Terms of Service

These Terms of Service ("Terms") govern your use of the Parsek mobile application and any related services (collectively, the "Services") provided by Parsek Inc., a Delaware corporation ("Parsek," "we," "us," or "our"). By creating an account or using the Services, you agree to these Terms in full.

1. Acceptance of Terms

By accessing or using the Services, you confirm that you are at least 18 years old, have the legal capacity to enter into a binding agreement, and agree to be bound by these Terms and our Privacy Policy.

Third-Party Terms. The Services are built on infrastructure provided by third parties, including Bridge (payment processing, KYC/AML, and fiat rails) and Privy (embedded wallet infrastructure). By using the Services, you also agree to:

• Bridge's Terms of Service and Privacy Policy
• Privy's Terms of Service

Your acceptance of these Terms constitutes your agreement to Bridge's and Privy's terms as well.

2. Description of Services

Parsek is a non-custodial stablecoin application that allows users to hold USDC in a self-custodial embedded wallet, receive fiat deposits via virtual bank accounts, withdraw to external bank accounts, send and receive USDC on the Base network, and earn yield on USDC balances via on-chain lending vaults.

Parsek is not a bank, broker-dealer, exchange, or money transmitter. Parsek does not hold, control, or have custody of your funds at any time.

3. Identity Verification (KYC/AML)

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

Identity verification is performed by Bridge on behalf of Parsek. Bridge collects and processes: legal name, email address, residential address, phone number, date of birth, government-issued photo ID, and in some cases bank statements, wallet addresses, and source of funds information. You consent to the collection and processing of this information by Bridge.

You authorize Parsek and Bridge to conduct identity verification, sanctions screening, and ongoing transaction monitoring as required by applicable law, including screening against OFAC and other global sanctions watchlists.

4. Non-Custodial Wallet

Your USDC is held in a non-custodial embedded wallet powered by Privy. This means:

• Only you control your funds. Parsek does not hold, control, access, move, or freeze your funds. Parsek has no access to your private keys.
• Privy's role. Privy manages the cryptographic key infrastructure for your embedded wallet. Privy does not store or have access to your wallet assets except for a wallet shard used in Privy's recovery system.
• You are responsible for your wallet. Loss of credentials or recovery information may result in permanent and irrecoverable loss of access to your funds. Neither Parsek nor Privy can recover lost private keys or funds.
• No delegated or server-controlled signing. All transactions from your wallet require your explicit authorization.

5. Payment Services (Powered by Bridge)

Fiat on-ramp, off-ramp, and virtual account services are provided exclusively by Bridge. Bridge is a Money Services Business registered with the US Treasury Department's Financial Crimes Enforcement Network (FinCEN). Bridge is not a broker/dealer or exchange.

Any funds held by Bridge or its financial partners while processing a transaction for you are not protected by the Federal Deposit Insurance Corporation (FDIC), SIPC, or any other insurance.

Virtual bank account details are provisioned by Bridge through its banking partners using Lead Bank routing numbers: 101019644 (virtual accounts) and 101206101 (memo-based payments).

Transaction Finality. Orders are non-cancellable once processing has begun. Disputes must be reported to Parsek support within 24 hours. Erroneous transactions of $5 or less are non-refundable.

Fund Arrival Times. Next-day ACH: 1–3 business days. Same-day ACH (sent before 4:00 PM ET): same business day. Domestic wire (received before 5:00 PM ET): same business day.

6. Stablecoin Risk Disclosures

By using the Services, you acknowledge that you have read and understand the following:

• Not Legal Tender. Stablecoins, including USDC, are not legal tender in the United States or any other jurisdiction.
• Stability Risk. Although USDC is designed to maintain a 1:1 peg to the US Dollar, stablecoin values are not guaranteed and may fluctuate or lose their peg entirely.
• Regulatory Risk. The regulatory environment for stablecoins is evolving. Future regulation may adversely affect the value, legality, or availability of stablecoins.
• Cybersecurity Risk. Digital assets and blockchain networks are subject to cybersecurity vulnerabilities. Blockchain transactions are irreversible.
• Liquidity Risk. You may not always be able to convert your USDC to fiat currency quickly or at the expected rate.
• Private Key Risk. Loss of your private key or recovery information may result in permanent and irrecoverable loss of your wallet and all assets within it.
• Third-Party Risk. The Services rely on Privy, Bridge, Alchemy, and the Base blockchain. Disruptions to these services may affect your ability to access or move funds.
• Blockchain Forks. In the event of a blockchain fork, Parsek and Bridge may suspend transaction processing and may not support forked blockchains or stablecoins. You have no right or claim to forked stablecoin balances.

7. Prohibited Activities

You may not use the Services for:

1. Any unlawful, abusive, or fraudulent activity
2. Money laundering, terrorist financing, or violations of AML/CTF laws
3. Transactions involving sanctioned countries, individuals, or entities
4. Unlawful gambling or lottery services
5. Investment services, credit services, or securities transactions
6. Check cashing, bail bonds, or collections agency services
7. Counterfeit goods or intellectual property infringement
8. Controlled substances or illegal drugs
9. Adult content or services
10. Multi-level marketing or pyramid schemes
11. Cryptocurrency mixing or tumbling services
12. Money transmission or digital asset exchange services offered by you to third parties
13. Any activity that violates these Terms, Bridge's Prohibited Activities list, or applicable law

Bridge may update its Prohibited Activities list at any time upon notice, and any such updates are automatically incorporated into these Terms.

8. Restricted Jurisdictions

The Services are not available in all countries or US states. Parsek and Bridge may restrict access based on your location at any time without notice. You represent that you are not located in a jurisdiction where use of the Services is prohibited.

9. Account Suspension and Termination

Parsek or Bridge may immediately suspend or terminate your account if you violate these Terms, suspicious or illegal activity is detected, required by law enforcement or government authority, you appear on a sanctions list, your account has been inactive for more than 12 months, or you fail to maintain a connected bank account or wallet as required.

10. Error Resolution

If you believe an error has occurred, contact us within 60 days of the transaction date at support@parsekapp.com or @parsekapp on X. For Bridge-processed transactions you may also contact Bridge at (888) 523-6133 or support@bridge.xyz. We will investigate within 10 business days and may issue provisional credit during the investigation where required by law.

11. Electronic Communications Consent

By creating an account, you consent to receive all communications electronically, including via email, push notification, or in-app message. You may withdraw this consent at any time, but doing so may result in account closure.

12. Data and Privacy

Your use of the Services is subject to our Privacy Policy. By using the Services, you consent to the collection, use, and sharing of your information with Bridge and Privy as necessary to provide the Services. Privy may use anonymized, aggregated data for its own business purposes.

13. Third-Party Services

The Services depend on third-party infrastructure that Parsek does not control:

Parsek is not responsible for the availability, accuracy, or performance of any third-party service.

14. Disclaimers and Limitation of Liability

THE SERVICES ARE PROVIDED "AS-IS" AND "AS-AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

TO THE MAXIMUM EXTENT PERMITTED BY LAW, PARSEK'S LIABILITY TO YOU FOR ANY CLAIM IS LIMITED TO DIRECT DAMAGES NOT EXCEEDING $100. PARSEK IS NOT LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING LOSS OF PROFITS, LOSS OF DATA, OR LOSS OF FUNDS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. This limitation does not apply to claims arising from Parsek's gross negligence, intentional misconduct, or fraud.

15. Dispute Resolution and Arbitration

PLEASE READ THIS SECTION CAREFULLY. IT AFFECTS YOUR LEGAL RIGHTS.

Any dispute arising out of or relating to these Terms or the Services will be resolved by binding arbitration under AAA rules, except that either party may bring claims in small claims court if eligible.

YOU ARE WAIVING THE RIGHT TO LITIGATE A CLAIM IN COURT AND TO HAVE A JURY TRIAL. CLASS ARBITRATIONS, CLASS ACTIONS, PRIVATE ATTORNEY GENERAL ACTIONS, AND CONSOLIDATION WITH OTHER ARBITRATIONS ARE NOT PERMITTED.

Opt-Out. You may opt out of this arbitration agreement by sending written notice to support@parsekapp.com within 30 days of first accepting these Terms. If you opt out, disputes will be resolved in the courts of Delaware.

16. Connecticut Residents

If you are a resident of Connecticut: you are not liable for unauthorized transactions reported promptly; Parsek will disclose your information to third parties only as necessary to complete transactions or as required by law; Parsek will notify you of material changes to these Terms that affect your rights and provide an opportunity to consent or close your account.

17. Changes to These Terms

Parsek may update these Terms at any time. We will notify you of material changes via email or in-app notification. Continued use of the Services after changes take effect constitutes acceptance of the updated Terms.

18. Governing Law

These Terms are governed by the laws of the State of Delaware, without regard to conflict of law principles.

19. Contact

Parsek Inc.
Email: support@parsekapp.com
X: @parsekapp
Website: parsekapp.com