Common use of Safekeeping of Digital Assets Clause in Contracts

Safekeeping of Digital Assets. Trust Company shall use best efforts to keep in safe custody on behalf of Client all Digital Assets received by Trust Company. All Digital Assets credited to the Custodial Account shall: (i) be held in the Custodial Account at all times, and the Custodial Account shall be controlled by Trust Company; (ii) be labeled or otherwise appropriately identified as being held for Client; (iii) be held in the Custodial Account on a non-fungible basis; (iv) not be commingled with other Digital Assets held by Trust Company, whether held for Trust Company’s own account or the account of other clients other than Client; (v) not without the prior written consent of Client be deposited or held with any third-party depositary, custodian, clearance system or wallet; (vi) for any Custodial Accounts maintained by Trust Company on behalf of Client, Trust Company will use best efforts to keep the private key or keys secure, and will not disclose such keys to Client or to any other individual or entity except to the extent that any keys are disclosed consistent with a standard of best efforts and as part of a multiple signature solution that would not result in the Grayscale Investment Product or Sponsor “storing, holding, or maintaining custody or control of” the Digital Assets “on behalf of others” within the meaning of the New York BitLicense Rule (23 NYCRR Part 200) as in effect as of June 24, 2015 such that it would require the Grayscale Investment Product or Sponsor to become licensed under such law.

Safekeeping of Digital Assets. Trust Company shall use best commercially reasonable efforts to keep in safe custody on behalf of Client all Digital Assets received by Trust Company. All Digital Assets credited to the Custodial Account shall: (i) be held in the Custodial Account at all times, and the Custodial Account shall be controlled by Trust Company; (ii) be labeled or otherwise appropriately identified as being held for Client; (iii) be held in the Custodial Account on a non-fungible basis; (iv) not be commingled with other Digital Assets held by Trust Company, whether held for Trust Company’s own account or the account of other clients other than Client; (v) not without the prior written consent of Client be deposited or held with any third-party depositary, custodian, clearance system or wallet; (vi) for any Custodial Accounts maintained by Trust Company on behalf of Client, Trust Company will use best commercially reasonable efforts to keep the private key or keys secure, and will not disclose such keys to Client or to any other individual or entity except to the extent that any keys are disclosed consistent with a standard of best efforts commercially reasonable effort and as part of a multiple signature solution that would not result in the Grayscale Investment Product or Sponsor “storing, holding, or maintaining custody or control of” the Digital Assets “on behalf of others” within the meaning of the New York BitLicense Rule (23 NYCRR Part 200) as in effect as of June 24, 2015 such that it would require the Grayscale Investment Product or Sponsor to become licensed under such law.

Safekeeping of Digital Assets. Trust Company shall use best efforts to keep in safe custody on behalf of Client all Digital Assets received by Trust Company. All Digital Assets credited to the Custodial Account shall: (i) be held in the Custodial Account at all times, and the Custodial Account shall be controlled by Trust Company; (ii) be labeled or otherwise appropriately identified as being held for Client; (iii) be held in the Custodial Account on a non-fungible basis; (iv) not be commingled with other Digital Assets held by Trust Company, whether held for Trust Company’s own account or the account of other clients other than Client; (v) not without the prior written consent of Client be deposited or held with any third-party depositary, custodian, clearance system or wallet; (vi) for any Custodial Accounts maintained by Trust Company on behalf of Client, Trust Company will use best efforts to keep the private key or keys secure, and will not disclose such keys to Client or to any other individual or entity except to the extent that any keys are disclosed consistent with a standard of best efforts and as part of a multiple signature solution that would not result in the Grayscale Investment Product or Sponsor Manager “storing, holding, or maintaining custody or control of” the Digital Assets “on behalf of others” within the meaning of the New York BitLicense Rule (23 NYCRR Part 200) as in effect as of June 24, 2015 such that it would require the Grayscale Investment Product or Sponsor Manager to become licensed under such law.