• These Bitcoin Wallet and Card Terms of Service (“Bitcoin Terms”) supplement and form part of the Squads Terms located at https://squads.xyz/legal/terms-of-service (or such successor URL as may be designated by Squads) (the “Squad Terms”), and are entered into by and between Squads Inc. (“Squads”) and you to govern your use of the Bitcoin Wallet and Bitcoin Card as described below.
• By indicating acceptance of these Bitcoin Terms or utilizing the Bitcoin Wallet, you accept all the terms and conditions of these Bitcoin Terms. These Bitcoin Terms take precedence over the Squad Terms in the event of a conflict to the extent such conflict relates to your use of the Bitcoin Wallet. Capitalized terms used but not defined in these Bitcoin Terms have the meanings set forth in the Terms, unless otherwise specified herein.

1. Bitcoin Wallet. The services provides software that enables users of the app to create a noncustodial, unhosted cryptoasset wallet (“Bitcoin Wallet”) so that you can  (i) store locally on your own devices, tokens, cryptocurrencies and other crypto or Solana-based digital assets (collectively, “digital assets”); (ii) link to decentralized applications, including, without limitation, decentralized exchanges (collectively “dapp(s)”); (iii) from the app user interface, swap assets on a peer-to-peer basis; (iv) view addresses and information that are part of digital asset networks and broadcast transactions; and (v) additional functionality as may be added to the app from time to time.

2. Account creation. To create a Services account (“Account”) and set up your Bitcoin Wallet, you will be prompted to set up two (2) different authentication keys (“main keys”) that are accessible through your mobile phone. After the account is created you can also add up to three (3) “recovery keys”. The main keys include (1) a device key stored locally on your iPhone, protected by apple’s biometric authentication (i.e., face id); and (2) a two-factor authentication (2fa) key that is stored in your iCloud. You can later change your two-factor authentication (2fa) key to a cold wallet. The app lets users set the recovery key as either the public key of another Solana-compatible wallet under your control or a new public key linked to a private key that you can obtain through email verification with a third-party service provider.

3 . Transactions. The app account creation process generates a Solana-based program derived address that can only be controlled by an immutable “multisignature program” that will only execute transactions signed by your authentication keys. You can use your main keys to initiate, approve, reject and execute transactions with the multisignature program. You can only use a recovery key to approve transactions that were created by a main key. This functionality allows you to replace one of your main keys if it has been lost or compromised. Importantly, squads never has access to your main keys or the recovery key and cannot access or control your Bitcoin Wallet. Transactions require the payment of the solana network fee through the paymaster feature (“paymaster”). If you do not have enough sol or Bitcoinsol in the paymaster, you will not be able to process transactions using the Bitcoin Wallet.

4 . Squads has no control of your Bitcoin Wallet. In providing the app and Bitcoin Wallet, squads does not hold user assets or otherwise intermediate user transactions. You retain total independent control over the assets in your Bitcoin Wallet. You are solely responsible for any transactions carried out by you or any other user through your Bitcoin Wallet. 

5 . Bitcoin Card. Bitcoin pay is powered by a virtual visa® prepaid card that enables everyday, real-world spending of stablecoins directly from your Bitcoin Wallet (“Bitcoin card”) issued by Lead Bank, FDIC member bank (“Lead”). Bitcoin pay will leverage third party payment process infrastructure and third party smart accounts infrastructure to ensure that your Bitcoin card is self-custodial. When you create an account, a separate smart account is deployed, with your account acting as the sole signatory. The Bitcoin card allows you to set daily spending limits and withdraw your funds. Your use of the Bitcoin card is subject to the Bitcoin card cardholder agreement with lead bank (“cardholder agreement”) available here: https://www.bridge.xyz/card-agreements/Bitcoin-card. 

6 . Bitcoin Card Referral Program. Bitcoin offers a promotional referral program exclusively for Bitcoin card users. Eligible users can generate a personal referral code and invite up to five (5) new users. A referral is considered successful when the invited user (a) passes Know Your Customer (KYC) verification, and (b) successfully creates and activates their Bitcoin card. Upon successful completion, both the referrer and the referred user receive a 5 USDC reward, automatically loaded onto their respective Bitcoin cards. 

You may refer up to five (5) new users. The program is available only to users eligible for the Bitcoin card. If you refer a user who is not domiciled in a country where Bitcoin card is available, unable to complete KYC or activate a card, that user is excluded from the program. In such cases, neither you nor the referred user will receive a reward. Once the program concludes, the referral feature will be removed from the app’s user interface.

Referral Program Disclosures:

• Eligibility: Users in eligible countries who pass KYC and successfully create and activate a Bitcoin card can distribute and use referral codes. 
• Limitations: Maximum of five (5) referrals per user; rewards will not be issued for incomplete or ineligible referrals.
• Exclusions: Users outside of jurisdictions where Bitcoin card is available, unverified accounts, and referrals beyond the cap of 5 referrals per user.
• Payout: 5 USDC reward per successful referral, distributed onchain after activation.
• Program Governance: Bitcoin reserves the right to determine a user’s eligibility for the program, withhold rewards in cases of abuse or fraud, and modify or discontinue the program at any time