Introduction

As part of our Services, Users are able to create Embedded Wallets in order to sign transactions, fund their accounts to invest in deals, and custody and control digital assets. These Embedded Wallet Terms of Service (the Embedded Wallet Terms) further describe these services, constitute a legally binding agreement between you and Legion in connection with your use of our Services, and supplement and modify our Terms. Any undefined terms we use in these Embedded Wallet Terms have the meanings given to them in our General Terms of Service (the General Terms) or, as applicable, any of our other Terms (as defined in the Legion Terms of Service).

Dynamic and Legion’s Relationship with Your Embedded Wallet

It is important for you to realize that Legion is not the provider of the Embedded Wallets and that we use Dynamic, a third-party authentication and self-custodial wallet creation service to enable the creation and use of Embedded Wallet in our Services. By using our Services, you acknowledge and agree to us using Dynamic, and you further acknowledge and agree that your use of an Embedded Wallet is subject to Dynamic’s User Terms of Service and Privacy Policy. We strongly encourage you to review Dynamic’s terms and policies as you are agreeing to be bound by them by using our Services and an Embedded Wallet.

Embedded Wallets in Our Services

Embedded Wallets and Account Creation

For purposes of these Embedded Wallet Terms, an “Embedded Wallet” is an intangible medium which secures a set of cryptographic keys enabling you to sign arbitrary messages on behalf of third party applications, including but not limited to, signature of blockchain-based transactions to purchase, sell, and control digital assets. When you sign up as a User of Legion, an Embedded Wallet is automatically created and associated with your account. We allow you to use an Embedded Wallet for authentication purposes, and to engage in certain transactions in our Services, including funding deals and receiving distributions of certain digital assets in connection with investments you have made through our Services.

Your Secret and Credentials

As a part of the account creation process and the generation of your Embedded Wallet, you may be required to generate user entropy via a random sequence of phrases, characters or numbers (a “Secret”) in order to generate encrypted private keys to secure that Embedded Wallet. It is critical that you understand that all Embedded Wallets are self-custodial and therefore, neither Legion nor Dynamic or any other third-party service provider stores your unencrypted Secret or has access to your unencrypted Secret, private key, recovery phrase, or any other assets contained in your Embedded Wallet.

By using our Services, you acknowledge and agree that you are solely responsible for storing and safeguarding the Secret, any passwords, private keys, recovery phrases and other credentials associated with use of your Embedded Wallet (“Credentials”), and you further agree to use best efforts to prevent unauthorized access to, or use of, your Embedded Wallet, including through accessing your Legion account. In certain instances, you are able to use your Secret in addition to other Credentials to recover your Embedded Wallet if you lose access to it. Accordingly, it is critical that you protect your Secret, as we are unable to assist you in recovering your Embedded Wallet if access is lost or it is compromised.

Access to Your Embedded Wallet; Your Responsibility

Generally, unless you have exported your Embedded Wallet for use outside of our Services, signatures for your Embedded Wallet can only be generated with you logged in to an app. As such, any unauthorized access to either your Legion Account or your Embedded Wallet could result in the loss or theft of any assets that may be held in the Embedded Wallet, such as funds you have deposited in anticipation of participating in a deal. Neither Legion nor Dynamic serves as a custodian of your Embedded Wallet and does not have the ability to sign transactions on your behalf. None of our service providers will ever ask for information about your Secret or Credentials in a manner that could be used to take control of your Embedded Wallet.

You agree that you are solely responsible at all times for the acts and omissions of any person who accesses an account or Embedded Wallet provided through the Services, regardless of whether such access was authorized. To the extent that transactions associated with your Embedded Wallet require the payment of transaction fees to validators or miners on a blockchain network, you acknowledge that you are responsible for ensuring that you have adequate funds in the Embedded Wallet to pay such fees, even if Legion or another third party has previously offered to pay such fees as part of the Services. You acknowledge and agree that Legion is not obligated to pay any blockchain network transaction fees and will not be liable for any failed transactions due to insufficient funds associated with your Embedded Wallet. You also agree that your use of the Embedded Wallet is subject to Dynamic’s use restrictions as well as our general use restrictions we have set out in our General Terms, including our prohibition on using our Services for illegal activities. Legion reserves the right to take all necessary actions against you to the extent we discover violations of any applicable laws or regulatory requirements through your use of the Embedded Wallets. You acknowledge and agree that it is your sole responsibility to determine the applicability and confirm your compliance with all laws, rules and regulations that may apply to your use of the Embedded Wallet.

Embedded Wallet Recovery and Updates

In certain instances where you have lost access to your Embedded Wallet or the Embedded Wallet has otherwise been compromised through no fault of Legion or any other third party using Legion Services, Legion or other persons using our Services (e.g., a Deal Lead) may offer to assist you in updating your Embedded Wallet in connection with certain transactions in our Services, such as updating the Embedded Wallet address entitled to receive the proceeds of a future payout. However, you acknowledge and agree that, to the extent this type of assistance is offered, such assistance is offered solely as a courtesy, and neither Legion nor any other third party using Legion’s Services are obligated to assist you with recovering an Embedded Wallet or otherwise assisting in updating Embedded Wallet information if you have lost access to your Embedded Wallet or the Embedded Wallet has been compromised. You further acknowledge that, even to the extent Legion or another third party may successfully facilitate updating relevant Embedded Wallet information for particular transactions, in no event can Legion or any other third party assist you in recovering a compromised Embedded Wallet or any assets that have been compromised or transferred from your Embedded Wallet.

Your Use of the Embedded Wallet in Third Party Services

As previously noted, you may be able to export your Secret or other Credentials in a way that would enable you to associate your Embedded Wallet with other third-party services or applications that are not our Services, such as using your Embedded Wallet to sign transactions on a decentralized exchange or automated money market. You acknowledge and agree that neither Legion nor Dynamic is responsible for your use of such third-party services and that you are subject to the terms and conditions of those third-party services. We have no relationship with such third-party services and cannot assist you in connection with any transfer of assets using your Embedded Wallet on other third-party services outside of our Services. Further, you acknowledge and agree that in certain instances, your use of your Embedded Wallet in third-party services that are not our Services may trigger additional reviews or flags by third-party compliance service providers which may require that we conduct additional diligence on you or, if necessary under applicable law, prohibit you from continuing using your Embedded Wallet or our Services.

Other Terms Applicable

You acknowledge and agree that these Embedded Wallet Terms expressly supplement and modify our General Terms. Except to the extent where these Embedded Wallet Terms and our General Terms conflict, all of the terms of our General Terms, including any applicable disclaimers, limitations of liability, and dispute resolution mechanisms also apply to these Embedded Wallet Terms. To the extent there is a conflict between our General Terms and our Embedded Wallet Terms, including Dynamic’s underlying terms and conditions, our General Terms shall be subordinated to these Embedded Wallet Terms.