Terms of Service

Agreement to Terms and Acceptance

These Terms of Service ("Terms," "Agreement") constitute a legally binding agreement between you ("User," "Customer," "you," or "your") and Elecsafe ehf., an Icelandic corporation ("Company," "Elecsafe," "we," "our," or "us") regarding your use of our hardware wallet products, related software, services, and website.

By purchasing, using, accessing, or interacting with our products or services in any manner, you acknowledge that you have read, understood, and agree to be bound by these Terms and our Privacy Policy. If you do not agree to these Terms in their entirety, you are not authorized to use our products or services and must discontinue use immediately.

These Terms apply to all users, customers, and visitors, including but not limited to individual consumers, business customers, enterprise clients, and authorized distributors. Additional terms may apply to specific products or services and will be presented at the time of purchase or use.

Product Description and Specifications

Elecsafe manufactures and distributes ultra-secure, standalone hardware wallets designed exclusively for the secure storage and management of cryptocurrency private keys, NFT assets, and other blockchain-based digital assets. Our products are purpose-built security devices that prioritize protection and regulatory compliance.

Core Product Features and Capabilities

• Secure generation, storage, and management of cryptocurrency private keys using tamper-resistant hardware security modules
• Support for multiple cryptocurrency protocols, standards, and blockchain networks as specified in product documentation
• Offline operation capabilities ensuring complete air-gap security and protection from network-based attacks
• Cryptographic transaction signing functionality without exposing private keys to connected devices or networks
• Backup and recovery functionality using industry-standard BIP39/BIP44 mnemonic seed phrases and derivation paths
• User authentication through PIN codes, passphrases, and other security mechanisms
• Firmware update capabilities for security patches and feature enhancements
• Integration compatibility with approved third-party wallet software and applications
• Physical tamper detection and response mechanisms to protect against hardware attacks
• Secure display for transaction verification and user confirmation

Product Limitations and Exclusions

Our hardware wallets explicitly do not provide and are not designed for:

• Cryptocurrency trading, exchange, or brokerage services
• Investment advice, portfolio management, or financial planning services
• Custody services or third-party key management
• Direct internet connectivity or network-based operations
• Automatic transaction execution or smart contract deployment
• Integration with centralized exchanges or trading platforms
• Fiat currency conversion or payment processing

User Responsibilities and Obligations

As a user of Elecsafe hardware wallets and services, you acknowledge and agree to the following comprehensive responsibilities and obligations:

Prohibited Uses and Activities

You agree not to use our products or services for any of the following prohibited purposes or activities:

• Any illegal activities, including but not limited to money laundering, terrorist financing, tax evasion, or circumvention of economic sanctions
• Attempting to reverse engineer, disassemble, decompile, or otherwise derive the source code of our hardware or firmware
• Modifying, tampering with, or attempting to bypass security features of our devices
• Using our products in violation of applicable export control laws or regulations
• Reselling or redistributing our products without proper authorization or licensing agreements
• Creating derivative works or competing products based on our technology or intellectual property
• Using our products to store or manage assets obtained through illegal means
• Attempting to use our devices for purposes they were not designed for, including trading or exchange functions
• Interfering with or disrupting our services, systems, or other users' access to our products
• Providing false or misleading information during product registration or customer support interactions

Limitations, Disclaimers, and Risk Acknowledgments

No Financial Services Disclaimer

Elecsafe hardware wallets do not provide and are not designed to provide trading, exchange, brokerage, investment advisory, or any other financial services. We are not a financial institution, money transmitter, investment advisor, or regulated financial services provider. Our products are solely hardware security devices for private key storage and management.

Cryptocurrency and Digital Asset Risks

You acknowledge and accept that cryptocurrency and digital asset transactions involve significant inherent risks, including but not limited to:

• Extreme market volatility and potential complete loss of value
• Regulatory changes that may affect the legality, taxation, or usability of digital assets
• Technical risks associated with blockchain networks, including forks, attacks, and protocol changes
• Irreversible nature of cryptocurrency transactions and inability to recover sent funds
• Potential loss of access to digital assets due to lost or forgotten credentials
• Cybersecurity risks including hacking, phishing, and social engineering attacks
• Lack of consumer protections compared to traditional financial products
• Potential technical failures or bugs in blockchain protocols or wallet software
• Liquidity risks and potential inability to convert digital assets to fiat currency

Device and Technology Limitations

While our hardware wallets provide industry-leading security features, you acknowledge that:

• No security system or device is completely infallible or immune to all possible attacks
• Users must implement proper security practices and understand the limitations of any security device
• Physical damage, environmental factors, or user error may affect device functionality
• Compatibility with third-party software and services may change over time
• Future technological developments may require hardware or software updates

Intellectual Property Rights

All intellectual property rights in our products, services, software, firmware, documentation, and related materials are owned by Elecsafe or our licensors. This includes but is not limited to:

• Patents, trademarks, copyrights, and trade secrets
• Hardware designs, firmware code, and software applications
• User manuals, documentation, and technical specifications
• Branding, logos, and marketing materials
• Proprietary security algorithms and implementations

You are granted a limited, non-exclusive, non-transferable license to use our products and services in accordance with these Terms. This license does not grant you any ownership rights or the right to sublicense, distribute, or create derivative works.

Warranty, Support, and Service Terms

Limited Hardware Warranty

Elecsafe warrants that hardware wallet devices will be free from defects in materials and workmanship under normal use for a period of two (2) years from the date of original purchase by the end user. This warranty is subject to the following terms and conditions:

Warranty Coverage and Remedies

• Repair or replacement of defective devices at our sole discretion
• Coverage for manufacturing defects and component failures under normal use
• Free firmware updates and security patches during the warranty period
• Technical support for proper device operation and troubleshooting

Warranty Exclusions and Limitations

This warranty does not cover and we are not responsible for:

• Damage caused by misuse, abuse, negligence, or improper handling
• Normal wear and tear, cosmetic damage, or aging of components
• Damage caused by unauthorized modifications, repairs, or tampering
• Loss of data, private keys, or digital assets due to any cause
• Damage caused by exposure to extreme environmental conditions
• Damage resulting from use with incompatible or unauthorized software
• Consequential, incidental, or indirect damages of any kind
• Devices purchased from unauthorized resellers or distributors

Support Services and Limitations

We provide technical support for proper device operation, firmware updates, and troubleshooting. Our support services include:

• Documentation, user guides, and frequently asked questions
• Email and phone support during business hours
• Firmware update assistance and installation guidance
• Compatibility information for third-party wallet software

Support services do not include recovery of lost private keys, assistance with cryptocurrency transactions, investment advice, or troubleshooting of third-party software issues.

Limitation of Liability and Damages

To the maximum extent permitted by applicable law, Elecsafe's liability is limited as follows:

Monetary Liability Limitations

• Our total liability for any claims arising from or related to these Terms or our products shall not exceed the purchase price of the specific hardware wallet device giving rise to the claim
• We shall not be liable for any indirect, incidental, special, consequential, or punitive damages, regardless of the theory of liability
• We are not responsible for loss of cryptocurrency, digital assets, profits, business opportunities, or data
• We do not guarantee the security of third-party software, services, or networks used with our devices

Exclusions from Liability

We are not liable for damages or losses resulting from:

• User error, negligence, or failure to follow security best practices
• Loss or theft of devices, credentials, or recovery information
• Cryptocurrency market volatility or investment losses
• Regulatory changes affecting digital asset legality or taxation
• Third-party software bugs, vulnerabilities, or security breaches
• Blockchain network issues, forks, or protocol changes
• Force majeure events beyond our reasonable control

User Indemnification

You agree to indemnify, defend, and hold harmless Elecsafe, its officers, directors, employees, agents, and affiliates from and against any and all claims, damages, losses, costs, and expenses (including reasonable attorneys' fees) arising from or related to:

• Your use or misuse of our products or services
• Your violation of these Terms or applicable laws
• Your negligence or willful misconduct
• Any third-party claims related to your use of our products
• Your violation of any third-party rights, including intellectual property rights

Governing Law, Jurisdiction, and Dispute Resolution

These Terms are governed by and construed in accordance with the laws of Iceland, without regard to conflict of law principles. Any disputes arising from or related to these Terms or the use of our products shall be subject to the exclusive jurisdiction of the courts of Iceland.

Dispute Resolution Process

Before initiating formal legal proceedings, parties agree to attempt resolution through:

• Direct negotiation and good faith discussions
• Mediation through a mutually agreed mediator
• Arbitration under Icelandic arbitration rules if mediation fails

If any provision of these Terms is found to be unenforceable or invalid, the remaining provisions shall remain in full force and effect, and the unenforceable provision shall be modified to the minimum extent necessary to make it enforceable.

Termination of Agreement

These Terms remain in effect until terminated by either party. We may terminate or suspend your access to our services immediately, without prior notice, for any breach of these Terms or for any other reason at our sole discretion.

Upon termination:

• Your right to use our services ceases immediately
• You must discontinue all use of our products and services
• Warranty and support obligations may be affected
• Provisions regarding liability, indemnification, and intellectual property survive termination

Modifications and Updates to Terms

We reserve the right to modify, update, or replace these Terms at any time at our sole discretion. Changes may be necessary due to legal requirements, business changes, or product updates. When we make changes:

• We will update the "Last updated" date at the top of these Terms
• Material changes will be communicated through email or prominent website notices
• Continued use of our products after changes constitutes acceptance of the modified Terms
• We recommend reviewing these Terms periodically to stay informed of updates

If you do not agree to modified Terms, you must discontinue use of our products and services.

Contact Information and Legal Notices

For questions about these Terms of Service, legal matters, or other inquiries, please contact us:

All legal notices, service of process, and formal communications should be sent to our registered address or legal department email. We will acknowledge receipt and respond within reasonable timeframes as required by law.