MyConstant is committed to protecting you from loss or theft of cash and cryptocurrency assets while in our custody or that of third parties.
As a result, we have set up the MyConstant Guarantee, a mixed-asset fund (cash and crypto) worth $10 million stored across bank accounts and cold wallets.
The MyConstant Guarantee, as this fund shall hereafter be known, is designed to reimburse some or all losses incurred by you in the following scenarios:
- Theft or loss of your cryptocurrency while in our custody or that of third parties, and
- Theft or loss of your USD or stablecoins in our custody or that of third parties
Where MyConstant or the third-party is at fault only.
The MyConstant guarantee does not cover scenarios in which you have failed to take recommended precautions to safeguard your cash or cryptocurrency assets, nor does it cover the inherent risks associated with investing in crypto-backed lending.
Risks where the MyConstant Guarantee applies include (but are not limited to):
- Cyber risk. Should an attack on MyConstant servers result in loss or theft of cash or cryptocurrency assets, you’ll be reimbursed some or all of your lost funds.
- Loss of private keys. Should MyConstant or a third-party lose the private keys to your assets, you’ll be reimbursed some or all of your lost funds.
- Custodial risk. Should your cash or cryptocurrency be lost or stolen while in our custody or that of a third party, you’ll be reimbursed some or all of your lost funds.
Risks where the MyConstant Guarantee does not apply (include but are not limited to):
- Default risk. Such as when borrowers don’t repay and the collateral mechanism fails (or if there is no collateral such as in Loan Originator investments).
- Market risk. Such as the risk of collateral devaluation resulting in a loss to you.
- Personal security risk. Such as identity theft, theft of 2FA devices, theft of login credentials, and so on where the mitigation of such risk is under your control.
While we endeavor to maintain the value of the MyConstant Guarantee at $10 million, the actual value might vary due to market conditions (such as cryptocurrency price changes).
The MyConstant Guarantee is a total limit to which we can reimburse qualifying losses. It’s not a per customer, per product, or per event limit, but a combined limit for all qualifying losses on the platform. This might affect whether your claim is paid fully, partially, or not at all.
Payments under the MyConstant Guarantee will temporarily diminish the fund until such time as we can replenish it. This also might affect whether your claim is paid partially, fully, or not at all.
Please note the MyConstant Guarantee is not an insurance and all decisions to reimburse you for qualifying losses are ours. Such decisions are non-negotiable and final. If you’re concerned about the aforementioned risks please consider whether MyConstant is the right platform for you. All investment involves risk and the MyConstant Guarantee will not cover them all.