# Manifesto
Emerge the Capital Markets and Let the Yield Flow!
Most of the DeFi industry is anchored to crypto-native assets with unsustainable yield. The only durable, real-world yield sources onchain are tied to U.S. markets: treasuries, money market funds, stablecoins backed by dollars. This constrains DeFi to the shallowest end of the global yield spectrum.
As onchain capital grows and its appetite for yield increases, the solution isn't new synthetic asset legos. Real, scalable yield already exists, it's just not yet onchain.
Emerging markets generate some of the world's highest, most persistent yields, but DeFi can't access them. They offer the volatility, growth dynamics, and return profiles that DeFi keeps trying to synthetically reproduce but cannot sustainably achieve. These markets have historically been accessible only to institutions embedded within local financial systems.
{% hint style="info" %}
To illustrate: Emerging markets generated $115+ billion in annual yield at 10-40% rates in 2024. ING Group [reported](https://think.ing.com/articles/fxo-carry-in-26-crossing-into-the-final-frontier/) that just $47 billion today is in active Turkish carry trade. Institutional investors earned $15 billion net yield. DeFi earned 0.
{% endhint %}
#### **Onchain capital seeks yield, and emerging markets seek access.**
Their interests align naturally, but the infrastructure to connect them has never existed. Capital should flow to where yield exists; without intermediaries, paperwork, or geographic restrictions.
**Brix unlocks Emerging Capital Markets for the world.** We turn local financial products and assets into composable primitives for global crypto markets by combining:
* Institutional-grade tokenization
* Local banking integrations
* Regulatory and compliance threading across EM and global jurisdictions
* Real-time global settlement with stablecoins
* Onchain liquidity engineering and market design
Brix makes EM yield accessible and composable at a global scale. This creates a new engine for economic signaling where global capital and emerging economies can finally connect without intermediaries.
#### **The opportunity is enormous.**
Hundreds of billions in stablecoin liquidity sit earning 3-5% in DeFi. Emerging markets offer 10-50% yields backed by sovereign monetary policy. Once this tokenized yield is in DeFi, anyone can use it as collateral, provide liquidity, trade carry, and build structured products.
#### **Next Chapter in DeFi**
DeFi solved the first problem: permissionless access to financial primitives. But in doing so, it became about synthetic yield farming. Inflationary incentives that evaporated as quickly as they appeared (thanks for playing, GG).
But as the yield dries up, we face a critical moment: **Players stop playing; the game stops.**
Brix is about bringing DeFi's promise to the emerging world: enabling a continuous cash flow into the DeFi markets. It's real liquidity from the real world. Banks and governments hold trillions in yield-generating assets. They need infrastructure that's compliant, institutional-grade, and onchain.
Stablecoins found product-market fit by making dollars programmable. **Brix extends that evolution by making yield programmable.** When that infrastructure exists:
* Emerging markets connect to global capital without intermediaries.
* Yield farming is enhanced with carry; real, sustainable, backed by sovereign monetary policy.
* Money distributed as debt becomes money distributed as investment; always earning.
**Access outlasts control.**
Let the Yield Flow.
# Introduction
Let the yield flow
Many emerging markets go through fast growth, industrialization, and periodic structural reforms. As part of that dynamic, their central banks often maintain higher policy rates than developed markets.
While these higher rates create attractive nominal yields, accessing them is difficult. Regulatory restrictions, limited custody options, fragmented financial infrastructure, and local-market access barriers make these opportunities inaccessible to most global investors.
Brix brings these emerging-market yields onchain. Though partnerships with regulated issuers and established financial institutions, Brix integrates tokenized, high-yield, low-risk, and highly liquid emerging-market instruments with DeFi.
By bridging between traditional high-yield markets and permissionless financial infrastructure, Brix enables strategies such as savings, hedging, leverage, and carry trades.
## Initial Launch
The first tokenized instruments integrated into Brix are iTRY and wiTRY.
iTRY is a Turkish Lira pegged stablecoin backed by a tokenized basket of highly liquid Turkish money-market funds, and wiTRY is its yield-bearing counterpart obtained through staking.
# Emerging Markets
Emerging markets are economies undergoing rapid growth and industrialization, supported by expanding financial systems and rising domestic demand. While they account for roughly 85% of the world’s population and nearly 60% of global GDP growth, they receive only 15–20% of institutional capital allocation.
These markets are expected to be the primary engine of global growth. In 2025, emerging markets are projected to drive approximately two-thirds of global GDP growth, outpacing developed economies by nearly 2.5x. This growth dynamic is often accompanied by higher nominal interest rates and local-currency yields that exceed inflation, reflecting both macroeconomic momentum and structural risk premiums.
Despite this yield potential, access to emerging-market returns remains constrained. Regulatory frameworks, custody requirements, capital controls, and fragmented market infrastructure often limit participation to domestic investors or select institutions with local presence and specialized capabilities. As a result, many global investors are structurally unable to access local-currency yield opportunities, even where fundamentals are strong.
These access constraints are a core reason why emerging-market yield remains under-allocated. Reducing friction around market access, custody, and settlement is key to unlocking capital flows into economies that are already driving the majority of global growth.
# Carry Trade
The carry trade is a long-standing macro strategy that involves borrowing in a low-interest-rate currency and investing in a high-interest-rate currency. The return is the difference between the yield earned and the cost of borrowing, adjusted for foreign-exchange movement.
## How it works
Carry trade
1. **Borrow in a currency where the cost of borrowing is low.** This is your funding currency. Once borrowed, you owe interest on this funding currency.
2. **Convert the borrowed amount into currency whose markets offer high yields.** This is your target currency. High-yield markets are typically found in countries with higher central-bank interest rates, such as emerging markets.
3. **Invest the new currency in a yield-bearing instrument.** Deploy the target currency into a high-yield asset, such as a money market fund. The return is the difference between the yield earned and the cost of borrowing, adjusted for foreign-exchange movement.
## How Brix enables carry trade
Brix enables onchain carry strategies through several complementary mechanisms:
* **Global market access via stablecoins:** Emerging-market stablecoins allow users to enter and hold foreign currency exposure globally, without local bank accounts or FX infrastructure.
* **Yield exposure through tokenized assets:** Tokenized, yield-bearing emerging-market assets provide direct access to local interest rates and high-yield instruments.
* **DeFi partnerships and integrations:** Through partnerships and integrations with decentralized exchanges and lending protocols, these assets can be swapped, borrowed against, looped, or paired within DeFi.
## Risks
Carry trades can be profitable, but they are not risk-free. Returns depend on a combination of yield, FX behavior, and market stability, and unfavorable shifts in any of these components can significantly change expected outcomes. While the mechanics appear straightforward, the strategy carries meaningful risks that can materially alter outcomes.
### **Foreign-exchange (FX) risk**
FX risk the dominant risk variable. Even when the target currency offers very high nominal yields, those returns are realized in local terms. If the target currency depreciates faster than the yield accrues, the strategy can generate negative returns when measured in the funding currency.
### **Interest-rate risk**
Changes in central-bank policy, either in the funding currency or target currency, can compress or eliminate the interest-rate differential that makes the trade attractive. Sudden policy shifts, interventions, or capital-flow restrictions can reduce yields or raise borrowing costs with little notice.
### **Liquidity and convertibility risk**
Exiting a carry trade requires converting the target currency back into the funding currency. Periods of market stress may reduce liquidity, widen FX spreads, or create delays in settlement, making it more expensive or slower to unwind positions.
### **Political and regulatory risk**
Political and regulatory risk is inherent in emerging markets, where political transitions, capital controls, and regulatory actions can disrupt the underlying yield instruments or limit currency conversion.
# Overview
iTRY is an [ERC-20](https://ethereum.org/developers/docs/standards/tokens/erc-20/) Turkish Lira pegged stablecoin backed by a tokenized basket of highly liquid Turkish money market funds.
iTRYs price stability is maintained through arbitrage between its primary and secondary markets. The primary market allows eligible, whitelisted participants to mint and redeem iTRY at a fixed price. When secondary-market prices diverge, arbitrage activity closes the gap across trading venues.
Users may stake iTRY to receive wiTRY, a yield-accruing token that represents a proportional claim on the [ERC-4626](https://ethereum.org/developers/docs/standards/tokens/erc-4626/) staking pool. wiTRY increases in value over time as the protocol deposits iTRY rewards into the staking contract. These rewards are sourced from the yield generated by the underlying money market funds backing iTRY.
iTRY and wiTRY are available on Ethereum and MegaETH. MegaETH serves as the exclusive chain for DeFi, while Ethereum is used as the settlement layer. Cross-chain functionality is powered by LayerZero, allowing iTRY to move between supported chains without fragmenting liquidity.
{% hint style="info" %}
Staking is coming soon.
{% endhint %}
# Eligibility
iTRY can be minted and redeemed on the primary market by eligible participants, including market makers, liquidity providers, and institutions. All participants must pass strict Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, and they must be whitelisted onchain to mint and redeem.
Once in circulation, iTRY can be bought, sold, held, staked, and used by retail users permissionlessly on the secondary market. Retail users are not required to be whitelisted.
{% hint style="info" %}
iTRY implements compliance and security measures that may affect the eligibility of users under certain conditions. See [Security](/itry/security)for more information.
{% endhint %}
# Backing
iTRY is fully backed by the Digital Liquidity Fund's DLF token, which represents shares of a regulated basket of Turkish money-market funds. iTRY is designed to remain 100% collateralized at all times. Reserves are independently verifiable through [Proof of reserves](/itry/proof-of-reserves).
{% hint style="info" %}
Backing protects collateralization, but does not guarantee consistent yield. Underlying money-market yields can fluctuate. See [Risks](/itry/risks).
{% endhint %}
Backing flow: iTRY is backed by a tokenized basket of Turkish money market funds.
## Custody
iTRY uses a hybrid custody model that combines onchain smart contracts, institutional-grade digital asset custody, and regulated banking partners for underlying money-market fund assets.
The primary onchain custodian for iTRY is [Zodia Custody](https://zodia-custody.com/), which safeguards the majority of iTRY's collateral reserves. Zodia is a regulated, institutional-grade digital asset custodian operating under established UK and EU regulatory frameworks and providing custody services to major banks, asset managers, and stablecoin issuers.
A limited portion of onchain reserves are held in the Fast Access Vault smart contract which facilitates instant redemptions. For additional details on the Fast Access Vault and custody, see [Collateral Management](/technical/collateral-management).
iTRY provides daily reserve transparency through a layered disclosure framework. The Digital Liquidity Fund publishes an official NAV each business day via a licensed fund administrator, reflecting the marked-to-market value of all reserve assets. In parallel, iTRY works with Accountable to deliver daily proof-of-reserves reporting, verifying that the circulating iTRY supply is fully backed 1:1 by custodied DLF.
In addition, the Digital Liquidity Fund is subject to annual independent audits covering asset existence, valuation, segregation, and internal controls.
# Proof of reserves
Building trust is critical for any financial system, and especially for onchain asset-backed tokens.
Proof of Reserves exists to provide clear assurance that issued tokens are fully backed. It confirms the existence and authenticity of underlying assets by verifying that the amount of cryptocurrency held matches the amount claimed by the issuer.
To support this, iTRY has partnered with [Accountable Capital](https://www.accountable.capital/) for Proof of Reserves verification. Accountable operates a Data Verification Network (DVN) that enables institutions to share real-time proofs of assets and liabilities without exposing sensitive operational or counterparty data.
Through this setup, Accountable has read-only access to relevant custody locations and can independently verify the status of underlying reserve assets. Using this data, Accountable publishes a public reserves dashboard that allows anyone to review onchain reserve balances and verify the collateralization ratio, ensuring that issued supply remains fully backed.
{% hint style="info" %}
Proof of reserves dashboard will be live on day 1 of official launch.
{% endhint %}
# Price stability
iTRY maintains it's price peg through arbitrage between the primary market and secondary markets.
The primary market allows eligible, whitelisted participants to mint and redeem iTRY at a fixed rate of 1:1 with Turkish Lira. When the price of iTRY in external markets deviates from this value, arbitrage opportunities appear. These opportunities create economic incentives for market participants to buy or sell iTRY in ways that naturally push the price back toward its peg.
## Arbitrage
Arbitrage refers to a trade that profits from price differences for the same asset across different markets. When an asset is cheaper in one venue and more expensive in another, traders can buy the asset where it is undervalued and sell it where it is overvalued. As they do so, supply and demand shift in each market and the prices converge.
Because iTRY can be minted and redeemed on demand by eligible participants, its primary-market price serves as a hard reference point. Secondary-market prices may move temporarily due to liquidity, sentiment, or order flow, but arbitrage closes these gaps.
## Examples
### iTRY trades below 1 TRY on the secondary market
When iTRY is cheaper in secondary markets, arbitrageurs can buy it at a discount and redeem it on the primary market for its full 1 TRY value.
Example:
1. iTRY trades at 0.95 TRY on a DEX.
2. A whitelisted primary market participant buys iTRY on the DEX, driving the market price up.
3. The participant redeems iTRY on the primary market at 1.00 TRY.
4. The 0.05 TRY spread becomes the participant's profit.
As whitelisted arbitrageurs repeat this trade, demand for the underpriced iTRY increases, lifting its secondary-market price back toward the peg.
### iTRY trades above 1 TRY on the secondary market
When iTRY is more expensive in secondary markets, arbitrageurs can mint new iTRY on the primary market at 1 TRY and sell it on the secondary market for more.
Example:
1. iTRY trades at 1.05 TRY on a DEX.
2. A whitelisted primary market participant mints new iTRY on the primary market at 1.00 TRY.
3. The participant sells the newly minted iTRY on the DEX at 1.05 TRY, driving the market price down.
4. The 0.05 TRY spread becomes the participant's profit.
As whitelisted arbitrageurs repeat this trade, the increased supply reduces the secondary-market price back toward the peg.
# Staking
{% hint style="info" %}
Staking is coming soon.
{% endhint %}
Staking is the primary way users earn yield on iTRY. When users deposit iTRY into the staking contract, they receive wiTRY, a yield-bearing token representing their proportional claim on the staking pool. The protocol distributes iTRY staking rewards into the staking pool, increasing the value of wiTRY over time. The staking pool implements the ERC-4626 Token Vault standard, ensuring it remains composable across DeFi.
1. Users stake iTRY in exchange for wiTRY.
2. The protocol distributes iTRY staking rewards into the staking pool.
3. wiTRY appreciates relative to iTRY as the pool grows.
When users unstake, they burn wiTRY and withdraw their principal plus their pro rata share of accrued iTRY rewards.
There are no minimum deposits or lock-ups, however, unstaking is subject to a [cooldown period](#unstake-cooldown).
{% hint style="info" %}
Select institutional users, like exchanges, are eligible for direct distribution of iTRY. For more information, see [Broken mention](broken://pages/TaKtwaraG3pSzsUOOV1A)
{% endhint %}
## Yield source
Staking rewards are derived from the underlying money market funds that ultimately back iTRY. As underlying money-market funds accrue interest, the protocol mints and distributes a proportional amount of staking rewards to the staking contract.
{% hint style="info" %}
Staking rewards ultimately depend on the performance of underlying money market funds. Yield can fluctuate.
{% endhint %}
## Yield schedule
The protocol distributes staking rewards on a scheduled cycle. At the end of each cycle, it calculates the difference between the underlying NAV at the start and end of the cycle to determine TRY-denominated yield. That NAV delta defines the amount of iTRY that will be minted as staking rewards for the cycle.
{% hint style="info" %}
At launch, this process is expected to operate on a weekly cadence. The schedule may change as the protocol evolves and operational requirements mature.
{% endhint %}
## Reward vesting
iTRY deposited into the staking contract vests linearly over a defined period. This ensures rewards accrue fairly based on how long a user remains staked.
Reward vesting prevents short-term opportunistic behavior, such as staking immediately before a reward deposit and exiting right after, and reduces abrupt price movements in wiTRY that could otherwise create predictable arbitrage windows.
## Unstake cooldown
Unstaking is subject to a 3-day cooldown period, during which the portion of wiTRY being unstaked stops earning staking rewards.
Behind the scenes, when users initiate an unstake, wiTRY is immediately burned and their principal and pro-rata rewards are sent to the iTRYSilo smart contract. When the cooldown period has concluded, users can withdraw their iTRY from the silo smart contract.
{% hint style="info" %}
Cooldown duration may change as the protocol evolves and operational requirements mature. The cooldown is configurable to a maximum of 90 days.
{% endhint %}
{% hint style="warning" %}
Unstaking additional iTRY while a cooldown is in progress will restart the cooldown. If a cooldown is active, users cannot withdraw iTRY balances that have previously completed cooldown.
{% endhint %}
If immediate liquidity is needed, users may be able to swap wiTRY or iTRY on secondary markets. Secondary markets are operated by third-parties; availability and slippage are not guaranteed.
## Crosschain Staking
The staking contract is deployed on Ethereum, which serves as the canonical layer for staking logic and accounting. When users stake, unstake, or withdraw from MegaETH, the system performs the required cross-chain operations to settle transactions on Ethereum. Cross chain operations are implemented using LayerZero's [OVault](https://docs.layerzero.network/v2/developers/evm/ovault/overview), which allows users to perform transactions on MegeETH without needing to manually bridge tokens first.
* **Stake:** When users stake iTRY on MegaETH, iTRY is bridged to Ethereum and staked. wiTRY is then bridged back to MegaETH.
* **Initiate Unstake:** When users initiate an unstake on MegaETH, wiTRY is bridged to Ethereum, where the cooldown period is started.
* **Withdraw:** When users withdraw iTRY on MegaETH, iTRY is claimed on Ethereum and bridged back to MegaETH.
{% hint style="info" %}
When performing staking-related transactions on MegaETH, please be aware that transactions can take some time.
{% endhint %}
## Examples
### Staking iTRY
1. Alice and Bob each stake 100 iTRY.
2. The contract issues 100 wiTRY to each, creating a 200-iTRY pool.
3. Each user holds a 50% share.
4. The protocol later deposits 100 iTRY into the pool, increasing it to 300 iTRY.
5. Alice and Bob now have a claim on 150 iTRY in the staking pool.
### Unstaking iTRY
1. Alice holds 100 wiTRY, representing a 50% share of a 300-iTRY pool.
2. Alice initiates an unstake.
3. A three-day cooldown begins.
4. After the cooldown completes, Alice withdraws 150 iTRY: her original 100 iTRY plus 50 iTRY in yield.
## Security and execution
Reward distribution is executed through a MultiSig wallet. Newly minted iTRY is first delivered into custody before distribution, ensuring secure handling of supply expansion. Yield is then deposited into the staking contract.
# Risks
Like any onchain financial system, iTRY is exposed to several categories of risk. These risks include, but are not limited to, custodial counterparty risk, smart contract risk, and operational risks that may affect the protocol’s ability to function as intended. The sections below outline the primary areas of risk users should be aware of.
## Custodial risk
iTRY relies on a regulated 3rd party custodian to hold its backing assets. While these custodians operate under strict compliance and security standards, the protocol is dependent on their operational continuity and performance.
Periods of custodial downtime or unavailability may temporarily impact the protocol’s ability to process mint and redeem requests. Although major institutional custodians are engineered for high availability, operational failures, including system outages, misconfigurations, or external incidents, remain possible.
Custodians may also face adverse events such as security breaches or internal failures. While iTRY is not aware of any major historical hacks affecting top-tier custodians, such events cannot be ruled out. Insolvency or loss of access to custodied assets would impair the protocol’s ability to honor redemptions and could result in partial or full loss of assets held in custody.
Custodial infrastructure reduces many risks present in onchain systems, but it introduces its own set of dependencies. Users should understand that custody providers are critical components of the iTRY system, and adverse events affecting them can impact protocol operations.
## Smart contract risk
Smart contract risk refers to potential failures or vulnerabilities in the code that governs iTRY, wiTRY, and related contracts that manage collateral and yield distribution. Like all smart contract–based systems, these risks include but are not limited to software bugs, incorrect logic, misconfigurations, or exploitable attack vectors that could result in financial loss.
Smart contracts are a relatively new form of financial infrastructure. Despite security reviews, they remain susceptible to previously unseen attack techniques or newly discovered vulnerabilities. While these risks cannot be fully eliminated, the protocol incorporates several layers of mitigation:
* iTRY, wiTRY, and supporting contracts are developed using established development patterns and security standards.
* All contracts undergo rigorous internal reviews and have been audited through both private assessments and public audit processes. See [Audits](/resources/audits).
* The protocol incorporates operational procedures and controls intended to mitigate damage in the event of malicious activity or unexpected behavior. See [Security](/itry/security).
Even with these safeguards, no smart contract system can guarantee complete immunity from exploits. New attack vectors may emerge as the broader security landscape evolves.
## FX risk
iTRY is backed by assets denominated in Turkish Lira (TRY). Although iTRY is pegged to the Turkish lira, foreign investors who evaluate returns in another currency, such as USD, remain exposed to TRY/USD exchange rate movements.
High nominal yields do not guarantee positive returns once FX effects are considered. If the Lira depreciates faster than the underlying yield accrues, a user’s USD-denominated return may be flat or negative. Likewise, periods of TRY stability or appreciation can enhance returns.
## Oracle risk
iTRY relies on oracles to bring off-chain data, like backing asset prices, onchain. Oracles serve as trusted data sources that inform key protocol logic, especially yield calculation.
Oracle-related risks include:
* Incorrect or delayed price updates
* Data-feed outages
* Manipulation attempts in upstream data sources
* Misconfiguration or operational failure of oracle infrastructure
iTRY currently uses [Redstone](https://www.redstone.finance/) as its oracle provider and may add additional oracle sources in the future to strengthen redundancy and data reliability. While oracles are designed to function securely, they remain a dependency the protocol relies on to ensure accurate economic behavior.
# Security
iTRY implements a range of security features designed to meet rigorous industry standards and regulatory requirements. The measures below highlight several key controls in place to safeguard backing assets, protect user funds, and reduce the impact of malicious activity.
## Access controls
Only whitelisted wallet addresses can mint or redeem iTRY. This ensures that these critical functions cannot be called by unauthorized parties or malicious actors. Transferability of the backing assets are also restricted through its own whitelist, preventing assets from being sent to unintended destinations and preserving the collateral base that underpins iTRY.
## Transfer controls
Backing assets can only be transferred from the iTRY Issuer Contract to iTRY’s designated custody addresses. This restriction eliminates the possibility of collateral being routed to arbitrary or malicious addresses. A small portion of backing assets are held in a smart contract that facilitates redemptions, allowing the system to balance usability and user experience while keeping the majority of funds in regulated custody environments.
## Monitoring
iTRY integrates Know Your Transactions (KYT) monitoring powered by Chainalysis. KYT enables the protocol to identify suspicious activity and take corrective action when necessary.
## Blacklist
To comply with regulatory requirements and protect the ecosystem, iTRY includes a blacklist function. This mechanism allows the protocol to block specific addresses from performing token actions, such as transfers, minting, and redemptions, if those addresses are associated with malicious activity, sanctioned entities, or legally restricted parties.
Blacklist actions are controlled by strict operational guidelines to ensure they are not executed arbitrarily. Examples of where blacklist may be invoked include confirmed hacks, sanctioned-entity interactions, or court-ordered restrictions. Legal, operational, and contractual controls govern when and how blacklist actions may be triggered.
## Redistribution mechanism
iTRY includes a redistribution function to recover assets from compromised addresses or when regulatory obligations require the system to intervene. Redistribution actions are gated behind strict controls and cannot be used at will. They are limited to scenarios defined by compliance frameworks, operational procedures, or regulatory mandates.
## Smart contract security
All iTRY, wiTRY, and related contracts have undergone multiple rounds of extensive auditing, including private audits and public reviews. These audits assess code quality, identify potential vulnerabilities, and ensure alignment with best practices in decentralized protocol design.
For more information, see [Audits](/resources/audits)
## Administrative controls
Critical administrative functions require multisignature approval. iTRY utilizes segregated multisignature wallets to hold ownership of its smart contracts, ensuring that no single individual can execute privileged actions. Each multisig requires a defined threshold of confirmations (N of M) from authorized members before a transaction is approved.
These multisigs are used solely to manage contract ownership and permissions. They do not hold user funds or backing assets. Multiple multisigs are maintained to compartmentalize responsibilities and segregate risk across different operational domains.
# Mint & Redemption
iTRY can be minted and redeemed by eligible participants through the primary market.
## Mint
Mint is available via mint.brix.money 24/7/365.
1. Visit mint.brix.money
2. Connect your wallet
3. Go to the mint form
4. Enter an amount of collateral
5. Sign and submit the transaction
## Redeem
Redemption is available via mint.brix.money 24/7/365.
1. Visit mint.brix.money
2. Connect your wallet
3. Go to the redeem form
4. Enter an amount of iTRY
5. Sign and submit the transaction
{% hint style="info" %}
Larger redemptions may incur a short operational delay. For additional details, see [Collateral Management](/technical/collateral-management)
{% endhint %}
# Collateral Management
iTRY uses a combination of an onchain vault and a regulated custody provider to manage collateral.
The majority of collateral is secured by [Zodia Custody](http://zodia-custody.com/), a licensed 3rd party custodian, where it benefits from institutional security controls, operational safeguards, and established risk-management practices. A limited portion is held onchain in the Fast Access Vault smart contract to support instant redemptions.
This hybrid custody model is designed to balance usability and security. The Fast Access Vault facilitates instant redemption and ensures a portion of collateral remains available in the rare event of custodial downtime, while regulated custody supports controlled settlement for larger redemptions and provides institutional-grade operational rigor.
This design allows routine redemptions to settle instantly while ensuring that higher-value redemptions remain fully supported by regulated custody infrastructure.
# Oracles
Oracles provide data from outside the blockchain that onchain systems rely on to function correctly. In many protocols, oracles act as trusted data feeds that inform key business logic. For iTRY, accurate and timely pricing data is essential because the protocol references the net asset value (NAV) of the underlying money market funds to determine mint and redemption pricing and to support accurate yield calculations.
## Why oracles matter
Because NAV data for the underlying money market funds is published offchain by regulated administrators, the protocol needs a reliable way to bring that information onchain. Oracles provide this bridge. They ensure smart contracts can access verified NAV data so pricing and yield calculations remain accurate, predictable, and aligned with underlying asset performance.
## Oracle providers
iTRY currently uses Redstone for its oracle infrastructure. Redstone delivers NAV pricing data to the protocol in a secure, tamper-resistant format that can be consumed by the contracts responsible for yield calculation and validation.
Additional oracle providers may be added in the future to enhance redundancy, improve data availability, and support broader risk management.
# Crosschain
iTRY and wiTRY are designed to operate seamlessly across multiple blockchains while maintaining a single, unified supply. To enable this, the protocol leverages LayerZero’s messaging infrastructure, which provides a reliable system for transferring tokens and communicating across chains without introducing security risks associated with traditional bridges.
## Hub-and-spoke design
Ethereum serves as the canonical hub chain. On Ethereum, iTRY exists as a standard ERC-20 token and represents the authoritative supply used for accounting, minting, and redemption. All core logic, including supply management and backing, originates on Ethereum.
On MegaETH, iTRY is deployed using LayerZero’s OFT (Omnichain Fungible Token) model. OFTs behave exactly like standard ERC-20 tokens but include LayerZero’s cross-chain transport functionality. This allows iTRY and wiTRY to move between spoke chains without fragmenting liquidity. The MegaETH deployment uses distinct token contracts with their own balances, deployed on a unified address and logically linked to the canonical supply on Ethereum through LayerZero’s messaging layer.
When iTRY is bridged from Ethereum to MegaETH, the tokens are locked on Ethereum and an equivalent amount is minted on the destination chain. When iTRY is bridged from a Layer 2 back to Ethereum, the tokens on MegaETH are burned and the corresponding amount is unlocked on Ethereum.
This architecture allows iTRY to operate seamlessly across multiple networks while maintaining a single source of truth for supply, accounting, and risk management.
# Contracts
## Ethereum
#### iTRY
iTRY token contract (ERC‑20).
0xb492B4aFD9658093694CF9452D5C272e8230F3B0
#### iTRY Issuer
Minting and issuance controller.
0x9a40DCE442013e6664C308016206DA4BA2a9e824
#### Fast Access Vault
Liquidity vault for instant redemption.
0x62f131F9CdeA7B4af5770F8Abe2286D3922c2f8f
#### NAV Feed
NAV oracle used to publish valuation data for calculating supply expansion.
0xa5b6f7404D960BaC4075EcAEc31E37B940c2A145
#### Yield Forwarder
Forwards newly minted iTRY to the designated destination.
0xfBd72e2D942507BADBA06D2AC80AeE94b4F7f817
#### iTRY Token OFT Adapter
Adapter that locks native iTRY and bridges it crosschain through LayerZero messaging.
0xa21819cb613c9525e31178812b665933471E5e88
#### iTRY Silo
Stores iTRY during unstake cooldown until assets are withdrawable.
0x1b301c8182eE7C519577d4acF15587fE539197DF
#### wiTRY
Staking vault for iTRY with crosschain composer support (ERC-4626).
0xE346C29b5B60Ef870b9724c57ccfbBc631e47DEE
#### wiTRY Vault Composer
Bundles wiTRY vault actions (deposit/stake/unstake) for routing via LayerZero.
0x638C914ecDB6adabEfa0F8cfDcC228D367069e59
#### wiTRY OFT Adapter
Adapter that locks native wiTRY and bridges it crosschain through LayerZero messaging while preserving vault share accounting.
0x698b7518711bDe4832fDc19F5262DF705c713006
## MegaETH
#### iTRY OFT
OFT representation of iTRY for omnichain transfers and crosschain accounting.
0x996ce957408804fEC19237D866799d9C7076E48c
#### wiTRY OFT
OFT representation of wiTRY for omnichain transfers and crosschain accounting.
0x15B271D9012b5820FC42b1c495B4C1e206547De5
#### Unstake Messenger
Messaging contract that coordinates unstake-related crosschain messages and execution.
0xE23B4b2e590906601cC2148f0C45E820BE3F377D
# Audits
The integrity iTRY, wiTRY, and related contracts is paramount. All contracts have undergone both private and public audits to help identify potential vulnerabilities, logical errors, or inefficiencies.
### Private Audits
{% file src="/files/77Izr7yV6oT1j2wzKRVk" %}
{% file src="/files/QAQ5PWn8EUDEgENwRdLY" %}
{% file src="/files/4xJFn7qlFz42oWedFM3m" %}
{% file src="/files/6vxDJs8S2qH3MrVNF7nN" %}
### Public Audits
{% embed url="" %}
# Terms & Policies
# Brix Website Terms of Use
Last updated: 25.03.2026
These Terms of Use (“***Terms***”) govern your, either as a natural person or legal entity, use of the Internet address [www.brix.money](http://www.brix.money) (all web pages at such address and derivates of such address, including [www.app.brix.money](http://www.app.brix.money) and , are referred to as the “***Site***”). For the avoidance of doubt, these terms do not include [https://www.mint.brix.money](https://mint.brix.money), which is run by the Digital Liquidity Fund Limited and has different terms of use for whitelisted users only. By accessing, connecting your wallet, and/or using any function or service on the Site, you acknowledge that you have read, understand, and completely agree to be bound by these Terms. If you do not agree to these Terms, as amended or modified by any subsequent amendment, change or update: do not access or use any of the functions of the Site, including without limitation the blockchain based transactions offered by third parties and accessed via the Site. These Terms may be amended, changed, or updated by wiTRY Limited (“***the Company***”) at any time without prior notice to you, and shall be effective when posted to the Site.
Please note that your usage of third-party services and transactions, including without limitation exchange, minting, redemption of virtual assets, through third party service providers is subject to the terms of those third parties and shall not be subject to these Terms.
The access or use of the Site is void where such access or use is prohibited by, would constitute a violation of, or would be subject to penalties under any applicable laws, including without limitation in the Prohibited Jurisdictions, and shall not be the basis for the assertion or recognition of any interest, right, remedy, power, or privilege.
## **1 Interpretation**
### **1.1 Definitions**
In these Terms and all documents incorporated herein by reference, the following words have the following meanings unless otherwise indicated:
“AML” means anti-money laundering, including, all Laws applicable to the user and its affiliates, on the one hand and the Company and its affiliates on the other (together, the “**Parties**”) prohibiting money laundering or any acts or attempted acts to conceal or disguise the identity or origin of; change the form of; or move, transfer, or transport, illicit proceeds, property, funds or virtual asset, including the promotion of any unlawful activity such as fraud, tax evasion, embezzlement, insider trading, financial crime, bribery, cyber theft or hack, narcotics trafficking, weapons proliferation, terrorism, or Economic Sanctions violations, which may also require internal controls to detect, prevent, report, and maintain records of suspected money laundering or terrorist financing;
“Anti-Corruption” means all Laws applicable to each Party prohibiting corruption or bribery of Government Officials, kickbacks, inducements, and other related forms of commercial corruption or bribery;
“CTF” means counter-terrorist financing;
“Economic Sanctions” means financial sanctions, trade embargoes, export or import controls, anti-boycott, and restrictive trade measures enacted, administered, enforced, or penalised by any applicable Laws;
“FATCA” means the United States Foreign Account Tax Compliance Act, as enacted by Title V, Subtitle A of the Hiring Incentives to Restore Employment Act, P.L 111-147 (2010), as amended;
“FIA” means the Financial Investigation Authority of the British Virgin Islands;
“Government” means any national, federal, state, municipal, local, or foreign branch of government, including any department, agency, subdivision, bureau, commission, court, tribunal, arbitral body, or other governmental, government appointed, or quasi-governmental authority or component exercising executive, legislative, juridical, regulatory, or administrative powers, authority, or functions of or pertaining to a government instrumentality, including any parasternal company, or state-owned (majority or greater) or controlled business enterprise;
“Government Approval” means any authorisation, license, permit, consent, approval, franchise, concession, lease, ruling, certification, exemption, exception, filing or waiver by or with any Government necessary to conduct the business of either Party or the execution, delivery and performance of the Site or any transaction entered into under these Terms;
“Government Official” means an officer or employee of any Government, a director, officer, or employee of any instrumentality of any Government, a candidate for public office, a political party or political party official, an officer or employee of a public international organisation, and any person who is acting in an official capacity for any of the foregoing, even if such person is acting in that capacity temporarily and without compensation;
“Laws” means all laws, statutes, orders, regulations, rules, treaties, and/or official obligations or requirements enacted, promulgated, issued, ratified, enforced, or administered by any Government that apply to you, the Company, or the Site;
“Losses” means, collectively, any claim, application, loss, injury, delay, accident, cost, business interruption costs, or any other expenses (including attorneys’ fees or the costs of any claim or suit), including any incidental, direct, indirect, general, special, punitive, exemplary, or consequential damages, loss of goodwill or business profits, work stoppage, data loss, computer failure or malfunction, or any and all other commercial losses;
“OFAC” means Office of Foreign Assets Control of the U.S. Department of the Treasury;
“person” includes an individual, association, partnership, corporation, company, other body corporate, trust, estate, and any form of organisation, group, or entity (whether or not having separate legal personality);
“Personal Information” has the meaning set out in the Privacy Policy;
“Prohibited Jurisdiction” means any of: Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, Zimbabwe;
“Prohibited Person” means:
1. citizen or resident of, Government or Government Official of, or person in or subject to the jurisdiction of, any Prohibited Jurisdiction; and
2. any Sanctioned Person;
3. any person that the Company determines with its sole discretion who must not visit, access or use any part of the Site.
“Prohibited Use” has the meaning set out in paragraph 7 of these Terms;
“Sanctions List” means the “Specially Designated Nationals and Blocked Persons” (“SDN”) List and the Non-SDN List, including the “Sectoral Sanctions Identifications List”, published by OFAC; the Section 311 Special Measures for Jurisdictions, Financial Institutions, or International Transactions of Primary Money Laundering Concern published by FinCEN; and, any other foreign terrorist organisation or other sanctioned, restricted, or debarred party list published by the FIA, or under Economic Sanctions, AML, or CTF Laws of or by Governments of the British Virgin Islands (including any sanctioned, restricted, or debarred party list under the Laws of the United Kingdom and applicable in the British Virgin Islands), United States and the United Nations;
“Sanctioned Person” refers to any person or Virtual Wallet Address that is:
1. specifically listed in any Sanctions List;
2. directly or indirectly owned 50 percent or more by any person or group of persons in the aggregate, or a Virtual Wallet associated with such person or persons, referred to in any Sanctions List, or Government or Government Official of any Prohibited Jurisdiction; or
3. that is subject to any Government Approval or otherwise sanctioned, restricted, or penalised under applicable Economic Sanctions, AML, or CTF Laws;
“Tax Information Exchange Laws” means Laws relating to the exchange of information relating to taxes between Governments, including FATCA and CRS;
“Terms” means these terms and conditions of sale and service, as they may be changed, amended, or updated from time to time;
“Virtual Wallet Address” means an alphanumeric identifier that represents a potential destination for a virtual asset transfer, which typically is associated with a user’s Virtual Wallet;
“Virtual Wallet” means a software application (or other mechanism) that provides a means for holding, storing, and transferring Virtual asset;
“Virus” means any harmful or surreptitious code with a purpose to, effect of or that could be reasonably be expected to:
1. cause any unplanned interruption of the operation of a website or computer systems;
2. unauthorised use of a website or computer systems;
3. altering, destroying, or inhibiting the use of a website, software or computer systems; or
4. block access to, or prevent the use or accessibility of a website or computer systems. Viruses include malware, trojan horses, system monitors/keyloggers, dialers, adware, and adware cookies lockup, time bomb, key lock device program, or disabling code; and
“you” or “your” means the user.
### **1.2 Headings**
The headings and sub-headings in these Terms are for ease of reference only and are not to be taken into account in the construction or interpretation of any provision or provisions to which they refer.
### **1.3 Extended Meanings**
Unless otherwise specified in these Terms, words importing the singular include the plural and vice versa and words importing gender include all genders. The word “include”, “includes” or “including” will be interpreted on an inclusive basis and be deemed to be followed by the words “without limitation”.
### **1.4 Governing Law**
These Terms shall be governed by and construed and enforced in accordance with the Laws of the British Virgin Islands.
## **2 Right to Use the Site**
2.1. If you:
1. are not a Prohibited Person;
2. do not operate your Virtual Wallet for the benefit of a Prohibited Person; and
3. comply with these Terms,
2.2 The Company grants you the limited right to use the Site. The right to use the Site is a personal, restricted, non-exclusive, non-transferable, non-sublicensable, revocable, limited license, and it is subject to the limitations and obligations in these Terms. Nothing in these Terms gives you any license (other than as set out in this paragraph), right, title, or ownership of, in, or to the Site, any of the Site, the Copyrights or the Marks (as each term is defined below). The Company may suspend or terminate the provision of Site to you, as required by applicable Laws or where the Company determines that you have violated, breached, or acted inconsistent with any of these Terms, or where the Company determines, for any reason or none at all, by its own discretion.
2.3 Every Prohibited Person is strictly prohibited from using the Site and any functions provided on or through the Site. You hereby agree that no use of the Site may be for the financial or other benefit of a Prohibited Person.
2.4 The Company is under no obligation and expressly disclaims any responsibility or liability to support any particular blockchain or protocol, any forked version of any particular blockchain or protocol or any virtual asset resulting from a fork of a blockchain, or any third party service offered through the Site. The Company will determine, in its sole discretion, whether to support a particular fork of a blockchain, protocol or a service provider or whether to cease support for all versions of a particular blockchain, protocol or a service provider. The Company assumes no liability or responsibility whatsoever arising out of ceasing to support of blockchain, protocol or a service provider.
2.5 By using a Virtual Wallet, you agree that you are using the Virtual Wallet in accordance with any terms and conditions of an applicable third-party provider of such Virtual Wallet. Virtual Wallets are not maintained or supported by, or associated or affiliated with the Company. The Company does not control virtual assets in your Virtual Wallet, and we accept no responsibility or liability to you in connection with your use of a Virtual Wallet. We make no representations or warranties regarding how the Site will operate with, or be compatible with, any specific Virtual Wallet. The private keys necessary to access and/or transfer the digital assets held in a Virtual Wallet are not known or held by the Company. Any third party that may gain access to your login credential, private key, or third-party cloud or storage mechanism for such information may be able to misappropriate digital assets held by you. The Company has no ability to help you access or recover your private key and/or seed phrase for your Virtual Wallet. As between you and the Company, solely you are responsible for maintaining the confidentiality of your private key, and solely you are responsible for any transaction signed with your private key. The Company is not responsible for any loss associated with your private key, Virtual Wallet, vault, or other storage mechanism.
## **3 Services on the Site**
**3.1** The Site provides access to various services, which concern virtual assets. The Company may not always own or run the services offered on the Site, and third-party service providers independent from the Company may offer such services on or through the Site.
### **3.2 External Services**
3.2.1. You shall only be a user or customer of each service on or made available through the Site subject to terms and conditions you accept with respect to that service with its service provider. In the event you are a user or customer of a service that is offered by an entity or person other than the Company, you acknowledge that you establish a contractual relationship with respect to that service solely with that respective third-party entity or person, and the Company shall not be deemed to be a joint party, provider, guarantor or as liable whatsoever with respect to your Losses arising from your use of such service.
3.2.2 You hereby agree and acknowledge that you will or have read and understood each of the respective agreements you may enter into with regards to the services offered on the Site, and you shall act in accordance with such agreements. In the event that a third party service provider informs the Company any violation of yours of the agreement between you and such service provider, the Company reserves the right to cease or suspend your access to the Site and its services completely or partially, and temporarily or permanently, and set-off your receivables from the Company (if any) for fulfilling your obligations to or indemnify the losses of the respective service provider.
3.3 Unless otherwise explicitly stated on the Site, the Company will not charge you any fees out of your usage of the Site. However, subject to terms and conditions you may enter into with the respective service providers, third party services provided on the Site may require payment of fees, costs or any other consideration in exchange of the services provided.
3.4 The Company may be required to share your user information with other contractual third parties, including without limitation providers of services on the Site or financial institutions, or as required under applicable Laws or demanded upon a lawful request by any Government. You hereby irrevocably grant full permission and authority for the Company or its directors and affiliates to share this information with such contractual third parties, or as required under applicable Laws or demanded upon a lawful request by any Government, and release the Company or its directors and affiliates from any liability, error, mistake, or negligence related thereto.
## **4 Risks and Limitation of Liability**
4.1 Virtual assets are volatile and their markets shift quickly in terms of price, liquidity, market depth, and trading dynamics. The information presented on or through the Site is made available solely for general information purposes, and the Company does not warrant the accuracy, completeness, or usefulness of this information, nor merchantability of any virtual assets. Under no circumstances should any information made available through the Site be taken as the Company or any of its affiliates or third parties offering any investment advice or any recommendations to buy, sell or otherwise trade in any Virtual Asset.
4.2 You are solely responsible and liable for any and all activity on the Site; and, for knowing the correct status of your virtual assets, even if presented incorrectly by the Site at any time. You acknowledge and agree to be fully responsible and liable for your actions and inactions on the Site and all gains and Losses sustained from your use of the Site and any of the services being offered through the Site by third parties; and to be fully responsible for safeguarding access to, and any information provided through, the Site, including, your Virtual Wallet, Virtual Wallet Address, private keys, usernames, passwords, and bank account details.
## **5 Governing Law and Resolution of Disputes**
5.1 In the event of any dispute, controversy, difference, conflict or claim arising out of or relating to this Agreement or its performance, including without any limitation any question regarding its existence, validity, or a claim for unlawful act under applicable laws (“Dispute”), the Company and you agree to attempt, for a period of 30 days after the receipt by a party of a notice from the other party of the existence of the Dispute (“Settlement Period”), to settle the Dispute by amicable settlement between the Parties. In the event that the Dispute cannot be settled by an amicable settlement within the Settlement Period, the Parties submit the Dispute to the exclusive jurisdiction of the courts of the British Virgin Islands.
5.2 JURY TRIAL WAIVER: TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING OF ANY KIND WHATSOEVER ARISING OUT OF OR RELATING TO THESE TERMS OR ANY BREACH THEREOF, ANY USE OR ATTEMPTED USE OF THE SITE OR THE SITE BY YOU, AND/OR ANY OTHER MATTER INVOLVING THE PARTIES.
### **6 Prohibited Uses**
For the purposes of this Clause 6, the phrase “use the Site” means use of the Site or any of the third party services accessed through the Site.
You may not:
6.1 use the Site in order to disguise the origin or nature of illicit proceeds of, or to further, any breach of applicable Laws, or to transact or deal in any contraband virtual asset, funds, property, or proceeds;
6.2 use the Site if any applicable Laws, including AML Laws, CTF Laws, Anti-Corruption Laws, and Economic Sanctions Laws, prohibit, penalise, sanction, or expose the Company or its affiliates and directors to liability for any Site furnished or offered to you or your Virtual Wallet under these Terms;
6.3 use the Site or any of the Site to facilitate, approve, evade, avoid, or circumvent any applicable Laws, including AML Laws, CTF Laws, Anti-Corruption Laws, and Economic Sanctions Laws;
6.4 use the Site to evade taxes payable under the Laws of any jurisdiction;
6.5 enter into transactions with anything other than funds, keys, property, or virtual asset that have been legally obtained by you and that belong to you;
6.6 use the Site to interfere with or subvert the rights or obligations of the Company or the rights or obligations of any other site user or any other person;
6.7 trade using misleading or inaccurate information presented to the Site or to the Company or take advantage of any technical glitch, malfunction, failure, delay, default, or security breach;
6.8 use the Site to engage in conduct that is detrimental to the Company or to any other Site user or any other person;
6.9 take advantage of any technical glitch, malfunction, delay, default or security breach on the Site;
6.10 falsify or materially omit any information or provide misleading or inaccurate information requested by the Company or its affiliates and directors, including at Site registration or during the course of administering any Site to you;
6.11 cause injury to, or attempt to harm, the Company or any person through your access to the Site or any Site;
6.12 promote discrimination based on race, religion, nationality, disability, sexual orientation, gender or gender identity, or age;
6.13 have more than one account and more than one Virtual Wallet on the Site, or use any Virtual Wallet on a one-time, ‘throwaway’ basis; the access to the Site of any such additional account, additional Virtual Wallet or one time ‘throwaway’ Virtual Wallet may be terminated or suspended at the absolute discretion of the Company;
6.14 where you are subject to prohibitions or restrictions as set forth in paragraph 2, access the Site or use any Site utilising any virtual private network, proxy service, or any other third-party service, network, or product with the effect of disguising your IP address or location, or access the Site or use any Site from, or being subject to, the jurisdiction of any Prohibited Jurisdiction or Government or Government Official thereof;
6.15 utilise a Virtual Wallet, any Site or the Site for the financial or other benefit of a Prohibited Person; or
6.16 violate, promote, or cause a violation of, or conspire or attempt to violate these Terms or applicable Laws.
6.17 Any use as described in this paragraph shall constitute a “Prohibited Use”. If the Company determines or suspects that you have engaged in any Prohibited Use, the Company may address such Prohibited Use through an appropriate sanction, in its sole and absolute discretion, including without limitation denying your access to the Site partly or completely, and you acknowledge that any such the Company shall not be responsible for any of your losses to arise as a direct or indirect consequence of such sanction implemented. Such sanction may include making a report to any Government, law enforcement, or other authorities, without providing any notice to you about any such report. In addition, should your actions or inaction result in Loss being suffered by the Company or any of its Related Parties, you shall pay an amount to the Company or the Associate so as to render the Company, including the amount of taxes or penalties that might be imposed on the Company.
## **7 Intellectual Property**
7.1 The trademarks, service marks, and trade names, including both word marks and design marks (the “Mark(s)”) are used by the Company under license. You agree not to appropriate, copy, display, make derivative works of, modify, disseminate, reverse engineer, or use the Marks or other content without express, prior, written permission from the Company or the owner of the Marks, including as a domain name, as social media profile/handle, on a website, in an advertisement or other marketing, as or in connection with a phone number, as or in connection with an email address, in Internet search results, in meta data or code, or in any other manner;
7.2 Unless otherwise indicated, all materials on the Site are used by the Company under license (“Copyrights”). You agree not to appropriate, copy, display, make derivative works of, modify, disseminate, reverse engineer, or use the Copyrights or other content without express, prior, written permission from the Company or the respective third-party owner;
7.3 The Site may provide certain social media features that enable you to link, send communications, or display certain content from the Site. You may use these features solely as they are provided by the Company. You may not establish a link from any website that is not owned by you, cause the Site or portions of it to be displayed on or by any other Site (for example, framing, deep linking, or in-line linking), or otherwise take any action with respect to the materials on the Site that is inconsistent with any other provision of these Terms;
7.4 You must not register, record, or otherwise control any domains, social media handles/profiles, Marks or other trademark or service mark registrations, trade names or any other intellectual property rights featuring intellectual property owned by the Company, its affiliates, directors or their licensor(s) directly or through a third party (“Prohibited Assets”). If the Company becomes aware that you own or control any Prohibited Assets, the Prohibited Asset(s) will be automatically transferred and assigned to the Company, its nominated Associate or its licensor(s) under these Terms of Use. You agree to execute all instruments and documents and do such additional acts as the Company, its affiliate(s), director(s), associate(s) or its licensor(s) may deem necessary or desirable to record and perfect the assignment of rights under this paragraph 8.4. If the Company, its affiliate(s), director(s), associate(s) or its licensor(s) are unable for any reason to secure your timely signature to any document it is entitled to under this paragraph 8.4 within fourteen days, you hereby irrevocably designate and appoint the Company, its affiliate(s), director(s), and licensor(s) and their duly authorised directors, officers and agents as your attorney-in-fact, with full power of substitution to act for and on your behalf and instead of you to execute and file any such document(s) and to do all other lawfully permitted acts to further the purposes of the foregoing with the same legal force and effect as if executed by you; and
7.5 The Site is protected by copyright, trademark, trade secret and other intellectual property or proprietary rights laws in various jurisdictions. All rights not expressly granted to you in these Terms are reserved by the Company and its affiliate(s), director(s), or its licensor(s). Except as expressly authorised by the Company, you will not (i) license, sublicense, rent, sell, resell, transfer, assign, distribute, or otherwise commercially exploit or make available to any person all or any part of the Site or Site in any way; (ii) copy, modify, republish, distribute, or make derivative works based upon all or any part of Site or Site; (iii) “frame” or “mirror” all or any part of the Site or Site on any other server or wireless or Internet-based device; or (iv) reverse engineer or access all or any part of Site or its Site in order to (a) build a competitive product or service, (b) build a product or service using similar ideas, features, functions, or graphics of all or any part of the Site or Site, or (c) copy any ideas, features, functions, or graphics of all or any part of the Site or Site.
### **8 Your Representations and Warranties**
You represent and warrant to the Company on the date of your acceptance or deemed acceptance of these Terms and each day on which you utilise or access the Site, in each case with reference to the facts and circumstances existing at such date, the following:
1. that, if you are an individual user, you are 18 years of age or older and that you have the capacity to contract under applicable Laws;
2. that, if you are using the Site on behalf of a legal entity, (i) such legal entity is duly organised and validly existing under the applicable laws of the jurisdiction of its organisation; and (ii) you, and any individuals utilising the services on behalf of the legal entity are duly authorised by such legal entity to act on its behalf;
3. that you understand the risks associated with using the Site, that you are not prohibited or restricted from using the Site by paragraph 2 of these Terms of Use, and that you are not otherwise prohibited by applicable Laws from using, or acting for the benefit of another person that is prohibited or restricted from using the Site, and that you have had the opportunity to seek legal, accounting, taxation and other professional advice regarding these Terms and the Site;
4. that you will not use the Site in order to conceal or disguise the origin or nature of proceeds of crime or terrorist financing, or to further, any breach of applicable AML Laws or CTF Laws, or to deal in any unlawful virtual asset, property, funds, or proceeds;
5. that you will not trade or otherwise transact on the Site or use any Site with anything other than funds or virtual asset that have been legally obtained by you, that belong to you, and that are free and clear of all liens, claims, and encumbrances;
6. that you are currently in compliance with, and must, at your own cost and expense, comply with all Laws that relate to or affect the Site conducted under these Terms, including AML Laws, CTF Laws, Anti-Corruption Laws, Economic Sanctions Laws, Tax Information Exchange Laws or other tax Laws;
7. that you consent to any and all tax and information reporting under AML Laws, CTF Laws, Anti-Corruption Laws, Economic Sanctions Laws, Tax Information Exchange Laws or other tax Laws as the Company may reasonably determine;
8. that you shall not use any virtual asset, property, proceeds or funds subject to the Site of the Site directly or indirectly (i) on behalf of or for the benefit of a Prohibited Person or any person subject to the jurisdiction of a Prohibited Jurisdiction, except where authorised under any Government Approval or not restricted by applicable Laws; (ii) in violation of or as prohibited, restricted, or penalised under applicable Economic Sanctions Laws; or (iii) in any way that would violate, be inconsistent with, penalised under, or cause the omission of filing of any report required under applicable AML Laws, CTF Laws, or Economic Sanctions Laws;
9. that you have not (i) violated; (ii) been fined, debarred, sanctioned, the subject of Economic Sanctions-related restrictions, or otherwise penalised under; (iii) received any oral or written notice from any Government concerning actual or possible violation by you under; or (iv) received any other report that you are the subject or target of sanctions, restrictions, penalties, or enforcement action or investigation under, any applicable Laws, including AML Laws, CTF Laws, Anti-Corruption Laws, or Economic Sanctions Laws;
10. that you are not: (i) yourself or owned (beneficially or of record) or controlled by a Sanctioned Person; (ii) involved in any transaction, transfer, or conduct, whether or not by using or receiving the Site, that is likely to result in you or your shareholders, directors, officers, employees, agents, or partners becoming a Sanctioned Person; (iii) residing or domiciled in, or transferring virtual asset, funds, or property to, from, or through the Site from a Prohibited Jurisdiction; (iv) a Government or Government Official of a Prohibited Jurisdiction or (v) otherwise a Prohibited Person;
11. that you or your shareholders, directors, officers, employees, agents, or partners has not directly or indirectly offered, promised, given, or authorised any payment, or offered, promised, given, or authorised the giving of anything else of value, including any virtual asset or funds to a Government Official or individual employed by another entity in the private sector in violation of any applicable Anti-Corruption Laws;
12. that you will not falsify any Site registration or administration details provided to the Company;
13. that you will not falsify or materially omit any information or provide misleading or inaccurate information requested by the Company in the course of, directly or indirectly relating to, or arising from your activities on the Site or use of any Site, including at registration or during administration or other due diligence processes, and that if any information provided to the Company becomes incorrect or outdated, including information relating to your ownership, you will promptly provide corrected information to the Company;
14. that you shall employ reasonable anti-Virus, anti-malware and other software and techniques to protect you and your Virtual Wallet from being the victim of a hack or of other malicious actions, so as to protect the integrity of your Virtual Wallet and to keep such Virtual Wallet and the access to the Site from your account out of the reach of other persons;
15. that you shall not introduce or transmit any Virus into the Site or the Company’s computer systems;
16. that you will accurately and promptly inform the Company if you know or have reason to know whether any of the foregoing representations or warranties no longer is correct or becomes incorrect.
## **9 No Representations and Warranties by the Company**
The Company makes no representations, warranties, covenants or guarantees to you of any kind and, to the extent permitted by applicable Laws, the Company expressly disclaims all representations, warranties, covenants or guarantees, express, implied or statutory, with respect to the Site. The Site is offered strictly on an as-is, where-is basis and, without limiting the generality of the foregoing, are offered without any representation as to merchantability or fitness for any particular purpose. The Company may also provide access to features or services that are identified as “beta” or pre-release. Without limiting the preceding sentences in this paragraph, you understand that such services are still in development, may have bugs or errors, may be incomplete, may materially change prior to a full commercial launch, or may never be released commercially.
## **10 No Advice**
The Company does not provide any investment, portfolio management, legal, accounting, tax or other advice, or advice on trading techniques, models, algorithms, or any other schemes; and any information available on the Site shall be deemed as being published for informative purposes.
## **11 Limitation of Liability and Release**
11.1 To the maximum extent permitted by applicable Law, you irrevocably agree and acknowledge that the Company does not assume any liability or responsibility for and shall not have any liability or responsibility for any Losses directly or indirectly arising out of or related to:
1. any breach by you of these Terms;
2. the Site, and your use of it, including your use of the services on the Site provided by third parties, except as explicitly provided for in these Terms of Use;
3. any failure by you to comply with applicable Laws;
4. any information or materials available through the Site, whether originating from the Company, its affiliates or any other person;
5. any inaccurate, misleading, or incomplete statement by the Company or on the Site regarding your Virtual Wallet, whether caused by the Company’s negligence or otherwise;
6. any failure, delay, malfunction, interruption, or decision (including any decision by the Company to vary or interfere with your rights) by the Company in operating the Site;
7. any stolen, lost, or unauthorised use of your Virtual Wallet information, any breach of security or data breach related to your Virtual Wallet information, or any criminal or other third-party act affecting the Company or its affiliates or directors;
8. the Company electing to support or not support a particular blockchain or protocol, any forked version of any particular blockchain or protocol or any virtual asset resulting from a fork of a blockchain or protocol;
9. any offer, representation, suggestion, statement, or claim made about the Company, the Site, or any of the Company’s affiliates or directors thereof.
## **12 No Waiver; Available Remedies**
Any failure by the Company to exercise any of its rights, powers, or remedies under these Terms, or any delay by the Company in doing so, does not constitute a waiver of any such right, power, or remedy. The single or partial exercise of any right, power, or remedy by the Company does not prevent either from exercising any other rights, powers, or remedies. The remedies of the Company are cumulative with and not exclusive of any other remedy conferred by the provisions of these Terms, or by law or equity. You agree that the remedies to which the Company is entitled include (i) injunctions to prevent breaches of these Terms and to enforce specifically the terms and provisions hereof, and you waive the requirement of any posting of a bond in connection with such remedies, and (ii) the right to recover the amount of any Losses by setoff against any amounts that the Company would otherwise be obligated to pay to you.
## **13 Force Majeure**
The Company is not responsible for damages caused by delay or failure to perform undertakings under these Terms when the delay or failure is due to fires; strikes; floods; power outages or failures; acts of God or the state’s enemies; acts of any Government or Government Official; any and all market movements, shifts, or volatility; computer, server, or Internet malfunctions; security breaches or cyberattacks; criminal acts; delays or defaults caused by common carriers; acts or omissions of other persons; or, any other delays, defaults, failures or interruptions that cannot reasonably be foreseen or provided against. In the event of force majeure, the Company is excused from any and all performance obligations under these Terms.
## **14 Assignment and Third Party Rights**
These Terms, and any of the rights, duties, and obligations contained or incorporated herein, are not assignable by you without prior written consent of the Company. These Terms, and any of the rights, duties, and obligations contained herein, are freely assignable by the Company without notice or your consent (for clarity, this assignment right includes the right for the Company to assign any claim, in whole or in part, arising hereunder) to any third-party. Any attempt by you to assign these Terms without written consent is void. Subject to the foregoing, these Terms, and any of the rights, duties, and obligations contained or incorporated herein, shall be binding upon and inure to the benefit of the heirs, executors, administrators, personal or legal representatives, successors and assigns of you and of the Company. None of the provisions of these Terms, or any of the rights, duties, and obligations contained or incorporated herein, are for the benefit of or enforceable by any creditors of you or the Company or any other persons, except such as inure to a successor or assign in accordance herewith.
## **15 Severability**
If any provision of these Terms or part thereof, as amended from time to time, is determined to be invalid, void, or unenforceable, in whole or in part, by any court of competent jurisdiction, such invalidity, voidness, or unenforceability attaches only to such provision to the extent of its illegality, unenforceability, invalidity, or voidness, as may be, and everything else in these Terms continues in full force and effect.
## **16 Sharing of Personal Information**
From time to time, the Company receives information requests from Governments, law enforcement agencies and courts around the world. In this context, the Company might be ordered to share and/or will provide on a voluntary basis, if this appears reasonable and necessary, your Personal Information with/to law enforcement agencies, the persons identified by a court and/or a Government. You hereby expressly consent to the sharing of your Personal Information as further detailed in these Terms and the Privacy Policy.
## **17 Electronic Communications, Acceptance, and Amendment of these Terms**
17.1 You agree and consent to receive electronically all communications, agreements, documents, receipts, notices and disclosures that the Company may provide in connection with these Terms through publication on any part of the Site or to your authorised e-mail address on file with the Company. Such notices shall be deemed effective and received by you on the date on which the notice is published on any part of the Site or on which the e-mail is sent to such authorised e-mail address. These Terms may be accepted electronically, and it is the intention of the Parties that such acceptance shall be deemed to be as valid as an original signature being applied to these Terms.
17.2 No consent of you or any person is required for any modification or amendment to these Terms of Use.
# iTRY Token Terms
Last Updated: 25.03.2026
These terms apply to your holding and use of the iTRY token (the “**Token**”). Please note that any legislative or regulatory changes, whether in the British Virgin Islands or internationally, may adversely affect the use, transfer, minting, redemption, exchange and/or value of the Token.
Users who have completed Know-Your-Customer (“**KYC**”) and Anti-Money Laundering (“**AML**”) checks, as well as other onboarding procedures, and are whitelisted by iTRY Limited (the “**Company**”) are referred to in these Token Terms as a ‘Mint/Redeem User’ (“**Mint/Redeem User**”). Such users may access services provided by the Company (“**Token Services**”) to mint and redeem Tokens through the platform app.brix.mint, the “**Platform**” and the relevant iTRY mint/redeem interface **“iTRY Functions”**), in accordance with the terms hereof. For the avoidance of doubt, the Platform is not owned, nor run by the Company, and is a third-party business.
To the extent you have not completed the aforementioned checks or been whitelisted but hold the Tokens, these Token Terms still apply to your holding and use of the Tokens, and you are referred to herein as a “**Holding User**”, and collectively with the Mint/Redeem Users as a “**User**”. For the avoidance of doubt, only Mint/Redeem Users are customers of the Company and no Holding User will have any rights as such.
By obtaining and using the Tokens, you understand and expressly agree to these terms (“**Token Terms**”), regardless of whether or not you are a customer of the Company, and you represent and acknowledge that you have reviewed and understand each of the disclosures made in these Token Terms. Any provisions of these Token Terms that only apply to Mint/Redeem Users or Holding Users will be specifically noted herein. Unless so noted, each Section of these Token Terms apply to both Mint/Redeem Users and Holding Users, and any use of “you” or “your” refers to both Mint/Redeem Users and Holding Users.
By holding or using the Tokens, or using any of the Token Services (as defined herein), you agree that you have read, understood and accept all of the terms and conditions contained in these Token Terms, as well as our Privacy Policy and Cookie Policy, and you acknowledge and agree that you will be bound by these terms and policies.
Section 23 (*Amendments*) of these Token Terms governs how these Token Terms may be changed over time; the date of the most current and applicable update is set forth at the top of these Token Terms.
## **1.** **About the Tokens**
The Tokens are a virtual asset issued by the Company. The Tokens are not intended to be regarded as a security or investment and do not represent a claim, participation interest, fund interest, derivative interest, economic right, voting right, or other similar right associated with the Company or any of its affiliates or any other entity associated with the project. Specifically, the Token itself does not earn interest or yield merely by virtue of a user holding the Token in their wallet.
The value of the Tokens is backed by investments made by the Company in a Turkish lira money market fund and other assets held by the Company. For every Token issued by the Company and remaining in circulation, the Company will hold an equivalent amount in such assets (“**Token Reserves**”). Legal title to the Token Reserves is held by the Company; holding the Token does not give you any rights whatsoever in or to the Token Reserves.
## **2.** **Eligibility and Limitations**
Support for the Tokens and access to the minting and redeeming functions is currently only available to individuals and institutions located in supported jurisdictions.
By holding or using the Tokens, or accessing or using the Mint/Redeem services, you represent and warrant that:
* you are at least 18 years old, are not a Restricted Person, and are not holding the Tokens on behalf of a Restricted Person.
* you will not be using the Tokens or the Token Services (as applicable) for any illegal activity, including, but not limited to, illegal gambling, money laundering, fraud, blackmail, extortion, ransoming data, terrorism financing, other violent activities or any prohibited market practices, including, but not limited to, those listed under Sections 17 and 18 (*Restricted Activities* and *Prohibited Transactions*) of these Token Terms.
You also understand that there are additional representations and warranties made by you elsewhere in (or by reference in) these Token Terms and that any misrepresentation by you is a violation of these Token Terms.
If the Company suspects or determines that you, or any person acting on your behalf, have violated these Token Terms, including, but not limited to, attempting to transact or transacting with Blocked Addresses (as defined in Section 14 (*Risk Factors and Disclosures*) of these Token Terms) or attempting to engage or engaging in Restricted Activities (as defined in Section 17 (*Restricted Activities*) of these Token Terms) or Prohibited Transactions (as defined in Section 18 (*Prohibited Transactions*) of these Token Terms), then the Company may be forced to terminate your status as a User.
The Company may, in its sole and absolute discretion and without any liability to you:
(a) determine not to make the Token Services, in whole or in part, available in every market; and/or
(b) refuse to let you register as a Mint/Redeem User.
Use of certain Token Services may have further eligibility requirements that will need to be verified prior to you using such Token Services, or from time to time in order to continue your use of the Token Services, and may be subject to additional terms and conditions.
## **3.** **Becoming a Mint/Redeem User**
To be registered as a Mint/Redeem User, you must provide any and all documents and information that we, in our sole and absolute discretion, require for compliance with know your customer and anti-money laundering rules and regulations (notwithstanding that our compliance may be undertaken on a voluntary rather than mandatory basis). You also agree to provide us or one of our affiliates, when registering as a Mint/Redeem User and on an ongoing basis, any additional information we request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime. By using the Services, you expressly permit us to keep a record of such information and authorize us to make the inquiries, whether directly or through third parties, that we consider necessary or desirable to verify your identity or protect you and/or us against fraud or other financial crime, and to take action we reasonably deem necessary based on the results of such inquiries.
In certain circumstances, we may require you to submit additional information about yourself or your business, provide records, and complete other verification steps (such process, "**Enhanced Due Diligence**").
You represent and warrant that all information provided to us pursuant to this Agreement is true, accurate and not misleading in any respect. If any such information changes, it is your obligation to update such information as soon as possible by contacting . You further represent and warrant that (i) you are duly organized and validly existing under the laws of the jurisdiction of your organization; and (ii) you have not been previously suspended or removed from the Token Services or any other service or product offered by the Company or its affiliated entities.
From time to time, we may be required to request further information or review or update existing information regarding your registration or your transactions to comply with our contractual obligations and/or applicable laws and regulation, and in some cases, payment network rules. Failure to provide such information, if requested by the Company or by one of its affiliates, in a timely fashion may result in the suspension of your ability to use the Services (until you provide such information) or the termination of your status as a Mint/Redeem User, in the sole discretion of the Company and without liability to you.
We reserve the right to maintain your registration information after you terminate your status as a Mint/Redeem User for business and regulatory compliance purposes, subject to applicable laws and regulation.
## **4.** **Suspension of Status**
We may, without liability to you or any third party, suspend your status as a Mint/Redeem User or terminate your status as a Mint/Redeem User or suspend your use of one or more of the Token Services in accordance with the terms of these Token Terms, as determined in our sole and absolute discretion.
Such actions may be taken as a result of inactivity, failure to respond to customer support requests, failure to positively identify you, a court order, your violation of the terms of these Token Terms or for other similar reasons. The Company may also temporarily suspend your status as a Mint/Redeem User in the event that a technical problem causes system outage or Company errors until the problem is resolved. For the avoidance of doubt, in the event your status as a Mint/Redeem User is suspended or closed, you will no longer be able to access any of the Token Services.
In the event that the Company suspends your status as a Mint/Redeem User, you remain liable for all activity conducted on or with your status as a Mint/Redeem User while it was active and for all amounts due hereunder.
## **5.** **Minting and Redeeming the Tokens**
Subject to compliance with these Token Terms, Mint/Redeem Users may avail themselves of the following services (collectively, the “**Token Services**”):
(i) mint and issue Tokens in exchange for tokens accepted from you by the Company (and the Company reserves the right to determine which tokens it will accept at any time and may change which tokens it deems to be acceptable at any time and for any reason); and\
(ii) redeem the Tokens for supported assets from the Company.
These services will be available by the Company through the Platform, which will be accessible only to whitelisted users, provided that that Company may refuse any minting or redemption request in its sole discretion, including for compliance, operational or risk management reasons. For the avoidance of doubt, a redemption request will be subject to the Company determining, in its sole and absolute discretion, that it will remain solvent following the satisfaction of any such request.
Any of the Token Services can be suspended or discontinued at any time, in the Company’s sole and absolute discretion and for a fixed or indefinite period of time.
For the avoidance of doubt, the Token Services are provided only to Mint/Redeem Users and no Holding User shall be entitled to access such services. While the Company will make reasonable efforts to ensure that requests for Company transactions are processed in a timely manner, the Company makes no representations or warranties regarding the amount of time needed to complete processing.
## **6.** **Restrictions on Token Services and Transactions**
The Company may set and subsequently change, in its sole discretion, limits or restrictions (in any terms such as, and without limitation to amount, volume, time etc) on the ability of a Mint/Redeem User to use the Token Services. The Company may further change, suspend, or discontinue any aspect of the Token Services at any time, including hours of operation or availability of any feature, without notice and without liability.
We may, in our sole discretion, delay any transaction if we believe that such transaction is suspicious, may involve fraud or misconduct, violates applicable laws or payment network rules, or violates any term of this Agreement.
## **7.** **Scope of the Token and Key Terms**
Your use of the Token and the Token Services is subject to these Token Terms and the Company’s obligations hereunder are conditional on you complying with its provisions. With respect to any Mint/Redeem User, any violation of these Token Terms may result in the suspension of your rights as a Mint/Redeem User.
You understand and agree that sending the Tokens to another address automatically transfers and assigns to the owner of that address and any subsequent owner all rights and obligations of a Holding User with respect to such Tokens. If the owner of that address is not a Mint/Redeem User, such person is not entitled to redeem the Tokens with the Company unless and until they register to become a Mint/Redeem User.
Each Token is intended to maintain a value of 1 TRY. In order to issue 1 Token, a corresponding 1 TRY equivalent amount of assets is held by the Company in the Token Reserves. The Company (or an affiliate designated by the Company) commits to redeem 1 Token for 1 TRY of notional value in supported digital assets, subject to these Token Terms, applicable law, and any fees where applicable. While the Company may hold the Token Reserves in interest-bearing accounts or other yield-generating instruments, you acknowledge that you are not entitled to any interest or other returns earned on such funds. The Tokens do not themselves generate any interest or return for holders of the Tokens and only represent your right to redeem the Tokens as a Mint/Redeem User, if you are one. If you are a Holding User, you do not have a right to redeem the Tokens with the Company.
The Company does not provide any custody services with respect to the Token or any other assets. The Company is not a fiduciary, and the Company does not provide any trust or fiduciary services to any User in the course of such User visiting, accessing, or using the Company website or services, including, for the avoidance of doubt, holding the Token.
Furthermore, the Company does not provide investment, tax, or legal advice, nor does the Company broker trades on your behalf. You must consult your legal or tax professional regarding your specific situation. The Company may provide educational information about the Token and other Virtual Assets not supported by the Company, including, without limitation, blog posts, articles, links to third-party content, news feeds, tutorials, and videos. The information provided on the Platform or the Token’s webpage or any third-party sites does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the website's content as such.
## **8.** **Applicable Laws and Regulations. AML and CTF**
Your holding and use of the Tokens, and any use of the Token Services, is subject to the laws, regulations, and rules of any applicable governmental or regulatory authority, including, without limitation, all applicable tax, anti-money laundering (“**AML**”) and counter-terrorist financing (“**CTF**”) provisions and sanctions. You agree to act in compliance with and be legally bound by these Token Terms and all applicable laws and regulations.
The Company is committed to complying with all applicable AML and CTF laws and regulations. These standards are designed to prevent the use of the Token Services for money laundering, terrorist financing, fraudulent transactions, and any other illegal activities. The Company takes compliance very seriously and actively engages in measures to:
* Prohibit fraudulent transactions;
* Report suspicious activities;
* Prevent money laundering, terrorist financing, proliferation of weapons of mass destruction, and any related acts that facilitate financial crimes.
The Token Services are subject to economic sanctions programs administered in the countries where we conduct business, including but not limited to those administered by the U.S. Department of Treasury’s Office of Foreign Assets Control (“**OFAC**”), pursuant to which we are prohibited from providing services or entering into relationships with certain individuals and institutions. Any Mint/Redeem User using the Token Services represents that their actions are not in violation of such sanctions programs. Without limiting the foregoing, no Mint/Redeem User may use the Token Services if (i) they are a resident, national or agent of a jurisdiction subject to comprehensive sanctions by OFAC, the United Nations, the European Union, or H.M. Treasury (“**Restricted Territories**”), (ii) they are on the Table of Denial Orders, the Entity List, or the List of Specially Designated Nationals (“**Restricted Persons**”), or (iii) they intend to transact with any Restricted Territories or Restricted Persons. You further represent that you are not a citizen, resident, or organized in, the following jurisdictions (the “**Prohibited Jurisdictions**”): Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, Zimbabwe.
In the event that we are required to block funds associated with your status as a Mint/Redeem User in accordance with a sanctions program, or other similar government sanctions programs, we may: (i) suspend your status as a Mint/Redeem User; (ii) terminate your status as a Mint/Redeem User; or (iii) return funds to the destination of their origin or to an account specified by authorities. In certain cases, taking one or more of these actions may result in a forfeiture of some or all of your assets held with the Company. We are not responsible for any losses, whether direct or indirect, that you may incur as a result of our complying with applicable law and regulations, the guidance or direction of any regulatory authority or government agency, or any writ of attachment, lien, levy, subpoena, warrant, or other legal order.
## **9.** **Support Team**
Please contact the Company’s support team (“**Support Team**”) at to report any violations of these Token Terms or to ask any questions regarding these Token Terms or the Token Services, as applicable.
## **10.** **Copies, Wrappers, and Forks Not Supported**
As a result of the decentralized and open-source nature of the Tokens it is possible that a third party unaffiliated with the Company could create an alternative, equivalent version of the Tokens either on one of the Token supported blockchains or on an unsupported blockchain (a “*copy*”) that operate independently from the Tokens. Similarly, it is possible that a third party unaffiliated with the Company may create an asset and purport that such asset is collateralized by or otherwise incorporates the Token into its design (a “*wrapper*”). The Company supports only the Token and is under no obligation to support any copies of the Token or wrappers and assumes no responsibility for any value that might be lost as a result of this lack of support of copies of the Tokens. No such copy or wrapper should be considered approved, sold, distributed, or promoted by the Company unless explicitly stated.
As a result of the decentralized and open-source nature of the blockchains on which the Token is supported, it is possible that a party unaffiliated with the Company could create an alternative version of the blockchain (a “*fork*”). Note that in the event of a fork of one of the Token supported blockchains, the Company may be forced to suspend all activities relating to the Token (including tokenizing assets for the Tokens, redeeming the Token for supported assets, or sending and receiving the Tokens) for an extended period of time until the Company has determined in its sole discretion that such functionality can be restored (“**Downtime**”). This Downtime will likely occur immediately upon a “*fork*”, potentially with little to no warning, and during this period of Downtime you will not be able to conduct various activities involving the Tokens. In the event of a fork of one of the Token supported blockchains, the Company shall, in its sole discretion, determine which fork it will support, if any.
## **11.** **The Token Supported Blockchains and Smart Contract Modifications**
The Token operates on Token-supported blockchains. The Company does not have any ability or obligation to prevent or mitigate attacks or resolve any other issues that might arise with any Token-supported blockchain. Any such attacks or delays on any Token supported blockchain might materially delay or prevent you from sending or receiving the Tokens, and the Company shall bear no responsibility for any losses that result from such issues.
The Company reserves the right to migrate the Tokens to another blockchain or protocol in the future in its sole discretion. Upon the Company’s request, you agree to take any and all actions reasonably necessary to effectuate the migration of your Tokens to another blockchain or protocol identified by the Company. The Company will not be responsible or liable for any damages, losses, costs, fines, penalties or expenses of whatever nature, whether or not reasonably foreseeable by the parties, which you may suffer, sustain or incur, arising out of or relating to your failure to effectuate such migration of your Tokens to another blockchain or protocol identified by the Company.
## **12.** **Privacy and Security**
We are committed to protecting your personal information and helping you understand exactly how your personal information is being used. You should carefully read the Privacy Policy, as it provides details on how your personal information is collected, stored, protected, and used.
You are responsible for maintaining the confidentiality and security of all account names, User IDs, passwords, seed phrases, private keys, personal identification numbers and other access codes that you use to access the Token Services and the Platform.
You are responsible for keeping your email address and all other access and User information up to date with us and for maintaining the confidentiality of your User information. We strongly advise you to enable all security features that are available to you (such as, by way of example, using hardware wallets to secure private keys); this offers you enhanced protection from possible malicious attacks.
The Company will not be liable for any loss or damage arising from your failure to protect your registration information or private keys.
We shall not bear any liability for any damage or interruptions caused by any computer viruses, spyware, or other malware that may affect your computer or other equipment, or any phishing, spoofing, or other attack. We recommend the regular use of a reliable virus and malware screening and prevention software. If you question the authenticity of a communication purporting to be from the Company, you should contact a Company representative directly.
## **13.** **Limited License and IP Rights**
We grant you a limited, non-exclusive, non-sublicensable, and non-transferable license, subject to the terms and conditions of these Token Terms, to access and use the Token Services solely for approved purposes as determined by the Company. Any other use of the Token Services is expressly prohibited. The Company reserves all rights in the Token Services and you agree that these Token Terms do not grant you any rights in or licenses to the Token Services except for the limited license for Mint/Redeem Users to use the Token Services. Except as expressly authorized by the Company, you agree not to modify, reverse engineer, copy, frame, scrape, rent, lease, loan, sell, distribute, or create derivative works based on the Token Services, in whole or in part. If you violate any portion of these Token Terms, your permission to access and use the Token Services may be terminated pursuant to these Token Terms.
All logos and branding related to the Company and the Token Services are either copyrights, trademarks, or registered marks of the Company. Whether or not you are a Mint/Redeem User, you may not copy, imitate, or use them without the Company’s prior written consent. All right, title, and interest in and to the Company website, any content thereon, the Token Services, and all technology and any content created or derived from any of the foregoing is the exclusive property of the Company.
## **14.** **Risk Factors and Disclosures**
The following list of risks associated with the Tokens and the Token Services is not exhaustive.
*No guarantee of price stability on Third Party Platforms*
The Company does not guarantee that the value of 1 Token will always equal 1 TRY on other platforms. Due to a variety of factors outside of the Company’s control, the value of the Token on third-party platforms such as cryptocurrency exchange platforms could fluctuate above or below 1 TRY. Although a Token is always redeemable for 1 TRY in notional value, less applicable fees (if any), the Company cannot control how third parties quote or value the Tokens, and the Company is not responsible for any losses or other issues that may result from fluctuations in the value of the Tokens.
*Third-parties*
The Company does not control or endorse any products, services, or platforms offered by third parties using the Token Services or supporting the Token. Third parties may elect to support the Token on their platforms without any authorization or approval by the Company. The availability of the Token on any third-party platform does not imply that such services are valid, legal, stable, or otherwise appropriate.
The Company is not liable for any losses, issues, or consequences that may arise from third-party transactions or the use of the Token on third-party platforms, including, but not limited to, (i) failure to comply with applicable laws and regulations, including illegal transactions; (ii) the quality, delivery, or satisfaction of products and services facilitated by the Token Services; (iii) technical errors, loss of access, or inability to recover the Tokens resulting from the use of third-party platforms.
You accept all consequences of sending Tokens to third-party platforms or addresses, including the risk of loss or failure to recover your Tokens. For the avoidance of doubt, the Company has no obligation to track, verify, or determine the provenance of the Token balances or transactions involving third-party platforms.
*You accept all consequences of sending the Tokens.*
Token transactions are not reversible. Once you send Tokens to an address, you accept the risk that you may lose access to, and any claim on, those Tokens indefinitely or permanently. For example, (i) an address may have been entered incorrectly and the true owner of the address may never be discovered, (ii) you may not have (or subsequently lose) the private key associated with such address, (iii) an address may belong to an entity that will not return the Tokens, or (iv) an address belongs to an entity that may return the Tokens but first requires action on your part, such as verification of your identity. For the avoidance of doubt, nothing in these Token Terms is intended to obligate the Company to track, verify or determine the provenance of the Token balances for Users, including any form of security interests claimed thereon.
*Blocked Addresses & Forfeited Funds*
The Company reserves the right to “block” certain Token addresses, deny access (or procure the denial of such access) to the Platform and Token Services and freeze associated Tokens (temporarily or permanently) that it determines, in its sole discretion, may be associated with illegal activity or activity that otherwise violates these Token Terms (“**Blocked Addresses**”). In certain circumstances, the Company may deem it necessary to report such suspected illegal activity to applicable law enforcement agencies and you may forfeit any rights associated with your Tokens, including the ability to redeem Tokens for any permitted assets. The Company may also be required to freeze Tokens and/or surrender associated assets held in the Token Reserves in the event it receives a legal order from a valid government authority requiring it to do so.
*Blacklisting*
The Tokens are issued and redeemed in accordance with the Company's internal blacklisting policy, which is subject to change from time to time. The Company reserves the right to block the transfer of the Tokens to and from any address on chain.
*Software protocols and operational challenges*
You are aware of and accept the risk of operational challenges. The Company may experience sophisticated cyber-attacks, unexpected surges in activity or other operational or technical difficulties that may cause interruptions to the Token Services. You understand that the Token Services may experience operational issues that lead to delays, including delays in redeeming Tokens. You agree to accept the risk of transaction failure resulting from unanticipated or heightened technical difficulties, including those resulting from sophisticated attacks. You agree not to hold the Company accountable for any related losses.
*Compliance*
You are responsible for complying with applicable law. You agree that the Company is not responsible for determining whether or which laws may apply to your transactions, including tax laws. You are solely responsible for reporting and paying any taxes arising from your use of the Tokens or the Token Services, including any accurate reporting of the tax or legal status of the Tokens in your jurisdiction.
*Legal treatment of the Token transfers*
The regulatory status of the Tokens and blockchain technology is unclear or unsettled in many jurisdictions. It is difficult to predict how or whether regulatory agencies may apply existing regulation with respect to the Tokens, blockchain technology and its applications. Accordingly, it is not possible to determine whether a Token transfer would be recognized under applicable law by a court or regulator.
*Legislative and regulatory changes*
Legislative and regulatory changes or actions at the international level may adversely affect the tokenization of assets into the Tokens, and the use, transfer, redemption and/or value of the Tokens.
*Claim on funds*
Only Mint/Redeem Users can redeem Tokens directly with the Company. For Mint/Redeem Users, your ability to redeem with us for each Token is conditional on (i) your possession of a corresponding amount of the Tokens associated with a Mint/Redeem User, (ii) no violation of these Token Terms, and (iii) no action, pending or otherwise, by a regulator, law enforcement or a court of competent jurisdiction that would restrict redemption. Your ability to redeem Tokens may further be limited by laws relating to insolvency and bankruptcy, where such a redemption may cause our assets to be less than our liabilities or render us incapable of paying our debts as they fall due.
Sending Tokens to another address automatically transfers and assigns to that Holding User, and any subsequent Holding User, the right to redeem Tokens with us so long as the Holding User is eligible to, and does, register as a Mint/Redeem User (and thereby becomes a Mint/Redeem User).
*Encumbrances*
Depending on the actions of the owners of the Token addresses before your receipt of the Tokens from another Token address, it is possible that the transfer of the Tokens between Token addresses could result in the Tokens in your whitelisted wallet becoming subject to a lien or other form of security interest before redemption.
*On-chain transactions irreversible*
When Tokens are sent to a third-party Token address, such transaction is completed on Token supported blockchains. This means that such a transaction is irreversible and the Company does not have the ability to reverse or recall any transaction once initiated. You bear all responsibility for any losses that might be incurred as a result of sending Tokens to an incorrect or unintended Token address.
*Affiliate Activities*
You understand and agree that individuals or entities affiliated with the Company may hold, purchase, sell, or otherwise engage in transactions using or involving Tokens. You further understand and agree that such persons may engage in this activity for any reason, including but not limited to engaging in commercial transactions, promoting transaction activity that utilizes Tokens, or otherwise supporting the use or adoption of the Token. This activity may involve selling Tokens to other entities for provision to their end users. You understand and agree that no individual or entity, whether affiliated with the Company or otherwise, is under any obligation to engage in these activities, and they may be discontinued at any time.
## **15.** **Fees**
The Company may charge fees in connection with the Token Services. You agree to pay the fees shown to you, if any, or as separately agreed between you and the Company, when you enter into a transaction (including minting or redemption transaction). The Company may change the rate of any of the fees that it charges at any time, with or without notice, provided that the Company will not charge you any fees for minting or receiving Tokens unless disclosed to you prior to initiating such transaction.
The Company is not responsible for and shall bear no liability in respect of any network fees or transaction charges you incur in sending any Tokens to any person.
## **16.** **Transactions Irreversible**
Once a minting or redemption transaction has been initiated, it cannot be reversed. Except as set forth in these Token Terms, all transactions processed through the Token Services are nonrefundable.
## **17.** **Restricted Activities**
In connection with your holding or use of the Tokens, or the Token Services (as applicable), you hereby agree that you will not:
1. violate (or assist any other party in violating) any applicable law, statute, ordinance, or regulation;
2. intentionally try to defraud (or assist in the defrauding of) the Company, Mint/Redeem Users, or Holding Users;
3. provide false, inaccurate, or misleading information;
4. take any action that interferes with, intercepts, or expropriates any system, data, or information;
5. partake in any transaction involving the proceeds of illegal activity;
6. transmit or upload any virus, worm, or other malicious software or program;
7. attempt to gain unauthorized access to the Company website, or any related networks or systems;
8. use the Token Services on behalf of any third party or otherwise act as an intermediary between the Company and any third parties;
9. collect any information from Mint/Redeem Users or Holding Users, including, without limitation, email addresses;
10. defame, harass, or violate the privacy or intellectual property rights of the Company, any Holding Users or Mint/Redeem Users; or
11. upload, display or transmit any messages, photos, videos or other media that contain illegal goods, violent, obscene or copyrighted images or materials,\
(together, the “**Restricted Activities**”).
## **18.** **Prohibited Transactions**
Using the Tokens or the Token Services for transactions related to the following is prohibited, and the Company reserves the right to monitor and, if appropriate, block or otherwise prevent transactions that relate to:
1. any Restricted Persons or persons or entities located in Restricted Territories and Prohibited Jurisdictions;
2. weapons of any kind, including but not limited to firearms, ammunition, knives, explosives, or related accessories;
3. controlled substances, including but not limited to narcotics, prescription drugs, steroids, or related paraphernalia or accessories, unless licensed and authorized by the jurisdiction in which the User is based as well as by the jurisdiction in which the transaction takes place;
4. gambling activities including but not limited to sports betting, casino games, horse racing, dog racing, games that may be classified as gambling (i.e. poker), or other activities that facilitate any of the foregoing, unless licensed and authorized by the jurisdiction in which the User is based as well as by the jurisdiction in which the transaction takes place;
5. money-laundering or terrorist financing;
6. any sort of Ponzi scheme, pyramid scheme, or multi-level marketing program;
7. goods or services that infringe or violate any copyright, trademark, or proprietary rights under the laws of any jurisdiction;
8. credit repair services, or other services that may present consumer protection risks;
9. court ordered payments, structured settlements, tax payments, or tax settlements;
10. any unlicensed money transmitter activity;
11. layaway systems, or annuities;
12. counterfeit goods, including but not limited to fake or “*novelty*” IDs;
13. wash trading, front-running, insider trading, market manipulation or other forms of market-based fraud or deceit;
14. purchasing goods of any type from “Darknet” markets, or any other service or website that acts as a marketplace for illegal goods (even though such marketplace might also sell legal goods); or
15. any other matters, goods, or services that from time to time we communicate to you that are unacceptable and which, for example, may be restricted by our and your bank or payment partners,\
(together, the “**Prohibited Transactions**”).
In the event that the Company learns you are making any such Prohibited Transactions, the Company will consider it to be a violation of these Token Terms and may also suspend or terminate your status as a Mint/Redeem User, which can result in the potential forfeit of any US Dollar funds otherwise eligible for redemption.
## **19.** **Taxes**
It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and to collect, report, and remit the correct tax to the appropriate tax authority. The Company is not responsible for determining whether taxes apply to your transaction, or for collecting, reporting, or remitting any taxes arising from any transaction.
## **20.** **Indemnification and Release**
You agree to indemnify and hold the Company, its affiliates, and service providers, and each of their officers, directors, agents, joint venturers, employees, and representatives (each an “**Indemnified Person**”) harmless from any claim or demand (including attorneys’ fees and any losses, fines, fees or penalties imposed by any regulatory authority) arising out of your breach of these Token Terms, your use of the Token Services (if you are a Mint/Redeem User) and of the Platform, your violation of any law or regulation or your holding or use of the Token.
For the purpose of this Section, the term “*losses*” means all net costs reasonably incurred by an Indemnified Person which are the result of the matters set out in this Section and which may relate to any claims, demands, causes of action, debt, cost, expense or other liability, including reasonable legal fees (without duplication).
If you have a dispute with one or more Users or third parties, you release each Indemnified Person (jointly and severally) from all claims, demands, and damages (actual and consequential) of every kind and nature arising out of or in any way connected with such disputes.
## **21.** **Limitation of Liability. No Warranty**
YOU EXPRESSLY UNDERSTAND AND AGREE THAT THE COMPANY AND OUR AFFILIATES AND SERVICE PROVIDERS, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND REPRESENTATIVES WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO HOLD OR USE THE TOKENS; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION, OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO INVOLVING THE TOKENS; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; OR (IV) ANY OTHER MATTER INVOLVING THE TOKENS.
SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU. IF YOU ARE DISSATISFIED WITH TOKENS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE HOLDING AND USE OF THE TOKENS.
THE TOKENS ARE PROVIDED "AS IS" AND WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. THE COMPANY, OUR AFFILIATES, AND OUR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, JOINT VENTURERS, EMPLOYEES, AND SUPPLIERS SPECIFICALLY DISCLAIM ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. THE COMPANY MAKES NO WARRANTY THAT (I) THE TOKENS WILL MEET YOUR REQUIREMENTS, (II) THE TOKENS WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, OR (III) THE QUALITY OF ANY PRODUCTS, SERVICES, INFORMATION, OR OTHER MATERIAL PURCHASED OR OBTAINED BY YOU WILL MEET YOUR EXPECTATIONS.
## **22.** **Force Majeure**
The Company shall have no liability for any failure or delay resulting from any condition beyond our reasonable control, including but not limited to governmental action or acts of terrorism, earthquake, fire, flood, or other acts of God, labour conditions, power failures, equipment failures, and Internet disturbances.
## **23.** **Amendments**
The Company may amend any portion of these Token Terms at any time by posting the revised version of these Token Terms with an updated revision date. The changes will become effective, and shall be deemed accepted by you, the first time you access or use the Tokens, the Token Services or the Platform after the initial posting of the revised Terms and shall apply on a going-forward basis with respect to transactions initiated after the posting date. In the event that you do not agree with any such modification, your sole and exclusive remedy is to terminate your use of the Token Services. You agree that we shall not be liable to you or any third party as a result of any losses suffered by any modification or amendment of these Token Terms.
If the revised Terms include a material change, we will provide you with prior notice via our website and/or email before the material change becomes effective. For this purpose a “material change” means a significant change other than changes that (i) are to your benefit, (ii) are required to be made to comply with applicable laws and/or regulations or as otherwise required by one of our regulators, (iii) relates to a new product or service made available to you, or (iv) otherwise clarifies an existing term.
## **24.** **Assignment and Third-Party Holders**
You may not transfer or assign these Token Terms or any rights or obligations hereunder, by operation of law or otherwise and any such attempted assignment shall be void, subject to the following exception. Sending the Tokens to an address will automatically transfer and assign to that Token holder, and any subsequent Token holder, the right to redeem the Tokens so long as the Token holder is eligible to, and does, register as a Mint/Redeem User.
We reserve the right to freely assign these Token Terms and the rights and obligations of these Token Terms to any third party at any time without notice or consent. If you object to such transfer or assignment, you may stop holding and using the Tokens; further if you are a Mint/Redeem User, you may also stop using our Token Services, and terminate these Token Terms by contacting the Support Team and asking us to terminate your status as a Mint/Redeem User.
## **25.** **Survival**
Upon termination of these Token Terms (and termination of your status as a Mint/Redeem User, if you are a Mint/Redeem User), all rights and obligations of the parties that by their nature are continuing will survive such termination.
## **26.** **Website and Third Party Content**
The Company and its affiliates and service provider strives to make accurate and reliable information and content available, including on the Platform, but such information may not always be correct, complete, or up to date. The Company will update the information on the Platformas necessary to provide you with the most up to date information, but you should always independently verify such information. The Company website may also contain links to third-party websites, applications, events or other materials (“**Third Party Content**”). Such information is provided for your convenience and links or references to Third Party Content do not constitute an endorsement by the Company of any products or services. The Company shall have no liability for any losses incurred as a result of actions taken in reliance on the information contained on the Company website or in any Third Party Content.
## **27.** **Governing Law and Arbitration**
These Token Terms shall be governed by and construed in accordance with the laws of the British Virgin Islands. Any dispute, controversy or claim arising out of or relating to these Token Terms or the breach, termination or invalidity thereof, the Token, or the Token Services, shall be settled by arbitration in accordance with the BVI IAC Arbitration Rules\[1] \[DM2] . The number of arbitrators shall be one. The place of arbitration shall be Road Town, Tortola, British Virgin Islands, unless the Parties agree otherwise. The language to be used in the arbitral proceedings shall be English.
## **28.** **Entire Agreement**
The failure of the Company to exercise or enforce any right or provision of these Token Terms shall not constitute a waiver of such right or provision. If any provision of these Token Terms shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid, that provision shall be limited or eliminated to the minimum extent necessary so that these Token Terms shall otherwise remain in full force and effect and remain enforceable between the parties, except as specified in this Section. Furthermore, if any portion of these Token Terms, whether in whole, or in part, shall be adjudged by any court of competent jurisdiction to be unenforceable or invalid against certain persons or categories of persons that are purportedly bound by these Token Terms, such portion of these Token Terms shall otherwise remain in full force and effect and remain enforceable as to any other persons bound by these terms. The headings and explanatory text are for reference purposes only and in no way define, limit, construe, or describe the scope or extent of such section. These Token Terms and the Company’s policies governing the holding or use of the Tokens, the use of the Token Services referenced herein, the Privacy Policy, and the Cookie Policy constitute the entire agreement between you and the Company with respect to the holding or use of the Tokens, and the use of the Token Services. These Token Terms are not intended and shall not be construed to create any rights or remedies in any parties other than you and the Company and other Company affiliates which each shall be a third-party beneficiary of these Token Terms, and no other person shall assert any rights as a third-party beneficiary hereunder.
## **29.** **Communications**
These Token Terms are provided to you and communicated in English. We will also communicate with you in English for all matters related to the Tokens and your use of the Token Services. You agree that we will only provide you with any communications in electronic format. All communications that we provide to you in electronic form will be provided by e-mail, by posting to the website [www.brix.money](http://www.brix.money)), or through other electronic communication such as mobile push notification or text message. It is your responsibility to provide us with an accurate e-mail address and to keep such information up to date.
All electronic communications from us to you will be considered "*in writing*". You should print or download for your records a copy of any other communication that is important to you. You acknowledge and agree that communications are considered received by you within 24 hours of the time posted to the website [www.brix.money](http://www.brix.money)), or within 24 hours of the time emailed to you unless the Company receives notice that the email was not delivered.
# Privacy Policy - wiTRY Limited
**Last Updated: 19.03.2025**
This Privacy Policy explains how wiTRY Limited (“we”, “us”, “our”) collects, uses, stores, and protects your personal data when you visit our website or join our waitlist.
**wiTRY Limited** (“**we**”, “**us**”, or the “**Company**”) are committed to protecting the privacy of people who use our website, including users of wiTRY staking contracts, [www.brix.money](http://www.brix.money) (the “Website”)- and app.brix.money (the “Application”) visitors, business contacts and other stakeholders. This Privacy Policy explains how we collect, use, disclose, transfer and store your personal information.
This Privacy Policy applies to personal information about you that we collect, use and otherwise process in connection with your relationship with the wiTRY ecosystem.
We are committed to complying with the EU General Data Protection Regulation (GDPR) and the British Virgin Islands Data Protection Act, 2021 (“BVI DPA”), which mirrors GDPR standards.
By accessing our website [www.brix.money](http://www.brix.money), by accessing and using app.brix.money, by submitting your information or using our services, you agree to the terms of this Privacy Policy.
## **1. Who We Are**
**Controller:**
wiTRY Limited\
Craigmuir Chambers, PO Box 71, Road Town, Tortola, VG 1110, British Virgin Islands
Corporate Registration Number: 2190086\
Email:
We act as the *data controller* for all personal data collected via this website.
## **2. What information is collected?**
On the Website, we collect the following user’s personal data on a voluntary basis and with the users’ consent: Telegram contact, email, crypto wallet address. We may collect the above personal data and process this data in order to provide our services and access features on the application.
The Application may process pseudonymous blockchain identifiers (such as wallet addresses) and related technical metadata. Wallet addresses are provided voluntarily by users for the sole purpose of accessing and using the application’s features; however, certain features are not available without connecting a wallet. The application does not collect directly identifying personal data unless users voluntarily provide it.
Both the Application and the Website may in the future collect analytics data and data pertaining to the use of services on the Website and use of the Application, as well as data regarding interactions between users and the company.
We may collect and process additional personal data for specific purposes conditional to the data subject's consent, or simply to comply with the law or any judicial order.
We will get in touch with the data subject every time consent to process any data is required. The consent can be withdrawn at any time per request using any of our contact: .
Both the Website as well as the Application collect cookies to perform and enhance the service provided to users.
### **2.1 Cookies**
Cookies are small text files placed on your device when you visit a website / web app / portal, including on [www.brix.money](http://www.brix.money) and [www.brix.app](http://www.brix.app) . We may use cookies that are strictly necessary to:
* operate and secure the website;
* enable session management;
* improve basic functionality and user experience.
We do not use cookies for targeted advertising.\
You can control cookies through your browser settings, but disabling certain cookies may affect website functionality.
## For more information on cookies collected, please refer to our cookie policy.
### **2.1 Information You Provide Voluntarily and Directly**
* Email address
* Telegram handle
* Wallet address
* Any additional information you voluntarily submit
* Communications and support history
### **2.2 Automatically Collected Data**
When you visit the Website and Application, we may automatically collect:
* IP address
* Browser type and version
* Device information
* Geographic location,
* The operating system and version
* Website usage analytics (page views, clicks, etc.)
* ## the content viewed, and
* ## features accessed on our Website
* ## the web pages and the search terms entered
* Pseudonymous blockchain identifiers (such as wallet addresses) and related technical metadata and activity data
* Communication history between the user and the company
We do **not** collect special categories of personal data.
## **3. How is the information collected?**
We collect personal information that the user provides directly through various channels:
* Browsing our Website and Application
* Signing up at the Website to join the waitlist
* Connecting your wallet and using the Application
* Information collected by third parties: We may also collect information when the user visits the Site, requires services, or interacts with the website.
## **4. How is the information used?**
We may use the collected information for the following purposes:
### **4.1 To manage and operate our waitlist / contact database**
* To contact you with updates and announcements
* To analyze website performance and improve user experience
* To comply with applicable laws and regulatory obligations
* To protect the website from fraud or malicious activity
* Exercising or defending any legal rights
Looking into any complaints or queries
### **4.2 To allow use of the Application**
### **4.3 To improve the service of the Website and App**
### **4.4 To comply with BVI regulations.**
We retain only what is necessary for the purposes set out in this Privacy Policy and what is necessary to comply with the regulations of the BVI.
### **4.5 Marketing**
We do not operate a marketing program. If we ever use your contact details to send you information about updates or developments related to wiTRY Limited and Brix, we will do so only where permitted by law and where you have not objected.
You may opt out at any time by contacting **** or using any unsubscribe function provided.
## **5. How the information is shared**
We do **not** sell your personal data.
We may share your data with:
* **Service providers** (Bridging service / swapping service / lending and borrowing service)
* **Affiliates within our corporate group**, strictly for operational purposes
* Legal, tax, compliance and other professional advisers;
* **Regulators or law enforcement**, where required by law
All third-party processors are bound by confidentiality and data protection obligations compliant with GDPR and BVI DPA.
We may transfer personal information outside BVI. In such cases, we ensure that it is protected and transferred in a manner consistent with legal requirements applicable to the information.
In the event of a reorganisation, change of control or transfer of the business relating to wiTRY Limited, we may transfer personal information to the new operating entity. Where feasible, we will seek to inform you of any such changes.
## **6. Legal Basis for Processing (GDPR & BVI DPA)**
We process your data under the following legal bases:
### **6.1 Consent (Art. 6(1)(a) GDPR)**
You give consent when you submit the waitlist form.\
You may withdraw consent at any time by emailing us at [**admin@wiTRY.network**](mailto:admin@wiTRY.network) .
### **6.2 Legitimate Interests (Art. 6(1)(f) GDPR)**
We have a legitimate interest in:
* Operating and improving our website
* Communicating with interested users
* Protecting the security of our systems
### **6.3 Legal Obligations (Art. 6(1)(c) GDPR)**
If required by law, we may process or retain certain data.
## **7. Information Security**
We ensure that the personal information collected is subject to appropriate security measures.
We only keep the strictly necessary information for a limited period of time and as long as is necessary for the relevant purpose - and also for as long as it is necessary to comply with legal obligations, laws or regulations, which may set a minimum period for which we keep the user's personal information.
**Website**
* **Waitlist data:** up to 36 months after collection
* **Analytics data:** up to 14 months
**Application**
* **Data relating to Use of the Website, the application and other interaction with company:**\
up to 36 months after collection
* **Analytics data:** up to 14 months
You may request deletion at any time (see Section 9).
## **8. Exercise of Rights**
The user is entitled to a certain number of legal rights in relation to the personal information that we may process about the user. These rights can be exercised at any time by contacting us using the details set out below. Under GDPR and the BVI DPA, you have the right to:
* **Access** your data
* **Correct** inaccurate information
* **Delete** your data (“right to be forgotten”)
* **Withdraw consent** at any time
* **Object** to processing
* **Restrict** processing
* **Request portability** of your data
* **Complain** to a supervisory authority
To exercise any of these rights, please email us at [**admin@wiTRY.network**](mailto:admin@wiTRY.network) .
## **9. Contact**
For further information on the collection, use, disclosure, transfer, or processing of personal information or the exercise of any of the rights listed above, please contact us by sending an email to .
## **10. Changes to This Policy**
We may update this Privacy Policy from time to time.\
The “Last Updated” date at the top indicates when the latest revision took place.
# Privacy Policy - iTRY Limited
**Last updated:** 25 March 2025
This Privacy Policy explains how iTRY Limited (“**iTRY**”, “**we**”, “**us**” or “**our**”) collects, uses, stores, shares, and protects personal data when you:
* Use iTRY services, through mint.brix.money (the “**Application**”) as a mint/redeem user (“Mint/Redeem User”);
* Use iTRY services as a secondary market participant (“Holding user”)
* otherwise interact with the iTRY, including contacting us.
We are committed to protecting your privacy and complying with applicable data protection laws, including:
* the **British Virgin Islands Data Protection Act, 2021** (“**BVI DPA**”)
By accessing or using our services, you acknowledge that you have read and understood this Privacy Policy.
If you have any questions about this Privacy Policy, please contact us at **** and we will do our best to assist you.
## **1. Who We Are**
**Data Controller**
iTRY Limited\
Craigmuir Chambers, PO Box 71\
Road Town, Tortola\
VG1110, British Virgin Islands
Corporate Registration Number: **2190088**\
Email: ****
iTRY Limited acts as the **data controller** in respect of personal data processed under this Privacy Policy.
## **2. Personal Data We Collect**
We collect only the personal data that is necessary for legitimate business purposes and lawful operation of our services.
We may use your personal information to:
* perform customer due diligence and ongoing monitoring in accordance with applicable laws;
* operate iTRY related services;
* communicate with you in connection with the services you use;
* manage accounts, records, and internal administration;
* support audit, compliance and risk management;
* comply with applicable laws, regulations, and requests from competent authorities.
### **2.1 Information collected by using our services**
If you accept our User Policy to use our services and to subscribe to our products, you will be required to upload information for KYC (Know-Your-Customer) purposes. This is required by regulators as part of the client’s onboarding process. Personal information such as names, addresses, email addresses, telephone numbers, date of birth and other personal details including your financial status will be collected for evaluation purposes. Such information is collected from users who voluntarily input such information.
Provision of this data is voluntary; however, iTRY Limited takes compliance and AML very seriously. Our services (such as minting and redeeming iTRY) require these checks and cannot be provided without it.
We use third-party blockchain analytics tools, including Chainalysis, to monitor secondary market transactions involving our tokens for purposes of fraud prevention, sanctions compliance, and regulatory obligations. Where these tools flag transactions or wallets as potentially high-risk, we record the relevant information — including the wallet address, risk flag, and any compliance-related decisions — in an internal log. This data is processed solely to comply with our legal obligations and for our legitimate interests in maintaining the integrity of our platform. The underlying intelligence provided by third-party tools remains the property of the third-party provider, while the logs and decisions we generate are processed and stored by us in accordance with applicable data protection laws.
Depending on your interaction with iTRY services, particularly if you are a mint / redeem user, you may voluntarily provide:
* Communications and support correspondence
* Any other information you choose to submit to us
### **2.2 Mint/Redeem Application Data**
The mint/redeem application is operated by a third-party service provider. The provider does not process personal data on behalf of iTRY Limited. However, certain information may be shared with us from time to time to support audit or operational purposes. We process any such shared data in accordance with this Privacy Policy and applicable data protection laws.
### **2.3 Blockchain and Accounting Data**
We do not control or store personal data recorded directly on public blockchains. However, we may process blockchain transaction data off-chain for legitimate business purposes such as accounting, audit, financial reporting, compliance, and record-keeping.
Where such data constitutes personal data under applicable law, it is processed in accordance with our legal obligations and legitimate interests, and is subject to appropriate technical and organisational safeguards.
### **2.4 Data You Provide Voluntarily**
Depending on your interaction with us, you may voluntarily provide:
* Email address
* Communications and support correspondence
* Any other information you choose to submit to us
Provision of this data is voluntary.
### **2.4 Marketing**
We do not operate a marketing program. If we ever use your contact details to send you information about updates or developments related to iTRY Limited, we will do so only where permitted by law and where you have not objected.
## **3. How We Collect Personal Data**
We collect personal data through:
* **Directly provided information** – data you submit when using our services or contacting us.
* **KYC/KYB/AML checks** – currently performed by an associated group entity; we maintain logs of negative risk hits and compliance decisions. May perform checks directly in the future.
* **Third-party transaction monitoring** – using tools like Chainalysis to flag high-risk wallets; only outputs and decisions are stored internally.
* **Third-party service providers** providing infrastructure support.
* **Blockchain and accounting data** – off-chain processing for audit, accounting, and compliance purposes.
For a full list of the types of personal data we collect, see Section 2.
## **4. Purposes of Processing**
We may process personal data for the following purposes:
### **4.1 Legal, Security and Compliance**
* complying with legal and regulatory obligations;
* preventing fraud, abuse or security incidents;
* investigating complaints, disputes or technical issues;
* exercising or defending legal rights.
We may process “sensitive” or “special” categories of personal data (for example, data relating to criminal checks or sanctions status) only where required for AML/CFT, sanctions or regulatory compliance, and only as permitted by applicable data protection laws.
### **4.2 Services**
* maintaining service functionality and performance;
* managing our whitelisted wallets database;
## **5. Legal Bases for Processing**
Under the BVI DPA and GDPR, we rely on the following legal bases:
### **5.1 Consent**
Where you voluntarily submit information, you consent to its processing.\
You may withdraw consent at any time by contacting ****.
### **5.2 Legitimate Interests**
We process data where necessary for our legitimate interests, including:
* operating and improving our services;
* communicating with users who have shown interest in iTRY;
* ensuring platform security and integrity.
### **5.3 Legal Obligations**
We may process or retain personal data where required by applicable law or regulatory authorities.
## **6. Data Sharing and Transfers**
We do **not** sell personal data.
We may share personal data with:
* service providers supporting infrastructure, analytics, or blockchain functionality;
* professional advisers (legal, compliance, tax);
* regulators or law enforcement where required by law; and
* affiliated entities within our corporate group for operational purposes.
All third-party processors are subject to confidentiality and data protection obligations consistent with the BVI DPA.
#### **International Transfers**
Where personal data is transferred outside the British Virgin Islands, we ensure appropriate safeguards are in place in accordance with applicable data protection laws.
In the event of a merger, reorganisation, or transfer of assets, personal data may be transferred to the relevant successor entity, subject to applicable safeguards.
## **7. Data Retention**
We retain your personal information only for as long as necessary for the purposes described in this Privacy Policy and as required by law.
### **7.1 KYC/CDD/ Compliance related data**
In particular, we may retain AML/KYC-related records for a minimum period required by applicable regulations (at least **five (5) years** after the end of the business relationship or a given transaction), or longer where legally required or in connection with investigations or legal proceedings.\
After the retention period expires, personal information is deleted or anonymised in a secure manner.
### **7.2 Accounting Data**
Off-chain blockchain transaction data and related accounting records are retained for as long as necessary to meet legal, regulatory, and internal audit requirements, typically for up to 7 years. All such data is stored securely and processed in accordance with applicable data protection laws.
### **7.3 All other data**
* Data pertaining to use of services and contact data: up to **36 months**
You may request deletion at any time, subject to legal obligations.
## **8. Your Rights**
Under the BVI DPA, you have the right to:
* access your personal data;
* rectify inaccurate or incomplete data;
* request deletion of your data;
* withdraw consent at any time;
* object to or restrict processing;
* request data portability; and
* lodge a complaint with a supervisory authority.
To exercise any of these rights, please contact us at ****.
## **9. Security Measures**
We are committed to protecting the security of your personal information. We use appropriate technical and organisational measures, which may include:
* encryption of data in transit and at rest;
* access controls and least-privilege principles;
* secure infrastructure and monitoring;
* periodic review of security practices.
## **10. Contact Us**
For questions regarding this Privacy Policy or our data practices, please contact:
📧 [**admin@iTRY.network**](mailto:admin@wiTRY.network)
##
## **11. Changes to This Privacy Policy**
We may update this Privacy Policy from time to time.\
Any changes will be effective upon publication, and the “Last updated” date will reflect the most recent revision.
# Cookie Policy
**wiTRY Limited**
## 1. Preamble
wiTRY Limited (“wiTRY”, “we”, “us”, or “our”) is a company incorporated in the British Virgin Islands. wiTRY develops and operates digital asset–related platforms and websites, including the website available at **brix.money** and **app.brix.money** (collectively the “Website”).
This Cookie Policy explains how and why cookies and similar technologies are used when you access or interact with the Website, in accordance with the **BVI Data Protection Act, 2021**.
## 2. What are cookies?
Cookies are small text files placed on your device when you visit a website. Cookies may be:
* **Session cookies**, which expire when your browser session ends; or
* **Persistent cookies**, which remain on your device for a defined period.
Cookies may be set by wiTRY (“first-party cookies”) or by third-party services integrated into the Website.
## 3. Legal basis for cookie use
Under the BVI Data Protection Act, 2021, personal data must be processed lawfully, fairly, and for legitimate purposes.
wiTRY uses:
* **Strictly necessary cookies** to ensure security and core Website functionality; and
* **Analytics and functional cookies**, which may be used to support legitimate operational interests such as understanding aggregated Website usage, improving our service and to support optional user interactions.
## 4. Cookies and tracking technologies we use
### 1) Strictly Necessary Cookies
These cookies are essential for security and authenticated access and cannot be disabled without impairing core functionality.
**Session Cookie (SIWE Authentication)**
* **Category:** Strictly Necessary (Security / Authentication)
* **Purpose:**
* Maintain authenticated sessions following Sign-In With Ethereum (SIWE)
* Store a nonce to prevent replay attacks
* Enable access to authenticated endpoints
* **Data stored in cookie:** Session identifier only
* **Expiry:** 1 day
This cookie does not store personal identifiers, wallet addresses, or transactional data.
### 2) Analytics Cookies
wiTRY **may use** analytics cookies to better understand aggregated Website usage, performance, and user interactions, and to improve the Website over time.
**Vercel Analytics (if enabled)**
* **Category:** Analytics
* **Purpose:** Measure aggregated Website usage and performance
* **Data collected:** Page views, interaction events, browser and device information, IP address
* **Provider:** Vercel, Inc., or other
* **Retention:** Up to 24 months (as configured by the provider)
* **Notes:** Analytics data is used for statistical and performance purposes only and not for advertising or profiling
Analytics cookies are not essential to the operation of the Website, but rather provide the basis for our services to be improved.
## 5. Cookies we do not use
The Website does **not** use:
* Advertising, retargeting, or marketing cookies
* Social media tracking pixels
* localStorage or sessionStorage for tracking purposes
## 6. Managing cookies
Strictly necessary cookies are required for the operation and security of the Website and cannot be disabled. Other cookies may be managed or deleted through your browser settings. Disabling non-essential cookies may affect certain features or functionality.
## 7. Changes to this policy
We may update this Cookie Policy from time to time to reflect changes in technology, services, or legal requirements. Any updates will be published on the Website.
## 8. Contact
For questions regarding this Cookie Policy or wiTRY’s data protection practices, please contact:
**Email:**