (B) INDEMNIFICATION, AND (C) ARBITRATION CLAUSE AND CLASS ACTION WAIVER DESCRIBED IN SECTION 19 BELOW TO RESOLVE ANY DISPUTES WITH FOLD (EXCEPT FOR MATTERS THAT MAY BE TAKEN TO SMALL-CLAIMS COURT).

1. Fold Rewards Program

For each Qualifying Event (as defined in Section 5.1), Fold will grant you certain Rewards, in accordance with this Agreement. Participation in the Program and the opportunity to receive Rewards are offered at the sole discretion of Fold and subject to your compliance with this Agreement and any other applicable agreements. Fold reserves the right to change, upgrade, or discontinue the Program and any Fold Property or any feature of the Program or the Fold Properties, at any time, with or without notice. All rights not expressly granted under this Agreement are reserved by Fold or its licensors.

2. Becoming a Member

To become a Member, you must be a natural person, at least 18 years old and provide a verifiable email address and password in order for Fold to create your Program account (“Rewards Account”). Each individual person is limited to one Rewards Account.

Any and all information collected from you shall be subject to our Privacy Policy, a copy of which is located at: https://www.Fold.com/privacy-policy and which is hereby incorporated by reference (the “Privacy Policy”).

3. Program License

Subject to this Agreement, we hereby grant you a non-exclusive, non-transferable license (without the right to sublicense) to access and use the Fold Properties for your personal use to access the Program. You agree that you obtain no rights other than the rights and licenses expressly granted in this Agreement.

4. Program Restrictions

You agree that you will not, and will not permit others to: (i) damage, interfere with or unreasonably overload the Fold Properties; (ii) introduce into the Fold Properties any code intended to disrupt the Program; (iii) alter or delete any information, data, text, links, images, software, chat, communications and other content available through the Fold Properties (collectively, “Content”); (iv) access the Program or the Fold Properties by expert system, electronic agent, “bot” or other automated means; (v) use scripts or disguised redirects to derive financial benefit from Fold; (vi) modify, reverse engineer, reverse assemble, decompile, copy or otherwise derive the source code of any Fold Property for any reason; (vii) rent, sell or sublicense any of the Fold Properties; (viii) provide any unauthorized third party with access to the Program; (ix) access confidential Content through the Fold Properties; (x) interfere with the operation of the Program, including, but not limited to, distribution of unsolicited advertising or mail messages and propagation of computer worms and viruses; (xi) post any material in any form whatsoever on the Fold Properties or within the Program that is defamatory, obscene or otherwise unlawful or violates any third party’s right of privacy or publicity; (xii) infringe any third party’s patent, copyright, service mark, trademark or other intellectual property right of any kind or misappropriate the trade secrets of any third party in connection with your use of the Program or the Fold Properties; (xiii) engage in any activity that does not comply applicable law and regulations or otherwise engage in any illegal, manipulative or misleading activity through the use of the Program.

5. Receiving Rewards

5.1. Qualifying Events. In order to qualify for Rewards, you must be signed in to one of the Fold Properties and complete one of the following events in accordance with their applicable terms and conditions (each, a “Qualifying Event”): (a) make an eligible purchase of a gift card via the Fold App, (b) have a Qualifying Event, as defined in the Fold Prepaid Debit Card Rewards Addendum, (c) win Rewards when participating in a Fold sweepstakes, or (d) earn Rewards via a new user bonus or other bonus.  

5.2. Chargebacks, Returns and Adjustments.  The Rewards are subject to adjustment in the result of chargebacks, returns, refunds, or other determinations that the Rewards do not comply with these Terms. All Rewards are deemed pending for a period of thirty days after the Qualifying Event, and cannot be redeemed until after the pending period. Rewards are not guaranteed.  The Company may change the criteria for Qualifying Events at any time and may notify you of those changes via in App notifications and/or updates to these Terms.

5.3. Member with Valid Rewards Account.  In order to withdraw Rewards, you must have a registered Fold account with a valid and verified email address and password.  Anonymous accounts may be eligible to earn Rewards, but anonymous accounts cannot withdraw Rewards until it is linked with a valid and verified email account.

5.4. Rewards Unsecured. The Rewards Account is not a financial account and does not carry a balance in US dollars (“USD”), bitcoin, or in any other fiat or cryptocurrency on your behalf; it merely (1) records a general unsecured commercial obligation (the “Rewards”) to you by Fold, as described herein, and (2) allows Fold to coordinate your participation in the program.  “Earn bitcoin” or “earning bitcoin”, “stacking sats” and other similar terms used herein and in connection with the Fold Properties means the right to be paid accrued Rewards added to your Rewards Account by Fold, whether in USD or bitcoin terms, as bitcoin payouts (subject to the terms hereunder), as determined within Fold’s reasonable discretion. It does not mean that the Rewards, or any funds whatever, are held on your behalf. Further, by agreeing to these terms, you represent that you understand that you do not have right, legal title or a security interest in any particular assets of Fold, and you understand and agree that the only remedies available to you for controversies arising from this Agreement or your use of Lolli generally will be at law and as a general unsecured creditor.

5.5. Reward Calculations. Each Qualifying Event shall occur on an applicable event date and Fold shall calculate your eligible Reward amount using the Bitcoin value on the applicable event date at such time as reflected in your Rewards Account, and based on the applicable amount or percentage of the amount of your Qualifying Event. Fold calculates the value of Bitcoin using the exchange rates provided by certain data feeds, as determined by Fold. All calculations and determinations, including the determination of Bitcoin value on any given event date and whether any particular transaction meets the requirements for a Qualifying Event, shall be performed by Fold at its sole discretion. Fold hereby disclaims any and all liability in connection with (i) incorrect information obtained from third-parties regarding the value of Bitcoin on any given date, or (ii) any disputes over the value of Bitcoin on any given date.

5.6. Receiving Bitcoin. You hereby acknowledge and agree that any Rewards granted to you by Fold under the Program are given without consideration or payment of any kind from you. Fold may make reasonable adjustments to any reward amounts, including adjustments to the balance in your Rewards Account, at any time without advance notice if in its reasonable judgment Fold finds such adjustments are necessary.

5.7. Limitations. Your Rewards Account may not have an excess of ten thousand dollars ($10,000) of value (the “Rewards Account Limit”) or more on any day under the Program. The Rewards Account Limit includes Rewards marked pending and final.  You will not receive Rewards for a Qualifying Event if such Rewards would cause either (i) your Rewards Account balance to exceed the Rewards Account Limit, based on our calculation of the value of Bitcoin on that day, or (ii) the total of all your redemptions (as described in Section 8 below) executed that day plus your Rewards Account balance to exceed the Rewards Account Limit. The Rewards Account Limit shall not apply to any individual Qualifying Event that itself exceeds the Rewards Account Limit.   For example, if you win one bitcoin in a Qualifying Event, and that bitcoin’s value is greater than $10,000, that bitcoin shall not apply towards your Rewards Account Limit.  Additionally, you may not transfer any Rewards in your Rewards Account to other Members, or cause Rewards for a Qualifying Event to be credited to another Member. Your Rewards Account, including any Rewards contained in it, may not be assigned or granted to, or inherited by, any other person or party.

5.8. Application of Boosts.  You can only apply one Reward bonus (“Boost”) per purchase.  In the event you have multiple Boosts active at the same time, they will be applied in the order they are earned.  For example, assume you make a purchase that triggers a Boost on your next online retailer purchase and then, subsequently by spinning the Daily Spinwheel, you earn a boost on your next fold Gift Card purchase.  In this case, then your next purchase will trigger the online retailer Boost (regardless of whether your purchase is at an online retailer) and the purchase after that will trigger the Fold Gift Card boost (regardless of whether you purchase a Fold gift card).

6. Reward Exclusions

Rewards may not be purchased. Rewards are granted by Fold exclude taxes, fees, discounts or credits, returns or cancellations, and chargebacks.  Fold uses reasonable efforts to maintain a list of exclusions. The list of exclusions is subject to change without notice, and Fold hereby disclaims any and all liability in connection with any incorrect information or failure to include information on the list of exclusions.  If you receive Rewards and we later discover that you did not have a Qualifying Event for that Rewards or that you manufactured spend through your own use or by permitting others to transact on your Account, you may forfeit future Rewards earnings, or we may apply future Rewards or any Rewards not yet redeemed until enough Rewards are accrued to cover it. The Program is designed for consumer spend only and may not be manipulated or converted into a commercial spend or financial transaction instrument. In addition, if you make a purchase and your Account is credited with Rewards or Rewards is used to make a Rewards Purchase, any later return, reversal, cancellation or dispute involving any part of the Qualifying Event will result in your Rewards balance being reversed, debited or cancelled (in whole or part) to reflect that portion of the purchase which has been returned, reversed, cancelled or disputed and may cause your Rewards balance to go negative. We may also take any other action we deem appropriate.

7. Bonuses, New Rewards Account Rewards & Other Rewards

Rewards given for registering a new Fold account are not earned until the earlier of (i) the first purchase of a gift card or (ii) successful registration of a Fold Visa Prepaid Debit Card, and such purchase must be made in the first twelve (12) months after the date the Fold account is registered.  Fold may elect to offer bonuses or Rewards for referring new Members to the Program or for other specific actions. The terms and conditions accompanying such offers will govern how they are earned and paid if the terms and conditions differ from this Agreement.  Specifically, the terms and conditions for the following are located at:

8. Redeeming Rewards

8.1. Requirements: As a condition of redemption of your Rewards, you must establish and maintain an Active Rewards Account (defined below) with the information necessary to process your redemption: a valid email address at which you are able to receive email, your first and last name, a password to protect your Rewards Account, a bitcoin wallet which you own and control, and any other information Fold reasonably requests. If you elect to close your Rewards Account before you have redeemed all accrued Rewards, Fold will make commercially reasonable efforts to give you an opportunity to redeem such unredeemed Rewards, but you hereby acknowledge and agree that by electing to close your Rewards Account you abandon any claim and forfeit all rights to the remaining Rewards in your Rewards Account at that time. Fold shall not be liable to you for the value of any Rewards in your Rewards Account at the time you elect to close your account. Also as a condition of redemption, you must not be a resident of a country subject to economic or trade sanctions by the U.S. State Department or U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) or be listed as a “Specially Designated National,” a “Specially Designated Global Terrorist,” a “Blocked Person,” or similar designation under the OFAC sanctions regime. You further agree to provide additional information we may reasonably request to verify your identity as a condition for redeeming Rewards.

8.2. Redemption. Rewards in your Rewards Account may only be redeemed for bitcoin, or, if available, purchases on one of the Fold Properties. You must follow the procedures presented in the applicable Fold Property, and comply with any additional terms or conditions of the relevant Fold Property, in order to redeem Rewards. Rewards may only be redeemed by the Member who accrued them, and gift cards purchased by redeeming Rewards may not be issued or sent to third-parties. Redemptions are typically processed weekly, but may be processed more or less frequently at the Company’s sole discretion.

8.3. Rewards Account Adjustments. In our sole discretion, we may deduct reward credits from your Rewards Account in order to make adjustments for returns and cancellations with respect to Qualifying Events. Any such adjustments, however, will be made in accordance with this Agreement, any applicable Fold policies and terms, and any and all applicable laws, rules, and regulations. It is your responsibility to check your Rewards Account regularly to ensure that Rewards have been properly credited and redeemed and that your Rewards Account balance is accurate. If you believe that Rewards have not been correctly credited to your Rewards Account, you must contact Fold Support within thirty (30) days of the Qualifying Event. Should you disagree with any adjustments made to your Rewards Account or payments made to you, your sole remedy is to withdraw from the Program.

8.4. Minimum Redemption Amount. You must have at least 50,000 Sats in your Account in order to be eligible to redeem your Rewards.  

8.5. Costs of Redemption. We will retain 2% of the amount redeemed, for bitcoin, or if available, a purchase on one of the Fold Properties, this amount is to cover any acquisition costs, transaction fees, and other expenses associated with the redemption.

8.6. Taxes. You may be taxed on your receipt of Rewards depending on the tax laws of federal, state, and local jurisdictions. You will be solely responsible for any and all tax liability arising out of the consideration received in connection with the Program.  We may need to collect certain identifying information from you in order to fulfill our tax reporting obligations, and in the event you are unable or unwilling to provide such information, you may forfeit your Rewards.

9. Updating & Maintaining Your Rewards Account

9.1. Updating Your Rewards Account. You agree to keep your Rewards Account information current, complete, and accurate by periodically updating the information through the Fold Properties. You must be logged into Fold and enter your password to change your Rewards Account information. You may check your Rewards Account status and recent Rewards history at any time via the Fold Properties. You will maintain the confidentiality of your Rewards Account information, including username and password by which you access the Program. Any use of your username or password will be deemed to be your use, and Fold is entitled to act on instructions received under your password and is not responsible for any changes made to your Rewards Account or redemption of Rewards made by someone else who uses your password. If there is a breach of security through your Rewards Account, you will immediately change your password and notify us of such breach. You agree that, unless you have first notified us immediately of any such breach, we should assume that any instruction transmitted using your username and password is yours and has been authorized by you, and we will have no further obligation to investigate the propriety of such instruction. If you log into your Rewards Account through a Third-Party Platform (as defined in Section 13), certain information about you will be transferred to your Rewards Account (e.g., name, e-mail, “Likes”, etc.), and the fact that you have logged onto your Rewards Account and some of that transferred information may be available to other users of the Third-Party Platform. We will restrict access to any such transferred information about you to the extent required by the policies of any such Third-Party Platform, but all transferred information will otherwise be subject to the terms of this Agreement. If there is a breach of security of any such Third-Party Platform, you will immediately change your password and notify us of such breach. You agree that, unless you have first notified us immediately of any such breach, we should assume that any instruction transmitted after logging into your Rewards Account through such Third-Party Platform is yours and has been authorized by you, and we will have no obligation to inquire into the propriety of such instruction.

9.2. Maintaining Your Active Rewards Account. An Active Rewards Account means you must have completed a purchase on a Fold Property in the last twelve (12) calendar months or you must have a Fold Prepaid Debit Card with an active account. If your Rewards Account becomes inactive, we may begin to reduce your Rewards Account balance by 0.01 BTC per month.  Further, Fold may also elect, at its sole discretion, to close your Rewards Account permanently and cease to maintain your Rewards Account records and Program access. You hereby acknowledge and agree that by failing to maintain an Active Rewards Account you abandon any claim and forfeit all rights to the Rewards in your Rewards Account at that time and any associated gains or losses. Fold shall not be liable to you for the value of any Rewards, or any gains or losses associated with the value of the Rewards in your Rewards Account, at the time your Rewards Account is closed for inactivity in accordance with this Section.

9.3. Fraudulent Activity. We reserve the right to investigate any purchase transactions, referral activity, or interaction with any Fold Property that we believe, in our sole discretion, is abusing or has abused the Program. We reserve the right to rescind any Rewards accrued by, bar further Rewards to, and/or terminate the Program membership of, any Member that we believe, in our sole discretion, is abusing or has abused the Program, including, without limitation, by engaging in a pattern of returning products after the corresponding Bitcoin has been credited or making fraudulent referrals by creating multiple Rewards Accounts. Any failure to comply with this Agreement, any fraud or abuse relating to the accrual or receipt of Rewards, or any misrepresentation of any information furnished to Fold by you or anyone acting on your behalf may result in the termination of your membership in the Program and forfeiture of your accrued Rewards. If Fold has any reason to suspect fraudulent activity is associated with your Rewards Account, Fold reserves the right to delay or withhold redemption of Rewards. Any suspected or actual cases of fraud activity will be escalated and reviewed in accordance with our fraud policy.

10. Risk Disclosure

10.1. GENERAL. BITCOIN VALUES CAN FLUCTUATE SUBSTANTIALLY WHICH MAY RESULT IN A TOTAL LOSS OF THE VALUE OF YOUR REWARDS. FOLD DOES NOT OWN OR CONTROL ANY OF THE SOFTWARE PROTOCOLS THAT ARE USED IN CONNECTION WITH THE REWARDS. ACCORDINGLY, FOLD DISCLAIMS ALL LIABILITY RELATING TO SUCH PROTOCOLS AND ANY PRICE FLUCTUATIONS IN THE REWARDS, AND MAKES NO GUARANTEES REGARDING THE SECURITY, FUNCTIONALITY OR AVAILABILITY OF SUCH PROTOCOLS.

10.2. FORKS. BY USING THE FOLD PROPERTIES, YOU ACKNOWLEDGE AND AGREE THAT THE UNDERLYING PROTOCOLS ARE SUBJECT TO SUDDEN CHANGES IN OPERATING RULES (KNOWN AS “FORKS”), AND THAT SUCH FORKS MAY MATERIALLY AFFECT THE VALUE, FUNCTION, AND/OR EVEN THE NAME OF THE BITCOIN TO WHICH THE REWARDS ARE PEGGED. IN THE EVENT OF A FORK, YOU AGREE THAT WE MAY TEMPORARILY SUSPEND OPERATIONS (WITH OR WITHOUT ADVANCE NOTICE TO YOU) AND THAT WE MAY, IN OUR SOLE DISCRETION, DECIDE WHETHER OR NOT TO ADJUST YOUR REWARD BALANCE AS A RESULT OF THE FORKED PROTOCOL.

10.3. SYSTEM FAILURE. YOU ACCEPT ALL RISKS ASSOCIATED WITH THE USE OF THE REWARDS BEING ASSOCIATED WITH TO BITCOIN, AND ANY FAILURES THAT MIGHT ARISE AS A RESULT THEREOF, INCLUDING, BUT NOT LIMITED TO, IN CONNECTION WITH THE FAILURE OF HARDWARE, SOFTWARE, AND INTERNET CONNECTIONS. THE NATURE OF BITCOIN MEANS THAT ANY TECHNOLOGICAL DIFFICULTIES EXPERIENCED BY FOLD MAY PREVENT FOLD FROM BEING ABLE TO SUCCESSFULLY REDEEM YOUR REWARDS FOR BITCOIN.

10.4. Disruption Events. You agree that we are not liable for any price fluctuations in Bitcoin. In the event of a market disruption, we may do one or more of the following: (a) suspend Rewards earning or redemptions; or (b) prevent you from completing any actions via the Fold Properties. We will not be liable for any losses suffered by you resulting from such actions. Following any such event, when the Fold Properties resume, you acknowledge that prevailing market rates may differ significantly from the rates available prior to such event.

10.5. Limitation of Liability. Our responsibility is limited to the exercise of ordinary diligence in giving access to redeemed Rewards upon request and in preventing access to your Rewards by unauthorized persons. We are not responsible for any unauthorized access or loss or harm an unauthorized access cause, unless caused only by our gross negligence or our willful misconduct.

10.6. Risks Inherent to Bitcoin. (a) Bitcoin transactions are irreversible, and, accordingly losses due to fraudulent or accidental transactions may not be recoverable and Fold shall not be held liable for any fraudulent or accidental transactions, (b) Bitcoin is not legal tender and is not backed by a government or central bank and Fold is not a bank. As such, there is no protection, such as deposit insurance, to cover any losses associated with Bitcoin, (c) legislative and regulatory changes or actions at the state, federal or international level may adversely affect the use, transfer, exchange, and value of Bitcoin the Bitcoin public ledger blockchain is maintained by a vast unidentified private computer network spread around the world and choosing to participate in Bitcoin is at your own risk and understanding of this network, (d) Bitcoin is a target for fraud and the potential for fraud is especially likely when you engage in transactions with External Bitcoin Addresses, (e) Bitcoin is a target for hackers and hacking can occur even when you use the strongest security settings and as such your Bitcoin may be irretrievably stolen, (f) your bank accounts are at increased risk of being hacked when linked to Bitcoin accounts, (g) some Bitcoin transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that you have initiated the transaction (h) the value of Bitcoin may be derived from the continued willingness of market participants to exchange Fiat Currency for Bitcoin, which may result in the potential for permanent and total loss of value of a particular Bitcoin should the market for that Bitcoin disappear, (i) there is no assurance that a person who accepts Bitcoin as payment today will continue to do so in the future, (j) the volatility and unpredictability of the price of Bitcoin relative to Fiat Currency may result in significant loss over a short period of time, and (k) any bond or trust account held by Fold may not be sufficient to cover all losses incurred by our customers.

11. Receiving Communications

By signing up to be a Member, you agree to receive communications that are account and membership related (e.g., that we’ve added Bitcoin to your Rewards Account) as well as periodic shopping-related emails or App notifications that highlight special deals that are available to Fold Members. We may communicate with you regarding the Program by electronic communications or direct mail using information you provided during the registration process. Your consent to receive electronic communications includes any notices or other information that we may be required by law to provide you in writing or otherwise. You agree to keep us apprised of your current email address should the same change subsequent to the date you become a Member. We may also send you push notifications if you install the mobile application. You may opt out of receiving certain communications in accordance with our Privacy Policy.

12. Fold Applications

Fold may make available software applications (“Fold Applications”) to assist Members in earning Rewards without visiting www.foldapp.com, and any Fold mobile application. For purposes of this Agreement, references to Fold Properties shall include Fold Applications. Fold Applications and their underlying information and technology may not be exported or re-exported into any country to which the U.S. has embargoed goods or to anyone on the U.S. Treasury Department’s list of Specially Designated Nationals or the U.S. Commerce Department’s Table of Deny Orders. You represent and warrant that you are not located in, under the control of, or a national or resident of any such country or on any such list, and that you will otherwise comply with all applicable export control laws. If you are a U.S. government end user, we are licensing the Fold Application to you as a “Commercial Item” as that term is defined in the U.S. Code of Federal Regulations (see 48 C.F.R. § 2.101), and the rights we grant you to the Fold Applications are the same as the rights we grant to all others under this Agreement.

13. Third-Party Platforms

When you access or use the Fold Properties, we may make available services from one or more third parties (“Third-Party Platforms”).  The Fold Properties may support Third Party Platforms, including without limitation Twitter, Facebook and/or Google, to make it easier for you to sign in or create your Fold Rewards Account. Any use of Third Party Platforms to create and access your Fold Rewards Account are subject to the terms and conditions and privacy policies of such third parties (“Third Party Terms”).

14. Community Standards

By participating in the Program, you are becoming a Member of a community that depends on the goodwill and responsible behavior of each of our Members. Members are required to refrain from transmission or communication of images or text constituting ethnic slurs, obscenities, sexually explicit material, inflammatory or derogatory comments, or anything else that may be construed as harassing or offensive, which is targeted at the Program, the Fold Properties, our employees, contractors or agents, or other Members. This includes communications by means of social media or other Internet posts which violate the above community standards or promote or encourage gaming or fraudulent behavior. Members who violate this provision, as determined by us in our sole discretion, may have their access to the Program suspended or terminated without prior notice. For the avoidance of doubt, any Member whose access is so terminated forfeits all rights to any accrued Rewards in his or her Rewards Account.

15. Ownership

All right, title, and interest in the Program, the Fold Properties, and the Content belong to Fold or its licensors. Additionally, Fold shall maintain all right, title, and interest in “Fold,” the Fold logo, and any other marks, service marks, trademarks, or logos of Fold (“Fold Marks”) that are registered in the U.S. and other countries. The Fold Marks may not be used in connection with any product or service that is not Fold in any manner that is likely to cause confusion among customers, or in any manner that disparages or discredits Fold. You shall not by any means bid on any keywords with any search engine containing “Fold” or anything substantially similar to “Fold” or any other Fold Mark including, without limitation Fold.com. You shall not mention or use Fold in any ad text, extensions or banner ads without the express written consent of Fold. All other trademarks not owned by Fold that are used in the Program are the property of their respective owners, who may or may not be affiliated with, connected to, or sponsored by Fold.

16. Indemnification

You agree, at your sole expense, to defend, indemnify and hold us, our parent company and its subsidiaries, our merchants, payment processors, payment card networks, financial institutions, our service providers and consultants, and our and their respective directors, employees and agents, harmless from and against any and all actual or threatened suits, actions, proceedings (at law or in equity), claims, damages, payments, deficiencies, fines, judgments, settlements, liabilities, losses, costs and expenses (including, but not limited to, reasonable attorney fees, costs, penalties, interest and disbursements) caused by, arising out of, resulting from, attributable to or in any way incidental to: (i) your use of the Program or Fold Properties; or (ii) your violation of this Agreement or the rights of any third-party.

If you are a California resident, you waive California Civil Code Section 1542, which says: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” If you are a resident of another jurisdiction, you waive any comparable statute or doctrine.

17. Warranty Disclaimer

THE PROGRAM, CONTENT, AND THE FOLD PROPERTIES ARE PROVIDED “AS IS” AND WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. WE MAKE NO WARRANTY AS TO THE QUALITY, ACCURACY, CURRENTNESS, COMPLETENESS, RELIABILITY OR VALIDITY OF THE PROGRAM, CONTENT, OR THE Fold PROPERTIES, INCLUDING, WITHOUT LIMITATION, ANY PRODUCT SEARCH RESULTS, PRODUCT DESCRIPTIONS, PRODUCT AVAILABILITY, PRICING INFORMATION ADVICE, OPINION, STATEMENT, RECOMMENDATIONS, OR OTHER INFORMATION DISPLAYED, UPLOADED, OR DISTRIBUTED IN CONNECTION WITH THE PROGRAM. FOLD DOES NOT WARRANT THAT THE FUNCTIONALITY OF THE FOLD PROPERTIES WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS WILL BE CORRECTED, OR THAT THEY WILL BE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. FURTHER, FOLD DOES NOT WARRANT, GUARANTEE OR MAKE ANY REPRESENTATIONS REGARDING THE QUALITY OF, OR ACCURACY OF ADVERTISEMENTS FOR, ANY PRODUCTS OR SERVICES OFFERED OR PROVIDED BY ITS PARTNER VENDORS IN CONJUNCTION WITH THE PROGRAM.

18. Limitation on Liability

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL FOLD BE LIABLE FOR ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR OTHER INDIRECT DAMAGES OR FOR ANY LOSS PROFITS, LOSS DATA OR LOSS OF USE DAMAGES, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FOLD’S MAXIMUM AGGREGATE LIABILITY ARISING OUT OF THIS AGREEMENT WILL NOT EXCEED FIFTY U.S. DOLLARS ($50).

19. Termination or Suspension

This Agreement is effective when accepted by you and will remain in effect until you or we terminate your membership in the Program. We may terminate this Agreement and your use of or access to the Program at any time, for any reason or no reason. Any violation of this Agreement or the rules and conditions of the Program may result in cancellation of your membership to the Program, your Rewards Account and/or forfeiture of pending or prior Rewards. We may, in our sole discretion, at any time and without prior notice, discontinue, cancel, suspend, change or limit access to all or any part of the Program or any functionality, feature or other component of any Fold Property. You agree that Fold will not be liable to you or to any third party for any modification, suspension, or termination of the Program or your access to any of the Fold Properties. If you are dissatisfied with any aspect of the Program at any time, your sole and exclusive remedy is to cease participating in the Program. Upon any termination of the Program, your right to use and access the Program, and the Fold Properties, and to receive Bitcoin, will terminate. Termination will not prejudice either your or our remedies at law or in equity.

20. Governing Law & Arbitration

The validity, construction, and interpretation of this Agreement, and the rights and duties of the parties hereto, will be governed by and construed in accordance with the laws of the State of Delaware in the United States, excluding its conflicts of laws principles. However, as explained below, the agreement to arbitrate in the following paragraph is governed by United States federal law.

You agree that any dispute, claim or controversy arising out of or in connection with Fold’s business or this Agreement or relating in any way to the Program or the Fold Properties shall be determined by binding arbitration. You further agree that the U.S. Federal Arbitration Act and federal arbitration law shall govern the interpretation and enforcement of this Agreement to arbitrate, and any such arbitration hearing shall be heard in San Mateo, California.

Arbitration uses a neutral arbitrator instead of a judge or jury, and is more informal than a lawsuit in state or federal court. Discovery in arbitration is more limited than is generally available in the courts and the arbitrator’s decision is also subject to very limited appellate review by the courts.

You also agree to waive the right to a trial by jury or to participate in a class action. These waivers are mutual as between you and Fold, and Fold waives its right to a trial by jury or to participate in a class action against you. This means that neither you nor Fold can seek to assert class or representative claims against each other either in court or in arbitration and no relief can be awarded on a class or representative basis. The arbitrator also may not consolidate or join another person’s claim with your claim or issue an order that would achieve the same result. You and Fold further agree that if the provisions of this paragraph are found to be unenforceable, then the entire provision compelling arbitration shall be null and void.

You also agree that all issues are for the arbitrator to decide. This includes all issues related to the scope, application, interpretation and enforceability of this Agreement and this arbitration provision. The arbitrator shall also decide whether any claim is subject to arbitration.

The arbitration will be governed by the Commercial Arbitration Rules (the “AAA Rules”) of the American Arbitration Association (“AAA”), as modified by this Agreement, and will be administered by the AAA. The AAA Rules are available online at www.adr.com. The arbitrator is bound by the terms of this Agreement. If your claim in arbitration is for less than $10,000, Fold will reimburse you for filing fees at the conclusion of the proceeding unless your claim is found to be frivolous by the arbitrator.

In lieu of arbitration, you may also elect to have your claims decided in small-claims court, so long as the small-claims court does not permit class, representative, or consolidated actions, or the award of relief in favor of any person or entity that is not a named party to the small-claims action.

21. Assignment

Fold may assign this Agreement and its rights or delegate its obligations under without your consent. You may not assign your rights and obligations under this Agreement, in whole or in part, without our prior written consent, and any such assignment without such consent will be null and void.

22. Severability

If any provision of these Terms shall be deemed unlawful, void or for any reason unenforceable, then that provision shall be deemed severable from these Terms and shall not affect the validity and enforceability of any remaining provisions.

23. Waiver

Enforcement of this Agreement is solely in our discretion and our failure to enforce a provision in some instances does not constitute a waiver of our right to enforce such provision in other instances.

24. Entire Agreement; Conflicts

This Agreement represents the entire agreement of the parties with respect to the subject matter hereof, and supersedes all prior or contemporaneous agreements or representations, written or oral (including without limitation, earlier versions of this Agreement that may have been accepted by you). We reserve the right to modify this Agreement at any time. Your non-termination and continued participation in the Program or use of any Fold Property after modification of this Agreement will constitute affirmative acceptance by you of such modification and your consent to abide by any terms thereof.  In the event of a conflict between the terms of this Agreement and the terms of another agreement between you and the Company, the terms of this Agreement shall govern unless otherwise specified herein or therein.