The CuBitDAO™ Exchange
All deposits and redemptions are subject to the terms and conditions of the CuBit™ Deposit and Redemption Agreement (see below).
Deposits
Redemptions
During the Pre-launch period, deposits are accepted as donations. All donations will be converted to deposits at the end of the Pre-Launch.
CuBit™ is a receipt currency. Obtaining CuBit™ makes you a Member of the CuBitDAO™ with all the duties and privileges of Membership in the DAO.
When you make a deposit, the value of your money is translated into USD at the time of your exchange. Then we calculate the amount of CuBit™, based on the current value of 1 CuBit™ (plus any applicable exchange fees) and tell you how much CuBit™ you will receive. If you accept that, we complete the transaction.
When you exchange your money for CuBit™ during Pre-Launch you will receive an email receipt for your deposit. At the end of Pre-Launch, your CuBit™ will be air dropped directly into your wallet of choice. After Pre-Launch this exchange will directly exchange CuBit™ into your wallet in exchange for your currency.
Deposits are contributed to the CuBitDAO™ Treasury and used for the stated purposes of the DAO.
Transaction fees are used to defray the operating expenses of the CuBitDAO™ Administrator.
During the Pre-launch period, no Redemptions are allowed. After Pre-Launch, Redemptions are subject to the terms and conditions of the CuBit™ Deposit and Redemption Agreement.
Redemptions occur when you exchange CuBit™ for one of the cryptocurrencies on our approved list.
Redemptions are subject to the terms and conditions of the CuBit™ Deposit and Redemption Agreement.
At the time of redemption the value of your redeemed CuBit™ will be translated to USD based on the current USD Redemption Rate for CuBit™. That amount will be divided by the USD value for one unit of your selected redemption cryptocurrency. You will then be offered the option to complete or cancel the redemption.
If you redeem all CuBit™ you own, you are no longer a member of the CuBitDAO™ and will lose all Member rights and duties.
No Redemptions are permitted during Pre-Launch.
