Cove

Cove Wallet Terms of Use

Effective date: [date of publication], Published at https://covewallet.net/terms

These terms are an agreement between you and Cove Technology LLC ("Cove", "we", "us"), a Wyoming limited liability company, for your use of the Cove Wallet app for Android and iOS (the "App") and the Cove services the App connects to (together, the "Services"). By installing or using the App you agree to these terms. If you don't agree, don't use the App.

Our [Privacy Policy](https://covewallet.net/privacy) explains what information the App handles. It is part of these terms.

1. What Cove Wallet is

Cove Wallet is self-custody software for the XRP Ledger. It creates keys on your phone and, if you use one, on your Cove Card, and lets you sign transactions with them.

  • Cove never holds your keys or your funds. We can't see your keys, move or freeze your assets, reverse a transaction, or recover access for you.
  • Cove is not a bank, exchange, broker, custodian or money transmitter. We don't take deposits, hold balances for you, execute trades on your behalf or act as a counterparty to any transaction.
  • Transactions happen on the XRP Ledger, a public network that Cove doesn't own or control.

2. Who can use the App

You must be at least 18 years old and able to enter a binding contract. You may not use the App if you are located in, or a resident of, a country or region subject to comprehensive U.S. sanctions, or if you are on a U.S. or other applicable sanctions list. [REVIEW: any further excluded regions.] You are responsible for following the laws that apply to you, including tax laws.

3. Your keys and recovery

  • You alone are responsible for your keys. The App shows each recovery key once, so you can write it down. Cove keeps no copy and can't show it again.
  • If you lose your phone, your Cove Card and your written-down recovery keys, your funds are lost permanently. Nobody, including Cove, can recover them.
  • Anyone who gets your recovery key can take your funds. Keep each written key private and in a different place.
  • Wrong PINs: after repeated wrong Cove PINs the App makes you wait, and the 10th wrong PIN erases the wallet from that phone. Your funds stay on the XRP Ledger, and you can restore the wallet with your recovery key or your Cove Card. The Cove Card has its own PIN and its own limit on wrong attempts, set by the card.
  • Duress PIN: if you set one, entering it opens a separate small wallet and keeps your main wallet shut on that phone for three days. Use it knowing that it changes what the App shows.

4. Transactions

  • You decide every transaction, and the App asks you to confirm it before signing. Transactions on the XRP Ledger are final and can't be undone by you or by Cove. Check the address, amount and any destination tag before you confirm.
  • The XRP Ledger charges a small network fee for each transaction and requires reserves to open an account and to hold tokens, pool shares and open orders. These go to the network, not to Cove.
  • Prices, quotes, estimated amounts, charts and pool yields in the App come from the public ledger and other sources. They are estimates, may be out of date or wrong, and are not a promise of any result. A trade can fill at a different price, partly, or not at all.
  • The App connects to XRP Ledger servers run by third parties (and possibly by Cove). We don't guarantee that any server is available, current or correct.

5. Cove's fees

  • Swaps, trades, and pool deposits and withdrawals made in the App include a 0.5% Cove fee on their value in XRP. The App shows the fee before you confirm, and pays it as a separate, ordinary payment to Cove's account on the XRP Ledger after the trade completes. Token-for-token trades, collectibles, sends, receives and moves between your own accounts pay no Cove fee.
  • If you decline to confirm a fee, it remains owed, and the App asks you to pay it before your next trade.
  • We may change our fees. A change applies only to transactions you confirm after it, and the App always shows the fee before you confirm.
  • There are no other charges in the App beyond its purchase price, and no third-party adverts (the App may show Cove's own notices, such as news, events and offers for Cove products). Fees are final once the ledger records them.

6. Tokens, pools and other assets

  • Tokens on the XRP Ledger (such as stablecoins) are issued by third parties, not by Cove. Their value depends on the issuer. An issuer may be able to freeze its token or take it back (clawback), and the App can't prevent that.
  • Depositing into an automated market maker (AMM) pool exposes you to price changes between the pool's assets, which can leave you with less value than if you had kept them ("impermanent loss"). Pool yields shown in the App are estimates from past activity.
  • Marking a token as "verified" in the App means only that Cove checked who its issuer is. It is not an endorsement, a guarantee of value or advice.
  • Digital assets are volatile and can lose all their value.

7. Cove Shield

Cove Shield is a list of addresses known to be used in attacks, which the App uses to refuse saving or paying those addresses. It reduces risk but can't catch every scam: an address not on the list isn't necessarily safe, and an address may be listed in error. You can remove a listed entry for yourself in the App. Cove isn't liable for losses from paying an address, whether listed or not.

8. The Cove Card

The Cove Card is sold separately on our website, under the terms of sale shown there. These terms cover using it with the App. The card's chip holds your Save key; if you lose the card, recover with your backup card, Save's written-down key, or your phone together with your Save recovery key, as the App explains. Keep the card and its PIN apart.

9. Notices, test networks and advanced features

  • The App's Home screen may show notices from Cove (news, updates, events and Cove products). Links open your browser, and websites we don't own are governed by their own terms.
  • Developer mode, test networks, collectibles and other advanced features are provided for experienced users. Assets on test networks have no value.

10. Acceptable use

You agree not to:

  • use the App for anything illegal, including fraud, money laundering, terrorist financing or evading sanctions;
  • interfere with, overload or attack the Services or other users;
  • reverse engineer the App to bypass its security, or misuse Cove's servers (for example by scraping or flooding them), except as the law allows;
  • use Cove's name or marks to mislead anyone.

We may limit or block access to the Services (such as market data or Cove Shield updates) for anyone who breaks these terms. Because the App is self-custody software, this never gives us access to your funds.

11. Updates and availability

We may update, change or stop parts of the App or the Services at any time. Some features may not be available in every country, on every device, or on every network. Keep the App updated: older versions may stop working with the Services or miss security fixes.

12. Intellectual property

The App, its design and the Cove name and logos belong to Cove or its licensors. We give you a personal, non-exclusive, non-transferable, revocable licence to use the App on devices you own or control, under these terms and the rules of the store you got it from. Open-source components are licensed under their own licences, which these terms don't limit.

13. Disclaimers

The App and the Services are provided "as is" and "as available", without warranties of any kind, express or implied, including merchantability, fitness for a particular purpose and non-infringement, to the fullest extent the law allows. We don't warrant that the App will be error-free, secure or uninterrupted, or that any data it shows is accurate.

Nothing in the App is financial, investment, legal or tax advice. You decide what to buy, sell, hold or send, and bear the results.

14. Limitation of liability

To the fullest extent the law allows, Cove and its members, employees and contractors are not liable for any indirect, incidental, special, consequential or punitive damages, or for any loss of funds, digital assets, profits or data, arising from your use of the App or the Services, including losses from lost or stolen keys, mistaken transactions, changes in asset prices, actions of token issuers, failures of the XRP Ledger or its servers, or unauthorised access to your device.

Our total liability for any claim relating to the App or the Services is limited to the greater of the Cove fees you paid in the 12 months before the claim and US $100. [REVIEW: the cap.] Some places don't allow these limits, so they may not all apply to you.

15. Indemnity

You agree to compensate Cove for claims, losses and costs (including reasonable legal fees) that arise from your breach of these terms or your misuse of the App, to the extent the law allows.

16. Disputes

Before bringing a claim, contact us at support@covewallet.net so we can try to resolve it informally within 30 days. These terms are governed by the laws of the State of Wyoming, United States, without regard to its conflict-of- laws rules, and any dispute will be decided by the state or federal courts located in Wyoming, unless the law where you live gives you the right to bring it there. [REVIEW: arbitration and a class-action waiver instead.]

17. Apple and Google

If you got the App from the Apple App Store or Google Play:

  • these terms are between you and Cove only, not Apple or Google, and Cove (not Apple or Google) is responsible for the App and its content;
  • Apple and Google have no obligation to provide maintenance or support for the App;
  • if the App fails to meet an applicable warranty, you may notify Apple, and Apple may refund the App's purchase price (if any); Apple has no other warranty obligation for the App;
  • Cove, not Apple or Google, is responsible for addressing any claims relating to the App, including product liability, legal or regulatory compliance, consumer protection and intellectual-property claims;
  • you must also follow the store's own terms of service;
  • Apple and its subsidiaries are third-party beneficiaries of these terms and may enforce them against you.

18. Changes to these terms

We may update these terms. We'll change the effective date above and, for significant changes, tell you in the App's notices before they take effect. Using the App after a change means you accept the updated terms.

19. General

If any part of these terms can't be enforced, the rest stays in effect. Our not enforcing a term isn't a waiver of it. You may not transfer these terms; we may transfer them to a successor. These terms and the Privacy Policy are the whole agreement between you and Cove about the App.

20. Contact

Cove Technology LLC 1309 Coffeen Avenue STE 18939, Sheridan, WY 82801, United States Email: support@covewallet.net, Phone: +1 307-381-6233 Website: https://covewallet.net/terms

The Cove Card is sold under its own terms of sale.