Common use of Engagement of Fiat Currency Custodian Clause in Contracts

Engagement of Fiat Currency Custodian. Zero Hash will hereby hold Participant’s Fiat Currency as custodian by contracting with a Depository Institution, which will hold and safeguard Participant’s Fiat Currency. Participant hereby engages Zero Hash to act as custodian of its Fiat Currency. Zero Hash shall at all times, to the extent reasonably practicable, reflect Participant’s ownership over such Fiat Currency. Any Participant Fiat Currency held in any Participant Account by Zero Hash is owned by, and held for the benefit of, the applicable Participant. Participant is solely responsible for maintaining insurance policies for its Fiat Currency. Participant acknowledges and agrees that neither Zero Hash nor the Depository Institution with which it contracts make any promises or warranties (a) with respect to insurance policies carried by Zero Hash or the Depository Institution, or (b) that Participant will be able to make any claims against any insurance policies carried by Zero Hash or the Depository Institution.